Accounting for Professional Services
Law firms, consultancies, marketing agencies, and other professional practices rely on predictable cash flow, accurate time tracking, and airtight compliance to maintain profitability and client trust. Nichols Accounting delivers Accounting Services for Professionals that addresses these priorities, offering clear financial reporting, efficient billing support, and guidance on regulatory requirements so partners can focus on serving clients and winning new engagements.
Managing Cash Flow and Billing Cycles
Professional service firms often face long receivable cycles, contingency arrangements, or retainers that complicate cash flow. We review engagement terms, collection patterns, and work‑in‑progress balances to forecast inflows accurately.
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Aging reports highlight slow‑pay clients, while customizable dashboards track utilization rates and effective hourly yields, giving partners data to adjust staffing or pricing quickly.
Engagement Accounting and Compliance
Client trust depends on transparent engagement accounting. Nichols Accounting establishes clear rules for retainer drawdowns, expense pass‑through, and trust‑account reconciliation.
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Strategic Insight for Growing Practices
Beyond routine bookkeeping, partners need forward‑looking advice to grow the practice. We build rolling forecasts that help leadership decide when to add associates, open new offices, or invest in technology.
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Accounting Services
Tax Prep and Planning
Fractional CFO
Reviewed and Audited Financial Statements
Booking and Accounting
Virtual Controller
Payroll and HR Services
Ready to Strengthen Your Practice?
Here's how it works:
1. Schedule a Call
Fill out our simple contact form or give us a call.
2. Discuss Your Goals
We'll talk through your current challenges and long-term vision.
3. Build a Roadmap
Together, we'll outline the most efficient path to your financial success.
4. Get Started
Our expert team will handle the details so you can focus on growing your business.
Industry Familiarity:
Accountants experienced with law, consulting, and creative firms tailor procedures to billable‑hour, retainer, or project‑fee models.
Trust‑Account Controls:
Detailed reconciliation processes safeguard client funds and keep you compliant with professional standards.
Time and Billing Integration:
Automated links between time‑tracking and accounting platforms reduce manual entry and speed up invoicing.
Actionable Reporting:
Utilization, realization, and service‑line margins appear in clear dashboards, guiding partner decisions on pricing and staffing.
