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Built for this industry
Consulting businesses sell expertise, so revenue depends on project timing, retainers, and how quickly clients pay. Clear books show which engagements are worth the time and keep cash flow and taxes under control.
Client Profit
Accounting for consultants means tracking revenue and profit by client and engagement, not just in total. Juris CFO covers retainer and milestone billing, unbilled work, contractor payments and cash flow visibility.
Consulting firm accounting shows revenue and cost by client, so you know which engagements earn their time. Bookkeeping for consultants also keeps business and personal money separate.
Consultant bookkeeping services at Juris CFO run a monthly reconciliation and receivables review.
Billing
Project billing accounting matches revenue to work performed, with unbilled work and deferred retainers tracked monthly. Independent contractor payments and 1099s are recorded by person throughout the year.
Where it gets complicated
How we help
Good fit
FAQ
Use separate business accounts, record every invoice and payment by client, categorize expenses consistently and reconcile monthly. Track reimbursable expenses separately and review open receivables.
Assign each invoice and direct cost, such as subcontractors, software and travel, to a project, then compare revenue with cost and hours spent. The effective hourly rate shows which engagements deserve repeat work.
Record retainers received in advance as deferred revenue, a liability, then recognize revenue as work is performed or the period passes. Treatment depends on your accounting method, so confirm it with your tax preparer.
Generally, you collect a W-9 and file Form 1099-NEC for contractors paid above the IRS reporting threshold, typically due January 31. Confirm specifics and worker classification with your tax advisor.
Consultants without enough withholding usually pay estimated taxes quarterly based on expected net income. Current monthly books make estimates more accurate; confirm amounts and deadlines with your tax preparer.
What we bring to any industry
Recording every transaction accurately, so the numbers underneath your business are never in question.
Learn moreTurning recorded transactions into reviewed, reconciled, and explained financial performance.
Learn morePreparing personal and business tax returns based on your recorded and reviewed financial information.
Learn moreSenior-level oversight of your accounting function — without hiring a full-time controller.
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