Professional Services

Professional service firms face many of the same challenges as other businesses, but there are often issues that re-occur and are common across professional service firms.

Areas that we help with are:

Time tracking:

Firms do not track time efficiently, which leads to:

-Missing billable hours.

-No understanding of the true utilisation of the team

-No understanding of the true time spent on a project to determine if the ‘fixed price’ is actually profitable.

Project accounting:

The reality is that many professional service firms are poor at project accounting and understanding the true profitability of each job. Frequently projects are not as profitable as business owners would like. Project overruns, scope creep, and poor time tracking can all lead to projects being less profitable but without the tools to track and monitor performance there is little chance of improvement.

Cashflow management:

Unfortunately many professional service companies suffer from poor cash management, we see good firms being caught out by VAT returns and corporation tax payments and struggling to provide adequate working capital.  We work with these firms to put in place cashflow forecasting and cash management systems to help manage this. We help with activities like automating billing, making use of direct debits, automating payments and improving credit control.

Whatever the size of your business Your Finance Team can help you meet your financial management needs, achieve long term goals, and plan for succession.

Our expertise covers the full range of professional services and our clients currently include:

  • Financial Consultancies
  • Business Coaching
  • Architects
  • Legal Services
  • Designers

 

…and what they say.

We strive to give our clients an excellent service