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Case Study: PR Firm Streamlines Accounting Systems and Processes

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Learn how Withum’s OASyS Team helped assist a boutique coast-to-coast PR firm with outsourced accounting services to save time.

Executive Summary

Withum’s Outsourced Accounting Systems and Services (OASyS) Team worked with a bi-coastal US based public relations company to create an outsourced accounting relationship that eliminated excessive time and resources dedicated to maintaining financial reporting for the company. In addition, through the discovery phase in assessing the client’s needs, Withum’s OASyS Team uncovered the need for an expense reporting and reimbursement solution. The Withum Team launched Expensify to assist employees with capturing and submitting business expenses efficiently while allowing ownership to process reimbursements accurately and timely. Withum’s team created a smooth transition to using outsourced accounting services with minimal disruption to the client. By engaging Withum, the company was able to save time and money, allowing them to focus on building and growing other areas of their business.

The Client

A public relations (PR) firm with offices in New York City and Los Angeles. Their work includes product branding, advertising campaigns and media relations. As a boutique PR firm, their clientele is mainly early-stage companies and start-ups in the fashion, retail, health and wellness industries.

“Withum’s OASyS Team reduced the time I spent on accounting work…increased efficiencies by helping us implement Expensify…[and] freed up an enormous amount of time, allowing me to focus on my semi-retirement and the more critical aspects of the business.” Susan Meyer Director of Operations

The Challenge

Before working with Withum, the PR firm struggled with the intricate nature and time consuming process of accounting. The PR firm’s leadership did not have an accounting background, which made the month-end and yearly closes tedious and time consuming. They were looking for someone to assist with time management and transactional work, including their PPP loan forgiveness calculation.

The Approach and Solutions

The PR Firm approached Withum because of the firm’s ability to efficiently and effectively launch outsourced accounting solutions to aid companies in streamlining their back office finance and accounting needs. Withum’s OASyS Team met with the firm’s leadership team to walkthrough their current accounting structure and processes relating to accounting. During this discussion, Withum’s Team uncovered that the PR firm needed assistance with daily accounting tasks, but also that they needed a more efficient way of collecting and reimbursing business expenses. In addition, Withum helped streamline their process for charging client expenses back to clients. They went from using a manual excel spreadsheet to tagging clients in Expensify and utilizing features in QuickBooks Online (QBO) to bill the charges on the monthly client invoices. Realizing that abrupt change within an organization can be overwhelming and stressful for smaller companies where resources are limited, Withum’s OASyS Team utilized a three-step approach to incorporate the various outsourced accounting solutions that were required. The gradual implementation of services allowed them to slowly allow for change within the organization. We started off with smaller tasks and then added more each month as the client became more comfortable with us. This approach created less stress and allowed more time for key stakeholders to focus on continuing to service its client base of start-up and early-stage businesses with minimal disruption.

The Results, ROI

Withum’s OASyS Team provided the necessary support for the PR firm to not only solve their immediate business challenges, but also increase key stakeholders’ quality of life. The Withum Team minimized the worry around the accounting records, ensuring timeliness and accuracy. Implementing Expensify, an expense tracking and reimbursement software, increased reporting efficiencies and time savings for all staff incurring business related
expenditures. Withum’s OASyS Team’s proactive approach in identifying immediate and long-term needs allowed the firm to give more time and attention to their clients and to further growing their business. Additionally, because of the ease of the transition in working with the OASyS Team and the value the firm received, Withum earned the opportunity to assist the PR firm in other areas of the business. Additional services included PPP loan forgiveness calculations and strategies as well as annual business and personal tax planning and filings.

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