We help :
The professional services industry is a broad one. It includes doctors, solicitors, accountants, architects, engineers and consultants. In fact, this term is often used to describe any service that requires a high level of training or qualification. So if your business sells professional services, with Accounting Inc. you’re in good company. Unfortunately, you also face some challenges when it comes to managing your accounts.
How Accounting Inc. Help Professional Services
Professional services have to be flexible, and your rates may vary from one customer to another. Depending on the type of job, you might invoice for your time by project, or on a retainer. Without careful financial management, it can be hard to keep track of the numbers.
There’s no one-size-fits-all solution with professional services businesses. However, there are some things you will have in common with others. Look at your business from an accounting perspective. You’ll find you need some or all of the following:
- billing based on time, project, retainer, work completed or any other method you choose.
- ability to assign costs to clients. Travel, expenses and other costs need to be accurately categorised. You don’t want to bill the wrong client – or forget to bill at all.
- cashflow reports, so you know what’s coming in and going out. Without this, you might find yourself in financial difficulties.
- integration with PayPal and other online payment systems, for quick and easy payment. This will help you receive money quickly, and also pay subcontractors and suppliers.
- notifications to remind you when to create and send sales invoices.
- ability to scale up, so your business can achieve full capacity with maximum efficiency.
- options for managing retainers and offsetting funds against them.
Perhaps most important of all, you need to track the value of each piece of work you do. Without this knowledge, you won’t know which clients are the most profitable for you. And if you want your business to grow, profitable, high-value clients are what you need.
Some of your clients will be with you for the long term, perhaps many years. Some may use your professional services on a one-off basis. Others will come and go, as and when they need you. This makes it hard to predict how your business will grow. Luckily, you have plenty of data to help you. Every invoice, every client, every piece of work completed – it’s all in your accounts. Good accounting software can use this data to draw up reports and graphs. Tools like Xero give you insight into your business. The best software combined with a quality advisor such as Accounting Inc. can tell you where you are now – and where you’re likely to be in the future.
We will also look at your business from an operations perspective. A highly skilled, balanced and motivated workforce is key to any good professional services business. Adopting the right tech and having systems in place to promote operational excellence will result in greater performance. And with increased performance, comes growth.
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Creating Success For Our Clients
At Accounting Inc. our passion is our clients’ success. We exist to improve the lives of all our clients’ and people. We do this by performing an in-depth assessment of where our client’s and people are and create actionable plan to get them where they want to be.
Accounts and tax returns happen once a year. However, these services will not grow your business. We will keep you compliant of course, and maximise tax savings. However, reviewing the numbers together, and careful planning throughout the year will mean we can get you on a road path to your goals.
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