Expert Accountants for Professional Service Firms
Professional service businesses rely on billable time, retainers, and strong cash flow management. Whether you’re a consultant, architect, engineer, solicitor, financial adviser, or specialist service provider, having the right accounting support helps you stay compliant, improve profitability, and plan ahead. At Co-gency Chartered Accountants, we support professional firms across Manchester, Salford, and Swinton with tax efficiency, management reporting, and dependable year-round advice.
- 30+ Years’ Industry Accounting Expertise
- Chartered Accountants
- Fixed-Fee Pricing – No Surprises
Do Professional Service Firms Need Specialist Accountants?
Absolutely. Professional services accounting needs more than basic bookkeeping:
- Fee Income & Work-in-Progress: Accurate tracking of billable time, WIP, and retainer income.
- Partner/Director Tax Planning: Structuring drawings, dividends, and remuneration efficiently.
- Cash Flow & Debtor Control: Managing client payment cycles and reducing debtor days.
With the right reporting and planning, you can protect margins, pay the right tax, and grow sustainably.
How Co-gency Helps Professional Service Businesses
We provide clear financial reporting, tax planning, and practical support to keep your firm running smoothly.
Fee Tracking, WIP & Profitability
- Work-in-progress tracking and reporting
- Profitability by client, project, or partner
- Retainer and contract income monitoring
Cash Flow & Debtor Management
- Rolling cash flow forecasts
- Debtor days reporting and credit control support
- Improving invoicing processes for faster payment
VAT & HMRC Compliance
- VAT returns and Making Tax Digital compliance
- HMRC queries and dispute resolution
- Compliance reviews and risk reduction
Tax Planning for Directors & Partners
- Corporation Tax planning
- Self-Assessment for directors, partners & sole traders
- Remuneration strategy (salary/dividends/drawings)
"Thinking About Taxes?" – Let Co-gency Handle Them
Tax deadlines and HMRC investigations don’t have to be stressful. Our proactive approach ensures:
Accurate filings (avoiding penalties)
Maximised deductions (claiming every allowable expense)
Year-round support (not just at year-end)
Why Choose Co-gency Chartered Accountants?
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Professional Services Focus – We understand fees, WIP, retainers & partner income
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Fixed Fees – No hourly billing surprises
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Tech-Enabled – Cloud accounting for real-time insights
What Our Customers Say
FAQs
Professional Services Accounting FAQs
WIP is the value of time/costs incurred on client work that hasn’t been billed yet.
Tracking WIP helps you understand true profitability, avoid underbilling, and keep cash flow healthy.
We help firms tighten invoicing cycles, introduce better payment terms, and implement reporting that highlights late payers.
With better visibility, you can take action earlier and stabilise cash flow.
It depends on your structure (limited company, partnership, sole trader), profits, and personal circumstances.
We design a remuneration plan that balances salary, dividends, and allowable benefits to reduce overall tax.
Fees vary based on your size, reporting requirements, and whether you need payroll/VAT support.
Book a free call for a tailored fixed-fee quote.
Is your Business Structured Tax Efficiently? Most owners think it is — until they take this quiz.
It takes 5 minutes. It could save you thousands.
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