Case Study

Streamlining Financial Processes for a Law Firm

Client Requirement:

A mid-sized law firm in New York City needed to streamline its financial processes. They required accurate bookkeeping, timely financial reports, and a system to manage both accounts payable and receivable, as they had previously faced issues with cash flow management and compliance.

Challenges:

The firm was struggling with outdated financial practices, inconsistent cash flow tracking, and a backlog of unrecorded transactions. In addition, their financial reports were often delayed, affecting key decision-making.

Our Plan:

We proposed setting up a cloud-based bookkeeping system to keep all financial data up-to-date and easily accessible. Our team would also establish a regular reporting schedule and optimize their accounts receivable and payable processes to improve cash flow.

Execution:

We implemented a cloud-based accounting software to streamline bookkeeping and provided hands-on training to their staff. We also set up automated processes for invoicing and bill payments, ensuring timely financial reports and real-time financial data access.

Result:

Within three months, the firm saw improved cash flow management, with invoices paid on time and financial reports delivered without delay. The firm gained a clearer picture of their finances, enabling better decision-making and compliance with regulations.

Resolving Tax Issues for a Real Estate Agency

Tax Preparation & Filing

Client Requirement:

A real estate agency in New Jersey faced complications with their tax filings due to inconsistent records and missed deductions over the past few years. They sought help from Fiscal Profits to review their previous filings, identify any errors, and ensure future tax compliance while maximizing deductions.

Challenges:

The agency had incomplete financial records, leading to errors in previous tax filings, which resulted in missed deductions and penalties. They needed a complete overhaul of their tax strategy.

Our Plan:

We planned a detailed review of the last three years of their tax filings, looking for discrepancies and missed deductions. We also proposed setting up a new system to keep their financial records in order, allowing for accurate and optimized future tax filings.

Execution:

Our team conducted a thorough audit of their past tax filings, corrected errors, and refiled where necessary to reclaim missed deductions. Moving forward, we established a record-keeping system designed to track all eligible expenses and deductions throughout the year.

Result:

The agency recovered over $25,000 in missed deductions and avoided future penalties through our optimized tax strategy. Their new tax filing system also ensures compliance and maximizes deductions for the upcoming years.

Payroll Optimization for a Medical Clinic

Payroll Services

Client Requirement:

A busy medical clinic in Connecticut needed to streamline its payroll processes. They faced issues with inaccurate payroll calculations, late payments, and mismanagement of employee benefits, leading to low employee morale and inefficiency.

Challenges:

The clinic was manually handling payroll, which caused frequent errors in wage calculations and tax withholdings. Employees were often paid late, and benefits weren’t accurately tracked, leading to compliance issues.

Our Plan:

We proposed implementing a cloud-based payroll system that would automate wage calculations, tax withholdings, and benefits management. Our team would also manage payroll processing, ensuring timely payments and compliance with tax regulations.

Execution:

We installed a secure, automated payroll system that handled all aspects of payroll, including wages, taxes, and benefits. We also trained their staff on the new system and provided ongoing support to address any concerns.

Result:

The clinic’s payroll processes became fully automated, eliminating errors and ensuring timely payments. Employee satisfaction improved significantly, and the clinic remained fully compliant with tax and benefits regulations.

Back Office Support for a Retail Chain

Back Office Support

Client Requirement:

A regional retail chain operating across New York State and Pennsylvania needed assistance with managing its back office functions, including accounts payable, inventory tracking, and financial reporting. The client required a reliable system to handle their expanding business operations.

Challenges:

The retail chain was overwhelmed by its manual processes, leading to delays in accounts payable, inaccurate inventory management, and scattered financial records. They needed a more efficient system to manage their growing operations.

Our Plan:

We planned to implement a centralized back-office solution that integrated accounts payable, inventory management, and financial reporting. This would streamline operations and provide the client with real-time visibility into their financial health.

Execution:

Our team set up an integrated back-office platform, automating accounts payable and inventory tracking while consolidating financial data. We also established a system for generating detailed financial reports, giving the client an up-to-date overview of their finances.

Result:

The retail chain saw immediate improvements in operational efficiency. Accounts payable was processed faster, inventory was tracked accurately, and financial reporting became more reliable. This allowed the client to focus on expansion without worrying about back-office tasks.

Case Study

Streamlining Financial Processes for a Law Firm

Resolving Tax Issues for a Real Estate Agency

Payroll Optimization for a Medical Clinic

Payroll Services

Back Office Support for a Retail Chain

Back Office Support

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