Bookkeeping for Consulting Firms
Bookkeeping Built for
Consulting and Professional Services Firms
Engagement and Project-Level P&L
We track revenue and costs by client engagement -- giving principals and management the clear view of project profitability they need to manage a services business effectively.
Retainer and Time-Based Revenue
We account for retainer fees, time-and-materials billing, and fixed-fee engagements correctly, ensuring revenue is recognized in the right period.
Clean Books, Low Overhead
We handle the financial function so your consultants can focus on clients -- with accurate financials delivered on a consistent schedule.
100+
Successful transactions completed
20+
Years of experience
$5 - 50m
Average size of transaction
$20-200m
Average market cap of clients across tech, manufacturing & services
Bookkeeping for Management, Strategy, and Specialty Consulting Firms
What makes us different?
Consulting firms are services businesses, and their financial dynamics reflect that. Revenue is driven by billable hours, project milestones, or retainer agreements — each with different recognition and billing patterns. Profitability is determined by the spread between billing rates and loaded cost rates. And the principals of a consulting firm are focused on client delivery, not managing a back office.
Corviniti provides bookkeeping services to management consulting, strategy, technology consulting, and specialty advisory firms. We maintain accurate, engagement-level financial records, account for consulting revenue structures correctly, and give firm leadership the financial visibility they need to run a profitable practice.
We work with firms of all sizes — from solo consultants and small boutiques to established multi-practice consulting organizations. We understand how consulting firms earn revenue, how they incur costs, and what financial analysis is most useful for managing a services business.
We help with:
- Engagement Revenue Tracking: Track revenue by client and engagement to understand the profitability of each project and the overall client portfolio.
- Revenue Recognition for Consulting Engagements: Apply the correct revenue recognition approach — over time or at a point in time — based on the nature of each engagement under ASC 606.
- Time-and-Materials and Fixed-Fee Billing: Account for both T&M and fixed-fee billing correctly, including work-in-process for engagements that span reporting periods.
- Staff and Subcontractor Cost Tracking: Record and allocate staff and subcontractor costs to the correct engagement for accurate project profitability analysis.
- Monthly Close and Financial Statements: Execute a complete monthly close and deliver accurate financial statements for firm management.
- AR and Collections Management: Track invoices, monitor outstanding balances, and maintain an accurate receivables aging.
- Partner and Principal Compensation: Record partner draws, distributions, and incentive compensation correctly.
- Tax Preparation Support: Maintain the financial records your tax advisors need for annual preparation and planning.
Our Bookkeeping Services
Monthly Bookkeeping
Maintain accurate financial records with a clean monthly close that gives you a clear view of engagement revenue, consultant utilization, and firm profitability.
- Revenue Reconciliation: Reconcile billed revenue to engagement records and invoices each period.
- Work-in-Process Tracking: Track unbilled work-in-process for engagements that span reporting periods.
- Financial Statement Delivery: Deliver accurate monthly financial statements on a consistent schedule.
- AR Aging Report: Maintain an accurate accounts receivable aging and flag overdue client balances.
Cleanup and Catch-Up
Organize and correct historical financial records and establish a clean baseline for ongoing engagement-level tracking.
- Revenue Cleanup: Reconcile historical revenue to billing records and correct misclassified or improperly recognized amounts.
- Cost Allocation Cleanup: Review and correctly allocate historical project costs that were recorded at the firm level rather than the engagement level.
- AR Cleanup: Resolve outstanding AR discrepancies and produce a clean receivables aging.
Financial Planning & Analysis
Translate accurate financial records into the utilization and profitability analysis that helps consulting firm principals make better business decisions.
- Engagement Profitability Analysis: Compare revenue and direct costs by engagement to identify your most and least profitable clients.
- Utilization and Realization Reporting: Track consultant utilization and billing realization rates to understand how effectively the firm is converting capacity into revenue.
- Cash Flow Forecasting: Build forward-looking cash projections that reflect billing cycles, collection timing, and planned hires.
Contact us to discuss scope and pricing for your firm.
Why Choose Us?
Big 4 expertise,
boutique agility
Corviniti provides consulting firm bookkeeping with the technical depth and professionalism that services businesses expect — delivered by professionals who understand how consulting firms work and what financial information matters most.
We work with consulting and professional services firms at every stage
From solo consultants managing their books for the first time to established multi-practice firms that need a more organized and accurate accounting function, Corviniti provides the bookkeeping support consulting firms require.
- Professional Services Experience
- Tax-Preparer Ready Year-Round
- Audit and Due Diligence Ready
- Big Four Experience, Boutique Attention
- Flexible Support That Grows With You
Contact Us To
Learn More
Call: (347) 472-1115
Email: info@corviniti.com
Tell us about your consulting firm and what your current bookkeeping looks like. We will respond within 24 hours.
Learn More From
Frequently Asked Questions
Revenue for fixed-fee engagements is typically recognized over time as the performance obligation is satisfied — often using an input method based on costs incurred relative to total estimated costs, or a time-elapsed method for engagements where services are delivered ratably. We analyze each engagement type, determine the appropriate recognition approach under ASC 606, and apply it consistently.
Yes. We set up cost tracking to allocate revenue and direct costs by client and engagement. This gives you a view of gross profit by project — which engagements are generating strong margins and which are consuming more resources than budgeted. Engagement-level profitability is one of the most important metrics for managing a consulting firm.
We maintain a work-in-process balance for engagements where services have been performed but not yet billed or where revenue should be recognized before an invoice is issued. WIP is tracked at the engagement level and reconciled each period to ensure the financial statements accurately reflect the value of services delivered.
We record employee payroll costs and independent contractor payments separately, allocating both to the appropriate client or engagement. We maintain the records needed for year-end W-2 and 1099 filing and ensure contractor costs are captured in the engagement-level profitability analysis.
Yes. Once we have accurate revenue and cost data at the engagement level, we can calculate billing realization rates — how much of billed time is actually collected — and utilization rates. These are among the most useful metrics for understanding how effectively a consulting firm is converting capacity into revenue.
Yes. We regularly work with foreign private issuers and companies with cross-border structures, including IFRS reporting, US GAAP reconciliations, and multi-entity consolidations for companies with domestic and international subsidiaries.
In most cases, we can begin within a few days of finalizing our agreement. Our KYC and onboarding process is straightforward and does not create unnecessary delays before the actual work starts.
