“We Doubled Our Client Base with SmartVault:” Boscia & Boscia’s Success Story
This is the story of how one firm doubled its client base, dramatically improved retention, and achieved the holy grail of the accounting world: making more money while working less.
The dream of a truly self-sustaining firm – that makes more money while you work less – often seems out of reach. But for Nick Boscia, CPA, EA, partner at Boscia & Boscia PC and founder of The Balanced Firm, this dream became a reality.
By implementing SmartVault and improving efficiency, security, and client service, Nick transformed his New Jersey-based accounting practice from a time-consuming operation into a streamlined, profitable business.
Challenge: Inefficiency Hindering Growth
“Operating our tax practice was really difficult before we implemented SmartVault,” Nick says. “Collecting and sharing documents with clients was incredibly inefficient and time-consuming because our clients followed different processes.
“They were either dropping off physical paper and then we’d have to scan it – and obviously that’s super inefficient – or they’d send us documents in an unsecure email,” Nick explains.
These disjointed, manual processes wasted time and made it nearly impossible to effectively manage client information. Using emails also put the firm and their clients’ data at significant risk.
As the firm grew, these inefficiencies became more pronounced. “We started hitting capacity issues,” Nick recalls. “We were getting new clients and increasing revenue – which was great! – but then I was working a million hours and spearheading every process from client onboarding and on.”
The risk of burnout loomed large, not just for Nick but for his entire team.
The Vision: A Self-Sustaining, Balanced Firm
Nick’s goal was clear: he has always wanted a self-sustaining – or as he calls it, a balanced – firm that can operate without him there. This vision aligns with his personal goal of exploring the world. “If I have to be in my firm every day working for it to operate, I’d never be able to go on vacation and do the things that I love outside of work,” he explains.
Creating a self-sustaining firm – which involves solving many common challenges like document source collection – takes a lot of grit, determination, and passion. But it also takes the right tools and processes. “I knew I had to make changes in firm operations and that I needed to start with technology.”
The Solution: Implementing SmartVault
In 2019, Boscia & Boscia implemented SmartVault, a document management and client portal platform designed to address their pain points. The timing couldn’t have been better. “We implemented in 2019, and in 2020 COVID happened. A lot of accounting firms were struggling to get documents, but we already had SmartVault in place,” Nick notes.
The Results: Doubling Business Without Burnout
The impact of SmartVault was immediate and significant. “We doubled our client base because of SmartVault,” Nick shares. SmartVault’s secure client portal enables the firm to send electronic document request lists to its clients. Clients then upload the documents directly into the portal, where they’re automatically organized. This allows the firm to handle a much larger volume of clients efficiently. “This alone has had an unbelievable impactf on our firm.”
One of the key features Nick highlights is the granular access permissions in SmartVault. “We have internal folders that we don’t necessarily want the clients to see with things like email correspondence or quotes,” he explains. The firm can maintain a clean, user-friendly interface for clients – who can go into the portal and quickly find what they need – while keeping internal documents secure. “Our clients like having secure access to their documents and tax returns in SmartVault because it’s accessible 24/7 from wherever they’re located.”
The integration with their tax preparation software further enhances efficiency. “We use Intuit Lacerte. The direct integration with SmartVault automatically builds out all our folders for every single client. It also pulls in their emails and invites them to make a SmartVault account,” Nick explains.
SmartVault also integrates with the firm’s practice management software, Financial Cents. “We’ve had Financial Cents for a year, and it just keeps getting more beneficial for our firm,” Nick notes. The integration further streamlines processes like client creation. When you create a client in SmartVault, it automatically populates in Financial Cents, so you don’t have duplicate data entry.
Conclusion: A Model for Modern Accounting Firms
By leveraging technology solutions like SmartVault, Boscia & Boscia has created a model for what a modern, self-sustaining accounting firm can look like. They’ve achieved the seemingly impossible: doubling their client base while improving work-life balance and increasing profitability.
Nick’s parting advice to other firms? “Be curious to try to solve any of your firm’s pain points. If you’re not living your dream life, there are tools out there to make your firm better and give you the life you want.“
And what about traveling? Well, as Nick concludes: “My fiancé and I just went to Bali for two weeks and our firm ran completely fine without me there.”
