Industry
Financial partners for Professional Services businesses
Professional-service firms sell time and expertise. Cash timing depends on retainers, milestone billing and client payment terms, and profit depends on how much of each person's time is billable.
What makes Professional Services finances different
Retainers and deposits
Ask how the provider tracks retainers, client deposits, work delivered and any client-fund obligations, using the accounting method and rules applicable to your business.
Receivables discipline
Net-30 and net-60 clients make AR aging and follow-up a core cash tool.
Contractors and 1099s
Freelancers and subcontractors need consistent records for year-end 1099 reporting.
Reimbursable expenses
Client-billable expenses should be tracked so they are actually re-billed.
Numbers worth watching
- Revenue per billable person
- AR aging
- Client profitability
- Contractor spend as % of revenue
Common software we match on
QuickBooks OnlineXeroHarvest / time trackingBill.com
FAQ
- Do you match trust-accounting for law firms?
- Trust (IOLTA) accounting has specific rules. We ask about it in the request and only match providers who state that experience.
Tell us what your books need.
A few short questions about your business and the help you want. See how FinRoster would help you compare independent bookkeeping firms.