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4 Accounting Tips to Run a Profitable Professional Services Company

Basis 365

It doesn't matter if you run a marketing agency or a management consulting firm when it comes to managing a profitable consultancy business. It is only half of the job to provide your consulting services. Automating your Payroll Process is as simple as integrating your Time Tracker with your payroll software.

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The Importance of a Month-End Close Process

Withum

Journal entries would include items such as depreciation, prepaid expenses and payroll accruals. Once a company has created a month-end close process for closing the books, management will be able to see how useful this can be in running a business. Outsourced Accounting Systems and Services (OASyS). Listen Now.

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Key Accounting Challenges Facing Professional Services Businesses

Basis 365

Service-based businesses, such as marketing agencies or management consultants, face several accounting issues that are unique to their industry. Properly classifying workers as employees or contractors is important for tax purposes and determines the associated payroll taxes, benefits, and other employment-related expenses.

Account 52