Koukol Johnson Schmit & Milone
Full-Service Law Firm in Omaha
At Koukol Johnson Schmit & Milone, their client-centred approach is second to none and they provide legal services in family, corporate, employment law plus more. Their motto is to ‘help their clients while making the community a better place’.
Challenge: Koukol Johnson Schmit & Milone faced various challenges in managing its financial operations:
- Karisa Johnson, one of the founder and Partners at Koukol Johnson Schmit & Milone, had been managing the firm’s finances for many years and with the firms continued success and growth, she found herself overwhelmed with the administrative tasks associated with managing the firm’s finances. Juggling client meetings, court appearances, and legal research left little time for managing the firm’s bookkeeping.
- Karisa recognized that the firm’s financial health was crucial for its continued success, and failing to address this issue could lead to potential compliance risks, billing inaccuracies, and cash flow challenges. As well as this, Karisa knew that her time was valuable, and she wanted to dedicate her time to her clients and not worry about the accounting side of her firm.
- Karisa had already began the process of migrating over to the full Tabs3 accounting software. She was doing this to streamline the accounting and the financial reporting in Tabs3 but knew that ensuring the correct implementation and then use of this would be an additional burden on her already stretched time and resources.
Solution: Koukol Johnson Schmit & Milonedecided to outsource its bookkeeping operations to The Cashroom, a leading provider of outsourced financial services. The key components of the solution included:
After a meeting at the Nebraska State Bar Annual conference, Koukol decided to engage Cashroom – this was a leap of faith as Cashroom had only just began their journey in the USA. However, the service was selected based on its specialized expertise in legal accounting, strong track record of client satisfaction with hundreds of law firm clients in the UK, and its ability to seamlessly work with the firm’s existing systems.
Implementation: The transition to The Cashroom's outsourced bookkeeping services was executed in several phases:
The outsourced bookkeeping service to Cashroom began operations on 1st May 2023. The transition was smooth and meticulously planned to ensure minimal disruption to the firm’s day-to-day operations. Cashroom assigned a dedicated team of experienced legal bookkeepers to manage the firm’s financial transactions.
Key implementation steps included:
- Data Migration and Integration: Cashroom are system agnostic and use the systems already in place within the law firm – no pesky migration required! As Koukol were however going through a new accounting software migration, the expertise and support provided by Cashroom were instrumental in ensuring a smooth and effective transition to Tabs3.
- Process Customization: The bookkeeping service tailored their processes to align with the specific needs and workflows of Koukol Johnson Schmit & Milone. The Cashroom have their own portal custom built for law firms and so best practice process was able to begin immediately.
Results: The implementation of Cashroom services brought about significant improvements for Koukol Johnson Schmit & Milone.:
- Time Savings: Karisa was able to reclaim a substantial amount of time previously spent on bookkeeping tasks. This allowed her to focus on higher-value legal work and client interactions.
- Accuracy and Compliance: The Cashroom service introduced robust checks and balances, reducing the likelihood of errors and ensuring compliance with industry-specific accounting standards.
- Financial Visibility: The firm gained real-time access to financial data, enabling them to make informed decisions about resource allocation, budgeting, and forecasting.
- Cost Efficiency: Engaging Cashroom proved to be more cost-effective than hiring an in-house bookkeeper, as it eliminated the need for additional staff, training, and associated overheads.
- Client Satisfaction: The improved efficiency in financial operations translated to better client experiences. Clients received accurate and timely billing, enhancing the firm’s reputation for professionalism and reliability.
By outsourcing their legal bookkeeping to Cashroom, Koukol Johnson Schmit & Milone successfully alleviated the burden of financial management, allowing them to focus on their core legal expertise. The partnership has not only streamlined their operations but has also contributed to improved client satisfaction and sustained business growth.