Top 7 Advanced Accounting Software Solutions for Professional Service Firms

Consistently engaging in consultant practices is essential for the health of your business; neglecting this can lead to negative outcomes. The value your clients place on your business is directly proportional to the effort you put into your work. Stability and efficient management are key for all professional service firms.

As a consultant, having a strong handle on account management and tax preparation is crucial. You'll find that managing your finances and bookkeeping becomes a more enjoyable task with the right accounting software. The ideal software for professional service firms is one that simplifies the process and includes all necessary features.

Thankfully, there are several software options available that could serve as your ally. In this discussion, we'll explore our top seven recommendations. Let's delve into them!

Why do professional service firms need accounting software?

Professional service firms need accounting software primarily for efficient financial management and streamlined business operations. This type of software simplifies complex accounting tasks, from tracking expenses and incomes to managing invoices and preparing for tax season. 

It ensures accuracy in financial records, reducing the risk of errors that can occur with manual accounting. Additionally, it provides professional firms with real-time financial insights, allowing them to make informed decisions about their business strategies and cash flow management. 

With features like automated billing, time tracking, and financial reporting, accounting software is an invaluable tool for professionals, helping them to focus more on their core services and less on administrative tasks.

Read More: 10 Best Time Tracking Software for Web Design Agencies for 2024

Top 7 Accounting Software for professional service firms

1. ClientVenue

ClientVenue stands out as a user-friendly accounting software, perfect for professional services, and freelancers. It's designed to help professionals easily keep track of their work, bill clients, and make sure they're paid for every hour they work.

You can also create and edit invoices, set up invoice reminders, track billable and non-billable hours with built-in time tracker. Also, your project management needs can be fulfilled in this same app.

You can easily track your project process, create templates and collaborate on this very same platform. You’ll also get to access cloud storage drive with Google Drive and Dropbox.

Features:

• Easy Invoice Management: Make single or repeat invoices quickly, helping to keep cash coming in and pay you on time for your work.
• Simple Project Tracking: Keep an eye on your projects from start to finish, making sure they meet your financial needs.
• Invoice Creation and Editing: You have the flexibility to make and change invoices, and set reminders to keep track of them.
• Customizable Dashboards: Set up your financial dashboard the way you like, to get a clear picture of your money situation and find important financial info fast.
• Time Tracking: Add a time tracking feature to keep your finances in line with your project timelines and budget.
• Quick Reporting: Easily create reports on finances and projects, giving you useful insights into how your business is doing and where your money's going.

Pricing

Starter Plan - $47 PER MONTH

• 2 Team Members
• Unlimited Client Accounts
• Unlimited Projects
• 5 GB Storage Drive
• Whitelabel Client Portal
• Onboarding and Proposals
• Invoicing and Payments
• Basic Integrations

Professional Plan - $97 PER MONTH

• Includes Everything in the Starter Plan, Plus:
• 5 Team Members
• 100 GB Storage Drive
• Timesheets
• Chat System
• Access to All Integrations
• Resource Management
• Priority Support

Enterprise Plan - $247 PER MONTH

• Includes Everything in the Professional Plan, Plus:
• 20+ Team Members
• 500 GB Storage Drive
• Dedicated Account Manager
• Custom Development
• Personalized 1-on-1 Onboarding & Coaching
• Advanced Integrations

2. Sage

Sage Intacct, commonly recognized as Sage accounting software, caters primarily to small and medium-sized enterprises, particularly those operating in construction and real estate, healthcare, non-profit, and hospitality sectors, as well as Certified Public Accountants (CPAs). Additionally, it is also a suitable platform for professionals.

Features

• Accounts Receivable
• Accounts Payable
• Cash Management
• Intelligent General Ledger
• Purchasing
• Order Management
• Project Costing and Billing
• Subscription and Contract Billing
• Online Payments

Pricing

Essential Plan: Priced at $299 per month (or $249 when billed annually), this plan offers:

• Regular monthly bookkeeping services
• Access to a dedicated team of bookkeepers
• Financial statements prepared and ready for year-end tax filing
• Direct and unlimited interaction with our in-house research team

Premium Plan: Available for $499 monthly (or $399 with annual billing), this package includes:

• Personal income tax consultation sessions
• Comprehensive, unlimited tax support
• Annual business income tax filing services for various entities (partnerships, S corps, C corps)
• Yearly individual income tax filing for sole proprietors and contractors

3. Bench

Bench stands out as a comprehensive solution that combines both its software and a team of professional bookkeepers who handle your accounting needs, making it the most time-efficient option among all the accounting solutions mentioned.

 The bookkeepers at Bench take care of your monthly accounting and can also handle backlogged bookkeeping for business owners who need to catch up. Unique to Bench is its reliance on proprietary software, unlike other accounting software options. The features include:

• Cash basis accounting with an option for accrual conversion
• Bank Reconciliation
• Dedicated bookkeeping team
• Cash Management
• Project Accounting
• Collaboration with CPA firms
• Round-the-clock customer support and guidance

Pricing

Essential Plan – Priced at $299 per month or $249 per month when billed annually. This plan offers:

• Regular monthly bookkeeping services.
• A committed team exclusively for bookkeeping.
• Financial statements prepared and ready for year-end tax purposes.
• Direct and unlimited interaction with the in-house research team.

Premium Plan – Available for $499 monthly or $399 monthly with annual billing. The plan includes:

• Personalized income tax consultation sessions.
• Comprehensive and limitless tax support.
• Annual income tax preparation and filing for businesses, including partnerships, S corporations, and C corporations.
• Yearly income tax filing services for individual proprietors and contractors.

4. Xero

Xero is an ideal accounting software for both small and large businesses, particularly beneficial for professional services. As a globally recognized financial technology brand, Xero offers online accounting solutions suitable for bookkeepers, accountants, and businesses of all sizes.

Renowned for its user-friendly approach, Xero is particularly favored in the market for its financial management capabilities. The software is thoughtfully crafted to meet the needs of consultant-sized businesses, with its standout feature being its simplicity. 

Even in the busiest business environments, Xero ensures top-notch accounting management.

Features

• Easy Invoicing
• Bank Connections
• Inventory Management
• Multi-currency Accounting
• Expense Management
• Payroll Integration
• Cloud-based Security
• Data Capture with tools like Hubdoc
• Collaboration with Accountants

Pricing

Early Plan – Priced at $12, ideal for new enterprises, startups, self-employed individuals, freelancers, and sole proprietors.

• Ability to send quotes and up to 20 invoices.
• Enter up to 5 bills.
• Perform basic bank reconciliation.
• Manage inventory at a basic level.
• Issue purchase orders.
• Access to short-term cash flow and business snapshot tools.

Growing Plan – At $34, this is the preferred choice for expanding small businesses. It extends the Early plan by removing limits on invoices, quotes, and bills. It also includes the feature for bulk reconciling transactions.

Established Plan – Costing $65, this plan is tailored for well-established businesses. It encompasses:

• Handling of multiple currencies.
• Expense claiming capabilities.
• Project tracking.
• Advanced analytics with up to 90 days of future cash flow forecasting.

5. Freshbooks

FreshBooks stands out as one of the premier accounting software choices for professional service firms, business owners and accountants.

Opting for this software could significantly transform any business. Especially in managing crucial aspects like business expense. Recognized for its top-tier cloud accounting capabilities, FreshBooks is primarily tailored for small businesses.

What sets FreshBooks apart from other software options is its straightforward and highly functional design. It efficiently collects, tracks, and swiftly conveys all necessary information to clients. 

Additionally, it handles front-end accounting tasks, including tracking customer invoices and payments. 

Features

• Efficient invoicing system
• Client billing processes
• Comprehensive expense reports
• Automation of data entries

Pricing

Lite Plan: Ideal for professionals with basic requirements, this plan is priced at $15 per month and offers:

• Unlimited invoicing for up to 5 clients
• Unlimited tracking of expenses
• Endless estimates sending
• Sales tax monitoring and reporting
• Payment processing via credit card and bank transfer
• Mobile app access on both iOS and Android platforms

Plus Plan: For $25 per month, this plan provides additional features:

• Unlimited invoicing for up to 50 clients
• Automated tracking of expenses
• Unlimited proposal sending
• Setup of recurring billing and client retainers
• Automatic capture of receipt data
• Comprehensive double-entry accounting reports
• Mobile app for mileage tracking
• Reports on business health and performance

Premium Plan: At $50 per month, this package includes:

• Unlimited number of billable clients
• Tracking of project profitability
• Customization of email signatures
• Tailored email template options
• Accounts payable management for vendors, bills, and bill payments
• Automated reminders for late payments and billing of late fees
• Checkout link for easy payments

6. Quickbooks

QuickBooks Online stands as the go-to accounting solution for freelance bookkeepers, small businesses, startups, and independent firms. It's packed with numerous features, offering the flexibility to upgrade as your business grows. 

Sharing many commonalities with Xero, QuickBooks Online provides features like an intuitive interface, mileage and time tracking, a mobile app, and billable tracking. 

However, it falls slightly short in terms of customization options compared to Xero and may not be as visually appealing.

Features

• Tracking of income and expenses
• Organization and capture of receipts
• Optimization for maximizing tax deductions
• Mileage tracking for travel expenses
• Effective management of cash flow
• Offering unlimited invoicing and accepting various payment methods
• Capabilities for generating diverse reports
• Creation and dispatch of estimates
• Monitoring of sales and sales tax compliance

Pricing

Plus Plan – QuickBooks Online Plus: Priced at $85 per month, this plan supports up to five users. Building upon the Simple Start features, Plus offers:

• In-depth report generation
• Time tracking and timesheet entry for employees
• Comprehensive bill management and payment
• Inventory tracking capabilities
• Profitability tracking for individual projects

Advanced Plan: For $200 monthly, the Advanced plan accommodates up to 25 users, with added functionalities:

• Advanced reporting tools
• Role-specific access customization
• Batch processing of invoices and expenses
• Business analytics integrated with Excel
• Streamlined management of employee expenses
• Enhanced options for custom fields
• Exclusive integration with various apps
• Access to a dedicated account team
• On-demand training available online
• Automation of various processes and tasks
• Option to restore company data as needed

7. ZohoBooks

Small to mid-sized businesses seeking a streamlined, cloud-based accounting solution will find great value in Zoho. 

Ideal for those who prefer to avoid juggling multiple applications, Zoho simplifies operations by consolidating various business needs into one platform, thereby reducing app fatigue.

Features

• Task Management
• Milestone Tracking.
• Time Tracking (billable and non-billable hours)
• Gantt Charts.
• Document Sharing and Collaboration
• Issue Tracking
• Resource Utilization and Reporting
• Integration with Other Zoho Apps.
• Client Portal

Pricing

Free Plan - $0 per month

• 1 User + 1 Accountant access.
• Manage up to 1,000 invoices annually.
• Multiple Bank and Credit Card Accounts.
• Import Statements, Bank Reconciliation.
• Chart of Accounts, Sub-accounts, Manual Journals.
• Reports, Invoice Customization, Manage 1099 Contractors.
• Payment Gateways, Schedule Reports, Custom Views.

Standard Plan - $15 per month (Billed Annually)

• Invite 3 Users.
• Manage up to 5,000 invoices.
• Recurring Expenses, Bank Feeds.
• User Roles, Bulk Updates, Transaction Locking.
• Custom Fields, Reporting Tags, Sales Tax Tracking.
• 10 Custom Reports, Integrations (Avalara, Zendesk).
• Email, Voice, and Chat Support.

Professional Plan - $40 per month (Billed Annually)

• Invite 5 Users.
• Project Expenses, Invoicing, Tasks.
• Timesheet and Billing, Sales Approval, Retainer Invoices.
• Comprehensive Bill Management.
• Sales and Purchase Orders, Approvals.
• Multi-currency, Stock Tracking, Price Lists.
• Custom Roles, Timesheet Approvals.
• 25 Custom Reports, Workflows (up to 200).

Premium Plan - $60 per month (Billed Annually)

• Invite 10 Users.
• Custom Domain, Vendor Portal.
• Advanced Budgeting, Custom Buttons.
• Validation Rules, WebTabs, 10 Custom Modules.
• 50 Custom Reports, Cash Flow Forecasting.

Elite Plan - $120 per month (Billed Annually)

• Invite 10 Users.
• Unlimited Custom Reports.
• Advanced Inventory, Shopify Integration (up to 2 stores).
• Warehouse Management (up to 5 warehouses).
• Serial and Batch Tracking, Shipping Label Printing.
• Shipment Tracking.

Ultimate Plan - $240 per month (Billed Annually)

• Invite 15 Users, 25 Custom Modules.
• Advanced Analytics, Real-time Reporting.
• Financial Metric Tracking, Customizable Reports.
• Collaborative Report Creation, Export Options.
• Embedded Reports, Record Management (5 Million)

Manage your invoices with ClientVenue

ClientVenue shines as a top-tier accounting solution perfectly tailored for professional service firms, streamlining invoice management and billing for professional services.

 ClientVenue excels at providing professional services with powerful tools to keep a close eye on project finances.

The user-friendly interface offers real-time insights into project expenses, helping professionals stay within budget and avoid financial surprises.

The platform's invoicing capabilities are both robust and flexible, a perfect fit for professional firms who need to meticulously track billable hours and expenses.

This feature simplifies invoicing clients and tracking payments, which is crucial for maintaining a healthy cash flow in the consulting business.

ClientVenue stands out as an efficient and economical choice for professionals aiming to optimize their project billing and financial operations.

Read more: Top 7 Tools for Project Management with Invoicing Feature

Features offered by ClientVenue

Here's a look at the features that make ClientVenue stand out:

1. Create and Edit Invoices

ClientVenue creates invoices and streamlines the invoicing process, offering the flexibility to modify invoices for updates or corrections, ensuring your pricing stays current.

Under the 'Edit Invoice' feature, it simplifies managing expenses by allowing seamless alterations to invoice details, aiding in accurate project expense tracking.

2. Send Reminders

With 'Send Invoice Reminders,' ClientVenue enhances the ability to promptly dispatch invoice notifications, fostering timely payments and contributing to the smooth financial operations of your business.

3. Time Tracking

The platform's time tracking capability gives you visibility into the time investment for each task and project, facilitating workflow optimization and ensuring tasks are executed effectively.

4. Reporting

ClientVenue delivers comprehensive accounting reports that encompass time tracking, task completion statuses, and other critical metrics. These insights enable you to pinpoint areas that need refinement and make strategic adjustments to enhance efficiency.

5. Download Invoice PDF

Under 'Download Invoice PDF,' ClientVenue offers the convenience of downloading invoices in PDF format, facilitating easy distribution to clients.

6. Stripe Payment Integrations

ClientVenue supports online payments transactions, streamlining the payment process for clients and expediting your receipt of funds.

7. Single and Recurring Invoice

The platform's 'Set up single or recurring invoices' feature allows for both one-time and automatic repeat invoicing, using customizable templates to ensure consistency and reduce the risk of missed billing.

8. Timesheets

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ClientVenue's timesheets are a crucial element for any accounting software, providing detailed insights into labor costs and helping to streamline payroll processes. They enable accurate tracking of billable hours, ensuring that every minute is accounted for and appropriately billed, which is vital for maintaining budget integrity and profitability.

9. Integrations

Lastly, 'Integration' with ClientVenue means seamless synchronization with a range of prevalent business tools, enhancing your overall project management and financial tracking efficiency.

Conclusion

Selecting the right accounting software is a critical decision for professional service firms, as it not only streamlines financial management but also plays a pivotal role in enhancing business efficiency and profitability. 

Embrace efficiency and financial clarity with ClientVenue – your first step towards optimized financial management, at absolutely no initial cost. Discover the difference today and elevate your consulting business to new heights of success.

Don't just take our word for it; sign up for the free trial today and witness the transformative impact of ClientVenue on your consulting business.

Sign up now and unlock your business's full financial potential!