Expert CPA support for Chicago creative agencies, architects, consultants, and professional service businesses
You run multiple client projects at once with milestone billing and phased payments. Your books show total revenue, but you can’t tell which projects make money and which ones are draining your resources.
Many professional services firms struggle with cash flow even when they consistently win new business. We understand project-based revenue and the metrics that show real profitability. Based in Chicago, we work with marketing agencies, architectural firms, consulting practices, and other professional service businesses across the U.S.
for Professional Service Organizations
Accounting challenges for professional service firms
Service-based businesses need to track more than revenue and expenses. You need visibility into project profitability, realization rates, and cash flow timing. We provide accounting and tax services that help you understand what’s working and where to focus.
Marketing and advertising agencies
Are you managing multiple campaigns and clients? We track profitability by account and help you plan for uneven cash flow from project-based billing.
Architectural and design firms
Feeling the squeeze of long-term projects and milestone billing? Our accountants will help you to set up percentage-of-completion accounting and manage cash flow through multi-year projects.
Consulting firms
Billing by hour or project? We’ll help you to track utilization, calculate profitability after overhead, and structure partner compensation for tax efficiency.
And more
We also provide accounting and tax support for: engineering firms, IT consultants, creative agencies, and specialized service providers.
Case Study
Growing but running out of cash
An agency client with multiple revenue streams and a strong client base hit cash flow walls every few months. When we analyzed their financials, we discovered they were bidding projects at $5,000 while labor costs alone ran $4,500 – leaving almost nothing after overhead.
How we transformed their financial operations without reducing their client base:
- Established a bill of materials process before each bid to ensure adequate margins on every project.
- Restructured their payment terms to include 25-50% upfront deposits and moved routine services to monthly billing with automatic invoicing.
Result: Work is now priced for profitably and payments are collected promptly. Cash flow is stabilized and revenue is predicable.
Spend less time in your books and more time growing your business.
Accounting services that help you track billable hours, manage cash flow, and improve profit margins
Project-based accounting and profitability tracking
Challenge
You run multiple client projects at once, but monthly reports only show total revenue, not which projects actually make money
Solution
Project-based accounting tracks revenue and costs by client and project. Monthly reports show true profit margins after overhead, real hourly rates, and project KPIs that help you price work accurately and decide which types of projects to pursue.
Cash flow management
Challenge
Milestone billing creates cash flow gaps between when you complete work and when payments arrive, making it hard to plan expenses or see your firm’s real financial position.
Solution
Accrual-based revenue recognition shows the true picture of your business; what you’ve earned, not just what’s been paid. Cash flow forecasting helps you understand when money arrives so you can plan for expenses between major payments.
Tax planning and compliance
Challenge
Partnership structures and multi-state work complicate quarterly estimates, entity decisions, and partner distributions – leaving money on the table or creating surprise tax bills.
Solution
Year-round tax planning minimizes what you owe and structures your entity for tax efficiency. We plan quarterly estimates, maximize deductions, and coordinate multi-state filings – catching opportunities before they pass.
Financial reporting and strategic guidance
Challenge
Standard financial reports show revenue and expenses, but they don’t reveal which clients drain resources, where utilization drops, or what your team’s time actually costs.
Solution
Monthly financial statements break down profitability by client, project, or service line. You get the metrics that matter: utilization rates, billable versus non-billable time, and project margins
Software integration and automation
Challenge
Manual data entry between time tracking, project management, and accounting systems creates errors, delays, and duplicate work.
Solution
Integration with QuickBooks Online, Xero, and your existing software reduces manual entry and keeps project costs accurate. Automated workflows mean less administrative time and more reliable financial data.
Understand your numbers. Make better business decisions.
I’ve been working with Rob for our business accounting since 2018, and he’s been a game-changer. As someone who dreads dealing with anything financial, I truly appreciate his proactive approach. Rob always ensures we’re on the right track and handling things properly, making the whole process so much easier.
– Matt W.
Rob is awesome! He has been my accountant for the past several years, and is always quick to respond and help. Accounting and tax prep is typically very stressful to me, but he puts me at ease and makes sure everything is done easily and properly. I am a small business owner of 13 years and would definitely recommend their services!
– Jen Z.
Questions before getting started? Book a complimentary 20-minute call with Rob.
Our Approach
Plain language, prompt responses, regular updates. We won’t ghost you or leave you to decipher cryptic financial reports.
We’re a Chicago-based CPA firm that works with companies across the United States. From irregular cash flow to complex partnership structures, we know what your business is dealing with because we’ve been working with professional firms like yours for over a decade.
How we work with your organization
Proactive communication is part of our process. From tax-saving ideas to risk warnings, we bring strategic insight, not just monthly bookkeeping.
1
Book a complimentary call
We discuss your current accounting and tax situation, answer your questions, and determine the right service level for your needs.
2
Month-to-month engagement
Consistent, year-round access to the same CPA team who understands your full financial situation. We provide personalized video walk-throughs so you always know where you stand and what your numbers mean. If you have questions at any time, we’re here for you.
3
Proactive tax planning
Our experienced tax accountants understand your financial situation and provide proactive guidance. We reach out with tax planning ideas, flag cash flow concerns, and spot opportunities ahead of time so that you know what to expect and how to optimize.
Ask a CPA
Professional service firm resources and FAQs
Tracking profitability by project is the biggest one. When you’re running multiple projects at once, it’s hard to know which clients are profitable until the work is done – and by then it’s too late to adjust. Managing cash flow with milestone billing creates another problem: you’ve invested time and resources into a project, but payment is weeks or months away. Getting revenue recognition right matters too, especially on long-term projects where you need to recognize revenue as you earn it, not just when you get paid. Most firms also struggle with overhead allocation – figuring out how to distribute rent, software costs, and administrative time across projects fairly.
Set up accounting to track time, expenses, and revenue by project. Reports show profit margins for each project so you can see which work pays. This means integrating your time tracking software with your accounting platform so billable hours flow directly into project cost calculations. We also help you allocate overhead costs appropriately (rent, software, administrative time) so you’re seeing true profitability, not just direct project costs. Once everything is set up, you get monthly reports showing which clients are worth the effort and which projects are draining resources.
Accrual accounting shows revenue when you earn it, not when you get paid. For milestone billing, this gives you a more accurate picture of profitability than cash-basis accounting.
Project profit margins, utilization rates, billable vs. non-billable hours, effective hourly rates, accounts receivable aging, and overhead percentage.
QuickBooks Online works well for most firms. It handles project accounting and integrates with time tracking tools like Harvest or Toggl. Set up recurring entries for regular expenses.
Qualified business income deductions can save you 20% on your taxable income if structured correctly. Entity structure matters too—S-corps often save on self-employment taxes compared to sole proprietorships or partnerships, but C-corps might make sense if you’re raising capital. Equipment purchases can be deducted immediately under Section 179 instead of depreciated over years. Timing matters: prepaying expenses in December or delaying invoices until January can shift income between tax years strategically. The right strategies depend on your revenue, entity type, and growth plans, which is why planning throughout the year beats scrambling in April.