Small & Growing Professional Services Firm Accounting in Northern VA, DC & MD

Akumen Accounting Group provides small business and professional services firm accounting in Northern Virginia, Washington DC, and Maryland, helping growing firms streamline bookkeeping, manage cash flow, and plan taxes for sustainable growth.

Accounting for Small and Growing Professional Services Firms

Professional services firms—including consultants, architects, engineers, marketing agencies, and IT service providers—face unique accounting challenges as they grow. From project-based revenue recognition to client billing, cash flow management, and profit analysis, small and mid-sized firms need more than generic bookkeeping. Akumen Accounting Group delivers CPA-level accounting and advisory services tailored for small and growing professional services firms in Northern Virginia, Washington DC, and Maryland, helping business owners focus on client delivery while keeping finances accurate, compliant, and growth-ready.

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Core Accounting Services for Professional Services Firms

Akumen Accounting Group offers a comprehensive suite of accounting, bookkeeping, and advisory services designed specifically for government contractors working under cost-plus, time-and-materials (T&M), and fixed-price contracts.

Bookkeeping & Project-Based Accounting

Professional services firms rely on precise tracking of billable hours, expenses, and client payments. Akumen structures bookkeeping systems to reflect your actual operations:

  • Daily, weekly, or monthly bookkeeping using QuickBooks Online or NetSuite
  • Client, project, and matter-level tracking for accurate billing and profitability analysis
  • Integration with time-tracking, invoicing, and payroll systems
  • Catch-up bookkeeping for firms needing historical record cleanup

Financial Reporting & KPI Dashboards

Our reports give owners and partners insight into revenue, profitability, and performance:

  • Monthly financial statements (P&L, balance sheet, cash flow) formatted for owners and lenders
  • Project profitability and utilization reports by client, employee, or practice area
  • KPIs such as realization rate, billable hours, overhead percentage, and gross margin
  • Dashboards for board meetings, partners, or investors

CFO-Level Advisory Services

Firms in growth mode often need financial guidance without the overhead of a full-time CFO. Akumen provides strategic insight to support decision-making:

  • Cash flow forecasting and runway planning for seasonal or project-driven revenue
  • Budgeting aligned with client contracts, staffing, and expansion plans
  • Pricing and profitability advice for services and projects
  • Support for financing, loans, or investor reporting

Payroll & Compensation Management

Professional services firms often manage a mix of salaried employees, contractors, and partner distributions. We ensure payroll aligns with accounting, tax rules, and client billing:

  • Full-service payroll setup and processing
  • Proper classification of employees, contractors, and owners
  • Integration of payroll with project-based accounting for accurate reporting
  • Tax filings and year-end reporting for all staff

Tax Planning & Compliance

Firms need proactive strategies to manage business and owner-level taxes:

  • Entity-based tax planning for LLCs, S corporations, and partnerships
  • Multi-state tax compliance across Northern VA, DC, and MD
  • Estimated tax planning for owners and partners
  • Coordination of personal and business tax filings for partners and principals

Local Expertise for Northern VA, DC & MD Firms

Operating a professional services firm in the DMV region comes with specific jurisdictional requirements. Akumen ensures local compliance while optimizing tax and operational strategy:

  • Virginia: State income tax, business license, and payroll compliance
  • Maryland: State tax filings, business registration, and personal property tax
  • Washington DC: Franchise, excise, and payroll taxes for local operations

Why small and growing professional services firms choose Akumen Accounting Group

Akumen Accounting Group works closely with small and growing professional services firms to provide tailored accounting, bookkeeping, and financial advisory services that address the unique challenges of scaling a knowledge-based business. With deep expertise in project-based accounting, cash flow management, and financial planning, we help our clients streamline operations, improve profitability, and make informed strategic decisions. From day-to-day bookkeeping to tax planning and financial guidance, our team ensures that service-based business owners can focus on delivering client value while we manage the numbers with accuracy, compliance, and insight.

Grow your professional services firm with confidence

Give your firm the confidence of a structured accounting system and proactive financial strategy. Contact Akumen Accounting Group today to request a consultation and discover how a local CPA focused on professional services can support your growth and profitability.