Industry
Accounting for Professional Services Firms
We handle the firm's tax, BAS and payroll and show you which clients and projects make money.
What we see
Common accounting issues
- Staff time is what the firm sells, yet timesheet data and the accounts usually sit in separate systems.
- A fixed-fee project can run over budget without anyone noticing until the job is finished.
- Partners end up doing the firm's own admin, which takes time away from billable work.
Our work
What we handle
- Tax and compliance BAS, the firm's tax return and the ATO and ASIC obligations that come with a company, trust or partnership. See the Tax & Compliance Services page
- Client and project margins Reports that put timesheet or job costing exports next to the accounts and show margins by client or project. See the Business Advisory & Financial Reporting page
- Bookkeeping and payroll for the firm Invoices, expenses and pay runs for the firm, with STP reporting and PAYG withholding on every pay, and super prepared for you to approve or paid for you if you authorise us. See the Bookkeeping & Payroll for Businesses page
- Planning staffing and pricing Management reports and advice that help partners plan staffing, pricing and the next stage of the firm.
- Law practices Our law firms page covers practice accounting, external examinations of trust records in Victoria, New South Wales, Queensland and South Australia, and how we keep an examination independent. See the Accounting for Law Firms page
Why OziDesktop
Why work with us
-
We usually work from exports out of the timesheet or practice management system you already use.
-
The people who keep the books also prepare the reports, so both draw on the same figures.
-
Maple Ip, our founder, is a Chartered Accountant with over 15 years of experience.
How it works
How the firm bills
We learn how the firm is structured, how it bills and where finance work is taking up partners' time.
Systems review
We review your accounting, timesheet and payroll set-up and agree the reports you need.
Ongoing support
We do the books, payroll and compliance through the year and send profit reports monthly or quarterly.
What we need from you
- Access to your accounting software (Xero, MYOB or QuickBooks)
- Exports or access to your practice management, timesheet or job costing system
- Payroll details for your employees
- Prior-year financial statements and tax returns
FAQs
Common questions
What kinds of professional services firms do you work with?
Consultancies, architects, engineers, creative studios and other firms that bill for their time, from small practices to established partnerships.
Can you show us which clients and projects are actually profitable?
Yes. Our reports track billable hours, project performance and margins, and show where the firm makes and loses money.
Do you work with law firms?
Yes. We act as External Examiner for law practices in Victoria, New South Wales, Queensland and South Australia. Our law firms page explains how we confirm the arrangement that keeps the examination independent if we also keep the books.
Can you run payroll for our staff?
Yes. We process payroll, Single Touch Payroll reporting and PAYG withholding for the firm's employees, and prepare super for you to approve, or pay it for you if you authorise us.
Can you work with our practice management system?
Usually, yes. We work from exports or reports out of your practice management or timesheet system alongside Xero, MYOB or QuickBooks.
Need something outside this scope?
Every business is different. If you need additional accounting, bookkeeping, advisory or specialist work, we'll explain what's required and agree the scope with you before proceeding.
Talk to an accountant about your business
- Fixed fees, agreed upfront
- We contact your old accountant
- Free discovery call