Bookkeeping for professional services
Consultants, IT and tech firms, engineers, recruiters and advisers – we help you bill every hour, get paid faster and understand profitability by client.
- Time, WIP and retainers reconciled
- Profit by client and service line
- Personal services income rules considered
Your time is your product
Professional services businesses sell expertise and time. Unbilled hours, slow invoicing and scope creep are the biggest drains on profit, and a messy mix of retainers, milestones and expenses makes it hard to see what's really going on.
We keep your books clean and give you reporting built around the numbers that matter: utilisation, realisation, debtor days and profit per client.
- Hours worked but never billed
- Clients paying slowly
- No view of profit per client
- Contractor vs employee questions
- Personal and business expenses mixed
How we help professional services firms
Time & billing
Time tracking connected to invoicing so billable work gets billed.
Retainers & milestones
Recurring retainers and milestone invoices managed accurately.
Debtor management
Friendly follow-up to reduce debtor days.
Client profitability
Profit by client, project and service line.
Payroll & contractors
Employee payroll and contractor payments handled compliantly.
Tax & structure
PSI, company and trust returns with year-round planning.
A practical guide to bookkeeping for professional services
For consultants, IT firms, engineers, recruiters and advisers, time is the product. The biggest profit leaks are unbilled hours, slow invoicing and scope creep. Bookkeeping for professional services should connect time tracking to invoicing, so every billable hour is captured and billed promptly.
Useful reporting includes utilisation, realisation, debtor days and profit by client and service line. On the tax side, individuals who earn most of their income from their personal skills or effort need to consider the personal services income rules, which can affect deductions and how income is taxed through a company or trust. Services to overseas clients may be GST-free exports when the conditions are met.
TK Bookkeepers keeps your books clean, chases payment, runs payroll and assesses your tax position each year as your registered tax agent.
- Time tracking to invoicing
- Retainers & milestones
- Debtor days reduced
- Profit per client
- Personal services income rules
- GST on overseas services
Contractors and consultants: know the PSI rules
If most of your income is from your personal skills or effort, the personal services income (PSI) rules may limit the deductions you can claim and how income can be split through a company or trust. We assess your situation each year and structure your affairs appropriately.
- PSI assessments
- Harvest, Toggl & Clockify
- Multi-currency billing
- Recruitment payroll
- R&D record keeping support
- International clients
- Monthly bookkeeping
- Accounts receivable
- Payroll & STP
- BAS & GST
- Company, trust & individual tax
Getting started is easy
Switching bookkeepers is simpler than you think. We handle the transition for you.
Free consultation
A 30-minute chat about your business, your software and what's not working.
Fixed-fee proposal
A clear scope and fixed monthly fee – no timesheets, no surprise bills.
Onboarding
We tidy up your file, connect your apps and set up your reporting.
Ongoing support
Books, BAS, payroll and tax handled, with a real person on call.
Popular services for professional services firms
Accounts receivable
Invoicing and debtor follow-up so you get paid faster
Financial reporting
Monthly P&L, balance sheet and cash flow reports
Business insights
KPIs, budgets and cash flow forecasts that guide decisions
Payroll & STP
Pay runs, super and Single Touch Payroll handled for you
Company tax returns
Company returns prepared and lodged by a registered tax agent
Individual tax returns
Every deduction you're entitled to, lodged properly
Professional services bookkeeping FAQs
Does GST apply to services for overseas clients?
Services provided to non-residents who are not in Australia can be GST-free as exports, but the rules have conditions. We check your contracts and code invoices correctly.
What are the personal services income rules?
PSI rules apply when income is mainly a reward for an individual's personal efforts or skills. They can limit deductions and attribute income to the individual even if it's earned through a company or trust. We'll check whether they apply to you.
Can you connect my time tracking software?
Yes – we connect common time tracking and practice tools with Xero, MYOB and QuickBooks.
Other industries we support
Construction & trades
Job costing, progress claims, subbies and TPAR sorted.
ExploreHealth & allied health
Practice software, GST-free services and contractor pay.
ExploreArchitects & design
Project fees, WIP and profitability by stage.
ExploreDoctors & medical practices
Service fees, practitioner payments and payroll tax risk.
ExploreMarketing & creative agencies
Retainers, freelancers and profit per client.
ExplorePrivate clients & families
Household finances, investments and family trusts.
ExploreE-commerce & online retail
Shopify, Amazon, Stripe and inventory reconciled.
ExploreGrowing businesses & startups
Systems, forecasts and structure for the next stage.
Explore