Accounting software for professional services firms

Billing is the business

For a consultancy, agency, design studio or small firm, revenue depends on getting invoices out on time and getting paid. Engagements start with a proposal, run on retainers or milestones, and end with a final bill and a client who may need a reminder or two. The accounting system should make each of those steps quick.

SeroBooks starts with estimates and quotes that convert to invoices once the client approves. Recurring transactions handle monthly retainers, batch invoices cover month-end runs, and custom templates and fields let invoices carry your branding, project references and purchase order numbers. Each invoice can carry the client’s own reference so their accounts payable team approves it faster.

• Estimates and quotes that convert to invoices
• Recurring invoices for retainers
• Batch invoices for month-end billing
• Custom invoice templates and fields
• Credit notes for adjustments

Getting paid and staying on top of receivables

Payments are received against open invoices, and card payments can be taken through Global Payments or Moneris terminals, or online through Stripe. Customer statements show clients what is outstanding, and finance charges can be applied to overdue balances when your terms allow. Partial payments are recorded against the right invoice so balances stay accurate.

A/R ageing reports show who is slow before it affects payroll, and the cash-flow projector looks ahead at expected receipts and payments. Invoices can also be shared over WhatsApp for clients who respond faster there than to email, and SMS through Twilio is supported. Reminders become routine rather than awkward conversations at the end of a quarter.

Projects, classes and profitability

Revenue alone does not tell you which clients or service lines are worth the effort. SeroBooks projects and classes let you tag income and expenses by client engagement, practice area or office, and report on each. On SeroBooks Pro, job costing adds a fuller view of costs against what was billed.

Budgets let you set targets by month and compare actuals, and over 160 built-in reports plus a custom report builder cover the rest. Multi-company support helps owners who run more than one entity, such as an operating company and a holding company, without separate logins. Owners get one view across entities while each company keeps its own books.

• Projects and classes on transactions
• Job costing on SeroBooks Pro
• Budgets versus actuals
• 160+ reports and a custom report builder
• Multi-company for related entities

Working with your accountant

Many firms already have an outside accountant or bookkeeper. SeroBooks gives accountants free practice seats, so they can log in to the live ledger instead of asking for exports. Roles and permissions are enforced on the server, so you decide who sees payroll, who can approve bills and who can only view reports.

Year-end close and period locks protect filed periods, and the audit trail on Pro shows who changed what. Canadian firms get GST/HST, PST and QST handling and T2/GIFI support. US firms get sales tax where it applies, plus fixed assets with MACRS depreciation. Fixed assets track computers, furniture and leasehold improvements with the right depreciation.

Payroll for a small team

Professional services firms are mostly people, so payroll is usually the largest expense. SeroPayroll runs Canadian payroll in all 13 provinces and territories from $25 USD a month for up to 10 employees, with CPP, EI, vacation pay, statutory holidays, remittances, T4s, ROEs and pay stubs. Pay stubs show year-to-date totals and masked SINs, and can be emailed as PDFs.

If you want payroll in the same ledger as your billing and project reports, or you have staff in the US, SeroBooks Pro at $300 USD a month includes payroll for Canada and the US, along with job costing, forecasting and an audit trail. Timesheets and a time clock are available in SeroPayroll for hourly staff.