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Simply-Bookkeeping Law Firm Case Study

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Bookkeeping and Business Financials Case Study: Law Firm 2011

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Simply-Bookkeeping Law Firm Case Study

  1. 1. CASE STUDY:Vivian H. Phan Law
  2. 2. Simply-Bookkeeping helps Vivian H. Phan Law Firm improvefinancial back-office process and focus on business growth The business situation About Vivian H. Phan In 2011, Vivian H. Phan Law realized the need for a better finance Law Firm and administration solution. Senior Management was The Vivian H. Phan Law is overburdened with managing general accounting tasks, dedicated to providing bookkeeping chores and day to day financial decisions. “We would clients with superior spend around two days a week just looking after the accounting legal services at function” ,explained Vivian Phan the firms principle partner. “It was reasonable rates. The preventing us from focusing on our primary goal – building the size of the firm aids in practice and serving clients” accomplishing this goal. While remaining small At the same time Vivian H. Phan Law recognized the need to enough to provide enhance its understanding of their cash flow and bank personal attention to reconciliations but lacked the time and resources to handle this in- each case, the firm’s house. resources and its attorneys’ wide range of A more structured process in place for roll-ups and reporting was expertise allow it to another key requirement. “I like knowing the financial state of my handle complex matters company” explained Phan. “But I don’t like to spend time of any magnitude. managing all of the invoicing, reconciliations, recording of expenses and so forth.” Phan added that she needed all financial work to be completed each Monday to enable operational plans every week. The Simply-Bookkeeping solution Vivian H. Phan Law found the solution they needed with Simply- Bookkeeping. In fact, Simply-Bookkeeping has been able to meet every one of Vivian H. Phan Law’s general accounting needs and more. Phan was immediately impressed with the ability of Simply- Bookkeeping’s professionals to hit the ground running. “We took the Simply-Bookkeeping team through our step-by-step billing approach. They were able to quickly follow our CASE STUDY: Vivian H. Phan Law
  3. 3. Challenge • Limited productivity due to paper-based bookkeeping • Financial distractions hindering business growth • Strict demands for invoice scheduling andinvoicing and reconciliation process” said Phan. “Within a month, processesSimply-Bookkeeping had completely turned it around. They made • Difficulties in casheverything happen quickly and easily, and their accuracy had been managementoverwhelming.” • Errors with balance sheet reportingSimply-Bookkeeping now helps Vivian H. Phan Law in ways that go Simply-Bookkeepingfar beyond general bookkeeping and admin tasks. Foe example, Solutionthe Simply-Bookkeeping team performs thorough analysis on the • Outsourced financerelative impact of making various decisions. They also coordinate solution includingwith the company’s CPA when it comes time to add in tax issues. standardized processes, a“Simply-Bookkeeping is fully aware of what we are trying to do scalable financefrom a tax management, perspective.” Phan stated. Application and a a dedicated staffImproved decision-making and great service from Simply- • Fully managed delivery of timely and accurateBookkeeping financials • Invoicing /reconciliationThe Vivian H. Phan Law management team now spends only two processes fullyor three hours per week on finances, and that amounts to a whole transitioned to the Simply-lot more time for client cases. “We are actually making financial, Bookkeeping team inROI and analysis decisions rather than managing accounts payable 30 daysprocesses.” said Phan “As a result we have improved cash flow and • Control over complicatedsignificantly improved our margins.” cash managementAll these benefits for Vivian H. Phan Law are supported by Simply- BenefitsBookkeeping’s dedication to flexible and tailored service solutions. • More time to spend on“our Simply-Bookkeeping team works for as long as it takes to financial strategy, resulting in:make sure that we get financial and operational excellence.” Phan – Increased gross marginsstated. “Their service is always spot on.” – Increased net margins – Improved cash flow • Cumbersome invoice and expense handling chores now eliminated • Year-round support provided to meet Vivian H. Phan Law needs CASE STUDY: Vivian H. Phan Law
  4. 4. “I now have more timeABOUT SIMPLY-BOOKKEEPING to make financialSimply-Bookkeeping was founded in early 2011 with the goal of decisions rather thanproviding superior finance and administration (F&A) solutions to managing thestart-up, small and growing companies at a reduced cost in and accounts payable andaround the Houston and Gulf Coast region. Since then, Simply- accounts receivableBookkeeping has started to grow to be recognized as the firm process.”Houstons professional Law practices turn to for Bookkeeping andAccounting. They also provide the same level of service to Houston’s - Vivian PhanMedical Practices and High Tech companies. Simply-Bookkeeping’s Principle Partner andunique tailored services approach helps growing companies to founder Vivian H. Phanaddress complex finance requirements, scale finance operations Law Firmquickly and cost-effectively, and deliver best practices to supportstrategic decision making by Law firm management teams. To learnmore, visit www.simply-bookkeeping.comABOUT VIVIAN H PHAN LAWEstablished in 2007, Vivian H. Phan Law firm are a growing anddynamic Houston based firm who are quickly becoming the “Go-To”firm for Plaintiff Personal Injury litigation , together as generalcouncil to Houstons Vietnamese For more information For more information about Simply-Bookkeeping, contact us at +1 (832) 426-3845 or CASE STUDY: Vivian H. Phan Law