Professional Services Accounting Support
Outsourced Accounting for Professional Services
Keep your books, reporting, payroll, and other accounting activities organized with flexible support for U.S. professional services firms and CPA firms.
- U.S. Accounting Expertise
- Experienced Professionals
- Flexible Engagements
Professional Services Expertise
Dedicated expertise for your accounting needs.
Flexible Support
Support that fits your business.
Existing Workflows
Works with your current systems.
Secure Data Handling
Safe, secure financial data.
Accounting Support for Professional Service Firms
Professional service businesses have unique accounting needs. Client billing, project expenses, payroll, subcontractors, revenue recognition, and cash flow can quickly become difficult to manage as your firm grows. Our outsourced accounting team helps you stay on top of your financial operations without the cost and complexity of building a larger in-house accounting department.
We work with you and your team to help you stay organized and current with your financial records, provide timely reports, and help you make better financial decisions every day.
- U.S.-focused accounting workflows
- Dedicated accounting professionals
- Flexible engagement options
Key Challenges
Common Accounting Challenges for Professional Services
Running a professional services firm requires your attention on clients, employees, projects, and growth. Accounting tasks can easily become a distraction.
Expertise
Outsourced Accounting & Bookkeeping Services
We provide flexible outsourced accounting and bookkeeping services designed around the needs of professional services firms.
Bookkeeping
Keep your financial records current and organized with ongoing transaction recording, account reconciliation, and bookkeeping support.
Accounts Payable
We help organize vendor bills, payment records, and expense transactions so your payables process remains efficient and easier to monitor.
Accounts Receivable
Improve visibility into outstanding invoices with organized billing records, receivables tracking, and reporting.
Financial Reporting
Receive timely financial reports that help you understand revenue, expenses, profitability, cash flow, and overall financial performance.
Month-End Accounting
A consistent month-end process helps identify discrepancies, reconcile accounts, and prepare reliable financial statements.
Ongoing Accounting Support
Accounting needs can change as your business grows. Our services can adapt to your requirements.
Month-End Close
Create a consistent month-end process to review accounts and prepare accurate financial statements.
Catch-Up & Cleanup
Update outdated or messy books so you can move forward with reliable financial data.
Sub-Industries
Accounting Support Across Professional Services
Different professional services businesses have different billing, payroll, expense, and reporting requirements. Our support can be structured around your existing accounting processes.
Bookkeeping
- Trust Accounting (IOLTA): Maintaining separate ledgers for client funds to ensure no co-mingling with firm operating funds
- Matter Cost Tracking: Recording "Hard Costs" (filing fees, court reporters) and "Soft Costs" (copies, postage) billable to clients
- Managing retainer advances and client deposits
- Recording billable vs. non-billable time
Accounting
- Three-Way Reconciliation: Monthly matching of bank statement, book balance, and individual client trust ledgers (mandatory in most US states)
- Realization Rate Analysis: Comparing time recorded vs. amount actually collected
- Partner compensation calculations (origination, management, production credits)
- Tracking WIP (Work in Progress) by matter and attorney
Payroll
- Managing partner draws vs. associate salaries
- Processing 1099s for expert witnesses and contract attorneys
- Handling performance bonuses for paralegals and legal assistants
Tax Preparation
- Managing Section 199A (QBI) deductions for pass-through law firms
- Specialized treatment of advanced client costs (some deductible, some loans)
- Multi-state income tax for attorneys licensed in multiple states
Software Stack
- Clio / LeanLaw / CosmoLex (Legal Practice Management)
- QuickBooks Online (Legal Edition) / PCLaw (Legal Accounting)
- Soluno / TimeSolv (Time & Billing)
Bookkeeping
- Premium Trust Accounting: Tracking "Agency Bill" premiums that must be remitted to carriers
- Commission Reconciliation: Matching monthly carrier commission statements against internal AMS records
- Managing E&O (Errors & Omissions) insurance payments
Accounting
- Revenue Recognition: Tracking "Direct Bill" commissions vs. "Agency Bill" earnings
- EBITDA Analysis: Monitoring the valuation of the agency for potential M&A or internal buyouts
- Managing commission splits and overrides
Payroll
- Managing complex commission splits between the house and independent producers
- Tracking draw-against-commission for new agents
- Processing renewal commission residuals
Tax Preparation
- Managing amortization of "Purchased Intangibles" (if the agency bought a book of business)
- Multi-state nexus for licensed brokers writing business in multiple states
- 1099-MISC reporting for independent insurance agents
Software Stack
- Vertafore (AMS360) / Applied Epic / EZLynx (Agency Management System)
- QuickBooks Online / Xero (Accounting)
- ADP / Gusto (Payroll)
Bookkeeping
- Managing client retainers and deferred revenue
- Tracking reimbursable travel and meal expenses via Expensify/Concur
- Recording project-based expenses and allocating overhead
Accounting
- Utilization Reporting: Measuring how many hours consultants spend on client work vs. internal business development
- Project Margin Analysis: Calculating the true profit of a project after accounting for labor costs and overhead
- Managing revenue recognition for milestone-based billing
Payroll
- Managing performance-based year-end bonuses
- Multi-state withholding for consultants traveling to client sites
- Processing per-diem reimbursements for travel
Tax Preparation
- Managing home office deductions for remote consultants
- Tracking business meals and entertainment (M&E) limitations (50% deductible)
- Section 199A (QBI) deduction planning
Software Stack
- Harvest / Toggl (Time Tracking)
- Mavenlink (Kantata) / BigTime (Professional Services Automation)
- Xero / QuickBooks (Accounting)
- Bill.com (AP Automation)
Bookkeeping
- Managing high-volume Accounts Receivable (A/R) from client companies
- Reconciling temporary staff timesheets daily or weekly
- Tracking recruiter placement fees (direct hire vs. contract-to-hire)
Accounting
- Funding & Factoring Reconciliation: Managing cash flow if using payroll funding or factoring companies
- Burden Analysis: Calculating the true cost of an employee (Salary + Taxes + Insurance + Benefits + Workers Comp)
- Managing bill rate vs. pay rate spreads (gross margin analysis)
Payroll
- The Core Task: Weekly or bi-weekly payroll for hundreds of "temp" employees
- Handling garnishments, multi-state taxes, and benefits administration
- Managing on-hire and off-hire processes efficiently
Tax Preparation
- Work Opportunity Tax Credit (WOTC) tracking for eligible hires
- Managing federal and state unemployment tax (FUTA/SUTA) rates
- Processing bulk 1099-NEC for independent contractors
Software Stack
- Bullhorn / Avionté / JobDiva (Staffing Software)
- Gusto / ADP SmartCompliance (Payroll)
- QuickBooks Online (Accounting)
- Fundbox / BlueVine (Factoring/Cash Flow)
Why Choose Us
Why Professional Service Firms Choose Outsourced Accounting
Get accounting support that fits your existing processes, workload, and business requirements.
Experienced Professionals
Work with professionals experienced in accounting and financial activities.
U.S. Accounting Expertise
Get support aligned with U.S. businesses and accounting workflows.
Financial Records
Keep your books, reconciliations, and financial information organized.
Flexible Support
Choose a support model based on your accounting requirements.
Scalable Capacity
Adjust your accounting support as your workload changes.
- Accounting Experience
- 10+
- Businesses Supported
- 1K+
- Accounting Professionals
- 50+
- Reconciliation Accuracy
- 98%
FAQ
Frequently asked questions
Find answers to common professional services accounting questions.
An outsourced accounting team handles your bookkeeping, accounts payable and receivable, month-end close, and financial reporting, so you stay on top of your financial operations without the cost and complexity of building a larger in-house accounting department.
We support law firms and legal services, insurance agencies and brokerages, management and business consulting firms, and staffing and recruitment agencies, as well as CPA firms that serve professional services clients.
Bookkeeping keeps your financial records current through ongoing transaction recording and account reconciliation. Outsourced accounting builds on it with accounts payable and receivable support, a consistent month-end close, and timely financial reports that help you understand revenue, expenses, profitability, and cash flow.
Yes. Our team works with your current systems, and our support can be structured around your existing accounting processes.
Yes. As your firm adds clients, employees, or locations, you get additional accounting capacity and can adjust your support as your workload changes.