Industry · Professional Services
Bookkeeper for consultants & agencies —
project margin, WIP & HST handled.
Professional services firms invoice on milestones, manage retainers, track billable hours, and deal with complex HST rules. We specialize in the financial complexity behind service-based businesses across Canada and the US.
What you get every month
- P&L broken down by client or project
- WIP schedule (earned but unbilled revenue)
- Retainer reconciliation and deferred revenue
- Trust account ledger (law firms)
- Partner draw and capital account tracking
- HST return preparation (quarterly)
- Year-end CPA-ready package by the 15th
Who this is for
Consultants & advisors
- Management and strategy consultants
- IT and technology consultants
- HR and organizational advisors
Creative agencies
- Marketing and branding agencies
- Design studios and creative shops
- PR and communications firms
Law firms & regulated practices
- Boutique law firms (trust accounts)
- Accounting practices and CPA firms
- Notaries and paralegals
The Challenge
Why professional services bookkeeping requires specialist knowledge
Most professional services firms operate on accrual — revenue is earned when work is performed, not when invoices are paid. Without WIP tracking, your P&L is perpetually out of sync with the work actually happening. You can look profitable in invoice-heavy months and unprofitable in work-heavy months — neither figure reflecting reality.
We've built a bookkeeping practice that handles the full complexity of service businesses: retainer reconciliation, project profitability by client, trust account segregation for law firms, HST on cross-border billings, and partner compensation structures.
Client perspective
"We had no idea which clients were actually profitable. North Ledger set up project-level bookkeeping and we immediately found two accounts we'd been undercharging for years."
Agency founder, Toronto
What We Do
Our core services for this industry
WIP Tracking
Work-in-progress schedule maintained monthly — earned revenue recognized when work is performed, not when invoiced.
Project Profitability
Revenue, direct labour, contractor costs, and expenses allocated per client or engagement. Know your real margin by account.
Trust Account Bookkeeping
Separate trust ledgers per client, monthly reconciliation, and funds transferred only when earned — law society compliant.
Retainer Reconciliation
Monthly retainer drawdowns matched against work performed. Unused retainer posted as Deferred Revenue until earned.
Partner Draw & Compensation
Salary vs. dividend structures, partner draws, and capital account tracking for multi-owner firms.
HST on Professional Fees
Correct HST rates applied by client location. Zero-rating for qualifying US client billings. ITCs claimed on eligible expenses.
Revenue Complexity
WIP, retainers, and accrual bookkeeping for service firms
Service businesses get paid in three ways that each create their own bookkeeping challenge: milestone invoices, monthly retainers, and time-based billing. We handle all three correctly.
Work-in-Progress Tracking
We maintain a WIP schedule that tracks the value of billable work performed but not yet invoiced — giving you an accurate monthly P&L on an accrual basis, not just a cash basis.
Deferred Revenue Recognition
Monthly retainers received upfront are posted to Deferred Revenue and released to income as the work is performed. Your P&L reflects earned revenue, not just deposits received.
Client-Level Profitability
All revenue and direct costs are tracked by client or project. Monthly profitability reports identify which accounts are driving growth and where scope creep is quietly eroding your margins.
Pricing
Most professional services clients start on the Growth plan. Most agencies and consulting firms need WIP, AP/AR, and project profitability reporting.
FAQ
Common questions
GET STARTED TODAY
Know which clients actually
make you money.
Project-level profitability reporting included in every plan. No more guessing which accounts to grow and which to walk away from.
Your free quote includes:
- Full review of your current bookkeeping setup
- CRA / IRS compliance gap identification
- Custom quote based on your transaction volume
- Clear onboarding timeline — starting within 5 business days
- No pressure, no hard sell
No contracts · Cancel anytime · CAD & USD billing
See Pricing →