Professional Services

Leveraging Best Practices & Experiences to Guide Your Business Growth

Your clients count on your expertise, responsiveness, and guidance, and you need the same level of support from your accounting and advisory team. As a professional service organization, you understand the importance of knowing what your clients need. Mowery & Schoenfeld operates the same way. We take the time to understand your firm’s challenges so we can help solve problems, reduce tax burden, and develop strategies for growth and profitability.

Strong accounting gives you a clear view of your numbers. Strategic advisory helps you understand what those numbers mean and how to use them for the best results. From managing project-based revenue and monitoring overhead costs to evaluating profitability by client, project, or service line, we help professional services firms build the financial foundation they need to grow with confidence. And when the time is right, we can also support transition planning, succession, and preparing your firm for a potential sale.

Whether you are focused on improving efficiency, strengthening profitability, planning for ownership transition, or making more informed business decisions, our team can help. We combine accurate accounting, proactive tax planning, and practical advisory guidance to help your firm identify challenges, solve problems, manage cash flow, and plan for what comes next.

Matthew Schoenholtz >

Partner, Client Advisory Services Leader

Stefan Beal >

Assurance Partner

Insights

Cash Flow Management: A Complete Guide for Businesses >

Sustainable Business Growth Starts with These Four Pillars >

Specialized Accounting Services for Professional Services

Working with diverse clients in the professional services space gives us a unique understanding of the specific challenges, regulations, and trends affecting your industry. Our services include:

Managing Overhead and Cash Flow When Talent Is Your Biggest Asset

People are at the heart of professional services firms, which can make managing overhead especially difficult. Payroll is often one of the largest expenses, and in many service-based firms, labor costs can account for a major share of revenue. Our advisors look at staffing, utilization, and financial projections together, so you can make data-driven business decisions that bring you the most value.

Our team also understands the irregular revenue cycles that are common in professional services. We have experience handling large project completions, seasonal demand fluctuations, and payment timing that can create cash flow volatility. Our professional services advisory team shows you how to build cash flow forecasting models, establish and follow best practices for billing and collections, and maintain working capital reserves that smooth out the ups and downs in your revenue.

We also help firms take a more intentional approach to professional services overhead management by comparing overhead ratios vs. your industry peers, identifying where technology can cut down on administrative work, and finding smarter ways to manage costs. Our advisors also support talent cost optimization by helping you structure compensation and benefits packages that attract and retain the right people while protecting profitability. These strategies give you a clearer path to sustainable growth.

Fractional CFO and Outsourced Accounting That Scales with Your Business

Many professional services firms outgrow their initial bookkeeping setup but aren’t ready for or don’t yet need a full-time CFO. That’s where Mowery & Schoenfeld’s Client Advisory Services practice can bridge the gap. We offer fractional CFO support that allows you to scale with practical guidance when you need it.

With specialized outsourced accounting for professional services, you get more than the basic bookkeeping offered by traditional accounting firms. Our services include project-level accounting, WIP (work-in-process) tracking, partner distribution calculations, financial reporting, and ongoing advisory support designed for how professional services firms work.

If you’re considering this transition, we can assist you in evaluating your current accounting systems and processes, recommend technology upgrades, and set up a reporting cadence that keeps firm leadership informed without creating unnecessary overhead.

Audits and Internal Controls for Professional Services

Professional services firms have unique audit and assurance needs. Whether you are looking for audited or reviewed financial statements for your banking relationships or client procurement requirements, our A&A team is here to help you. We know the ins and out of professional services financial statements, with expertise in unbilled receivables, deferred revenue, partner equity accounts, and more.

Your professional services firm’s internal controls also need a close look. Our consultants look at time and expense reporting accuracy, engagement authorization and pricing, accounts receivable management, and partner draw policies to give you practical recommendations that improve financial reliability.

Ready to Grow Your Firm with Confidence? Talk to M&S Today

Whether your firm needs a new accounting partner, a specialized tax review, or fractional CFO support, Mowery & Schoenfeld is here to help. As a top 150 accounting firm based in Illinois, we are proud to count among us professionals who understand the financial and operational nuances of the professional services industry.

We work as a long-term partner in your firm’s growth. Our team provides steady guidance through industry changes, ownership transitions, and major business milestones, with the same partner-level attention we have offered for 30 years.