Accounting for Professional Services Firms

From trust accounting to project profitability, we understand the unique accounting needs of law firms, consultancies, agencies, and other professional services businesses.

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Professional Services Accounting Challenges

Service businesses have unique accounting requirements that general bookkeepers often get wrong. We specialize in getting these right.

Trust Accounting

Client retainers, IOLTA accounts, and trust fund management require careful tracking and compliance. One mistake can mean bar complaints or worse.

Work-in-Progress (WIP)

Unbilled time and expenses need proper tracking and revenue recognition. We build WIP management that gives you real-time visibility.

Project Profitability

Which clients and projects actually make money? When you factor in utilization, write-offs, and overhead, the answer often surprises firms.

Partner Distributions

Compensation allocations, guaranteed payments, and K-1 preparation. We help structure and track partner economics properly.

Utilization & Realization

Billable hours, effective rates, and collection rates. We track the metrics that drive professional services profitability.

Multi-State Compliance

Remote employees and clients across states create tax obligations. We track nexus and handle multi-state filing requirements.

Industries We Serve

Law Firms

Trust accounting, IOLTA, retainer management

Consultancies

Project accounting, utilization tracking

Marketing Agencies

Retainer billing, project profitability

Architecture & Engineering

Percentage of completion, WIP

Accounting Firms

Yes, we help other accountants too

IT Services

Managed services, project billing

Healthcare Practices

Revenue cycle, collections tracking

Creative Agencies

Project costing, contractor management

Services for Professional Services Firms

Monthly Close & Financials

GAAP-compliant financials with proper WIP tracking, revenue recognition, and the detail partners need to manage the business.

Trust Accounting

Three-way reconciliations, client ledger maintenance, retainer tracking, and compliance with state bar requirements.

Project Accounting

Job costing, budget vs. actual tracking, profitability analysis by client, project, and practice area.

Partner Accounting

Capital account tracking, distribution calculations, guaranteed payments, and K-1 preparation coordination.

KPI Reporting

Utilization, realization, collection rates, and the metrics that matter for professional services firms.

Systems Implementation

Practice management, time tracking, and accounting system integration. We help you build the right tech stack.

Ready to Upgrade Your Firm's Accounting?

Schedule a call to discuss your specific situation. We understand the unique needs of professional services firms.

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