Superstars in Business Winner: Breakwater Accounting + Advisory

Beyond the Balance Sheets

BY AMANDA SCHIMMEL | PHOTOS BY NICK WALLACE PHOTOGRAPHY

BREAKWATER ACCOUNTING + ADVISORY came to fruition after CEO and Founder Lee Podolsky recognized a gap in the accounting and financial industry. Podolsky found that many business owners were not receiving the level of support and guidance to make well-informed decisions; there was essentially a huge discrepancy between the information provided by accountants and the clients’ understanding of their financial operations.

Drawing from her experience as a freelance accountant during her daughters’ early years, Podolsky launched Breakwater in 2014. Offering flexible work opportunities, utilizing technological advancements, and having a unified passion for helping others are all qualities that solidified Breakwater’s position as a 2023 Superstar in Business.

As an advisory corporation, Breakwater provides outsourced bookkeeping and controller services for small to midsize businesses, nonprofit organizations, and private clients across the country. Podolsky first explored life outside of the corporate world through volunteer board positions. She explains, “I was always nominated as a treasurer, so I learned a lot about nonprofits and developed a good sense of the small business world. I began to freelance doing bookkeeping and accounting as I was raising my girls.” What began as a side job soon evolved into a company that now employs over 45 people.

“A strong work-life balance is a top priority here because there are a lot of people that can’t work full time, but would love to work a 20-hour week and be involved in meaningful work. From my personal experience with two children, I resonated with that need and wanted to provide those flexible options to the team.”

— Lee Podolsky, CEO and Founder

Accounting work has dramatically evolved within the past few decades, and Breakwater entered the playing field just as the industry welcomed a new frontier: cloud-based technology. “Back then you had to go to your client’s office to use their computer to do anything, and it was very disruptive. In 2014, cloud-based accounting started to build momentum and I was like ‘okay, this will be how I can reach more people with my work.’” With this method, Breakwater delivers clear and meaningful financial metrics to their clients, while eliminating the stereotypical piles of paper that normally accompany bookkeeping work.

Just as Breakwater places a high emphasis on providing clients with a transparent and informational breakdown of their company’s financial standings, the organization also values its employees’ needs. Podolsky remarks, “A strong work-life balance is a top priority here because there are a lot of people that can’t work full time, but would love to work a 20-hour week and be involved in meaningful work. From my personal experience with two children, I resonated with that need and wanted to provide those flexible options to the team.”

The pandemic also brought a unique opportunity for the organization to branch out and employ accountants on a completely remote basis. “On one hand, we garnered a lot of interest in working for us because we offered such a flexible opportunity. On the other hand, remote working can bring a sense of disconnect to the team if done incorrectly,” Podolsky explains. “To ensure a collaborative environment, we all work in micro teams that regularly meet, so nobody is on a client by themselves.” Breakwater also brings everyone together twice a year for an in-person extravaganza in Wilmington to keep the connection strong and discuss ways to further improve their work culture.

After being acquired by Cultivate Brands in 2021, Breakwater has the knowledge and support to grow, invest, and enhance its business plan. Podolsky estimates that Breakwater will triple in size within the next five years. This strategic partnership decision appealed to Podolsky because of the common missions and values of the organizations, how well the businesses complemented one another, and the extra support available from entrepreneurs who had experience with scaling businesses. “And now we are just starting to invest in a sales and marketing team, so we are beyond excited for that,” Podolsky adds.

“I am most proud when one of our clients—a business owner, a nonprofit leader, one of our staff at Breakwater, or just a human—says, ‘wow. you’ve really changed my life.’ Those conversations are the most meaningful to me because everybody wants to feel like they are adding value, and that they are making a difference. And when you hear each of these stories, it’s like, ‘okay, this is all worth it,’” Podolsky concludes.