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Outsourced Accounting Services for professional service companies

We specialize in serving as the outsourced accounting department for professional service companies, spanning all types of professional services from architects, engineers, and law firms to marketing & creative agencies and consulting firms, with between $1 million and $50 million in annual revenue.

outsourcing accounting departments for professional services companies

When your product is people, the most critical component to your financial reporting is monitoring profitability. Whether you're operating on a fixed fee or hourly model, getting paid on contingency, or combination of revenue models, you need to know what is going on behind the numbers. From tracking out of scope work, special projects, add-ons and employee or client inefficiencies, the integrity of your job costing and class tracking reports is paramount to your success. We understand the importance of this not just as an accounting services company but also because we rely on the same level of reporting and analysis for our own business.

All our professional services clients benefit from our extensive expertise in actual job costing. We utilize the actual method (as opposed to the standard method) because it is the most precise and insightful method of analyzing your true profitability across clients, lines of business, revenue model types and more. If it can be measured and analyzed to help you run your business better, we are going to do it.

Understanding your gross profit margin requires precision, accuracy and attention to detail. For over 15 years we have reviewed the books of countless professional services companies and found that at least 95% have unspecified transactions before becoming our clients. This is a common problem and a main issue we make a mission to fix. Your financial reports must help you make better business decisions and gain control and clarity into your business. Not classifying transactions appropriately renders your financial reports essentially useless—which is why we mean it when we say "We Don't Do Miscellaneous".

Wondering if we can help your company?

Our Professional Services Clients Benefit From:
  • Daily Financials
  • Accrual Accounting
  • Guidance, Access & Support for Accounting Technology and Systems
  • Comprehensive Financial Statements
  • Time Tracking & Expense Management
  • Job Costing, Class and/or Department Tracking
  • Budgets & Forecasts
  • Cash Flow Management & Forecasting
  • Interactive, Predictive Dashboards
  • Establishing & Tracking KPIs (Key Performance Indicators)

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ONE OF OUR PROFESSIONAL SERVICES CLIENTS DISCUSSES EXPERIENCE WITH ACCOUNTINGDEPARTMENT.COM
  • Accounts payable (bills and payments)
  • Accounts receivables (invoices and collection)
  • Daily General ledger maintenance
  • Time tracking & job cost reporting
  • Payroll processing
  • Expense classification
  • Sales commissions
  • Sales and use tax filing
  • Bank account reconciliation
  • Credit card reconciliation
  • PayPal reconciliation
  • Balance sheet generation and review
  • Budgeting & Forecasting
  • Financial statements & custom reporting
  • Inventory management
  • Work in process (WIP)
  • Foreign banking management
  • Fixed asset management
  • 1099 forms
  • Coordinating with your CPA or tax adviser
  • Tax & Audit support
  • Balance Sheet
  • Profit and Loss Statement – Month
  • Profit and Loss Statement – YTD
  • Profit and Loss Statement by Class – Month
  • Profit and Loss Statement by Class – YTD
  • Cash Flow Statement
  • Accounts Receivable Aging
  • Accounts Payable Aging
  • Prepaid Expenses by Vendor
  • Accrued Expenses by Vendor
  • Deferred Revenue by Customer
  • Open Sales Order by Customer
  • General Ledger

Interested in Outsourcing Your Accounting Department? Request Information Here


OUTSOURCED Accounting Archives