Professional services firms face unique accounting challenges that companies in other industries do not experience. This includes issues with revenue recognition, like when a client pays upfront for a few months’ worth of services, but they are not rendered until much later.
Firms that charge by the hour will need to keep diligent records of billable hours spent on client work and have a smooth billing and invoicing process set up afterward to ensure prompt payment. Altogether, firms must have a solid grip over cash flow management to ensure incoming cash flows are correctly timed to meet near-term obligations
The compliance landscape regarding accounting and financial reporting requirements can be quite complex. As such, it may be difficult for business leaders to navigate relevant regulations on their own if they’re unfamiliar. When hiring professional accounting services, this team will help you interpret changing regulations and decipher what rules apply to your business. This spans everything from tax filing to financial reporting requirements.
An experienced team can help you minimize such risks and avoid any fees, penalties, or other consequences that may result from being found in non-compliance
We can assist professional services firms by managing their financial operations, including billing, time tracking, and profitability analysis. All of our accounting and bookkeeping services are customized to each business, so we’ll offer the exact support you need, where and when you need it