We understand the Professional Services Industry.
As professional service providers, we are focused on providing our clients with outstanding customer service. We understand that immediate client needs sometimes get in the way of long-term planning.
That’s why we formed a dedicated professional services accounting team within the firm—we know our clients in this highly competitive industry need innovative accounting and consulting services that will boost profitability. We create cost-effective solutions and offer big picture strategic thinking.
Our team of accountants understand the struggles and knows the methods needed to provide solutions to firms in the services industry. We specialize in the following:
- Law Firms – Download the 2015 Survey of Law Firm Economics Here
- Architecture Firms
- Engineering Firms
- Wealth Management Firms
- Staffing Agencies
- Marketing and Advertising Agencies
We’ll work with you to minimize your taxes, improve cash flow and on more specialized needs like mergers and acquisitions or transitioning your business through succession planning.
- Compensation Planning
- Budgeting and Forecasting
- Business Valuations
- Cash Flow Management
- Employee Benefit Plans
- Mergers and Acquisitions
- Partner and Employee Compensation Plans
- Pension and Profit Sharing Plans
- Profitability Analysis
- Succession Planning
As a professional services firm, we understand the difficulties of running your business. Whether it is the complications of partner buy in, office administration issues, or compensation strategies weighing your practice down, we are here to help. Contact one of our specialists to learn more about Cornwell Jackson’s service offerings.
It may not be as easy for architecture and engineering firms to qualify for R&D credits, but that doesn’t mean it’s impossible. Now that tax reform may result in lower corporate tax rates, it’s a good time to investigate any R&D activities that occurred for the 2015, 2016 or 2017 tax years. Resulting credits could offset higher federal tax in previous years as well as state franchise or business tax collected in Texas. The first step is an R&D study.
Professional service firms offer their services in a variety of ways, and this fact adds complexity to time and billing processes. If time and billing are complex, then accounting and payroll also have many moving parts. By automating some of the steps that go into accurate time and billing — and closing the gap between time and billing and accounts receivables — professional service firms improve cash flow and profits. Outsourcing is one solution to achieve automation without the costs of purchasing technology and training in-house staff.
Professional Service Organizations (PSO) often deal in Human Capital (i.e. they sell time), which creates pressure to manage quickly but not always effectively. Even as they advise business owners, leaders in a PSO neglect many of the same operational and financial issues in their own organizations. Before client service and profits begin to decline, PSO leaders must identify their operational inefficiencies and decide if they have the resources internally or externally to address them. A well-managed PSO anticipates change with the right key performance indicators — helping leaders look ahead instead of always over their shoulders.
The National Law Journal’s Survey of Law Firm Economics, 2015 Edition (based on 2014 data) is one of the most comprehensive, accurate and up-to-date set of economic statistics and financial data available for the legal profession and environment. This year’s survey contains information from 5,759 lawyers in total, including 1,711 associates, 3,480 partners/shareholders (equity and non-equity), 382 active counsel and 152 staff lawyers working in 69 U.S. law firms. In its 43rd year, the survey remains an invaluable tool for managers at law firms. In order for the report to be a useful tool, law firm managers must provide the relevant information when completing the actual survey.
Recent Professional Services Blog Articles
Outsourcing Combines with Automation Most outsourced services employ some type of online or automated product to perform the work and make data easily accessible. In 2016, the top billing and invoicing software for business included FreshBooks, QuickBooks and Zoho Invoice. These solutions were chosen for their ease of use, expense tracking, automated invoicing, online payment … Continue reading Automating Accounting is a Long-term Strategy
Professional service firms offer their services in a variety of ways, and this fact adds complexity to time and billing processes. If time and billing are complex, then accounting and payroll also have many moving parts. By automating some of the steps that go into accurate time and billing — and closing the gap between … Continue reading Tips to Outsource Accounting and Payroll Functions
One of the primary challenges — and in some ways advantages — of professional services is that the person billing the work is frequently the person doing the work. Professionals know what it takes to complete a project or manage an ongoing retainer, and it should be reflected in the final invoice with a percentage … Continue reading What Keeps You From Putting Your Business First?