Industry-Specific Accounting for Service-Based Businesses
We work with service businesses where revenue is tied to expertise, relationships, and time. Each industry we serve has its own cost structure, cash flow patterns, and tax considerations. We understand the accounting issues specific to your type of business before we start.
Medical Spas & Aesthetic Clinics
Medical spas, injectables clinics, laser treatment clinics, and cosmetic dermatology practices have an accounting profile that general bookkeepers frequently handle incorrectly. Revenue comes from services, retail products, packages, and memberships, each with different cost structures and sales tax treatment in Washington state.
We configure the chart of accounts to match how the business actually generates revenue, so the financials are useful month to month and not just at tax time.
- Service and retail revenue tracked separately with profitability by category
- Membership and prepaid package liability accounting
- Injectables and retail inventory reconciliation
- Provider compensation and commission structures
- Washington sales tax on services and products
- S-Corp and ownership structure for owner-operators
Professional Service Firms
Law firms, consulting firms, architecture and engineering practices, and advisory firms tend to have high revenue relative to their cost base, which means taxes are often the largest expense in the business. How ownership, compensation, and retirement contributions are structured has a direct effect on what principals take home each year.
We handle the bookkeeping and tax work for firm owners who want their finances managed precisely and need an accountant available throughout the year, not only at filing time.
- Partner and shareholder compensation and distribution planning
- Cash vs. accrual accounting and method elections
- Retainer and unbilled work revenue recognition
- Retirement plan selection and contribution maximization
- Entity structure review as the firm grows
- Quarterly estimated tax management
Multi-Owner Businesses
Partner-owned companies, S-corps with multiple shareholders, and partnership-structured businesses carry accounting complexity that grows with the number of owners. Equity accounts, distributions, K-1s, and reasonable compensation all need to be handled correctly to avoid problems at the individual level.
We work with multi-owner businesses where the financial records need to hold up to scrutiny from all owners and where the tax filing reflects each owner's position accurately.
- Equity accounts and capital balances per owner
- Distribution tracking and basis management
- K-1 preparation coordinated with each owner's personal return
- Reasonable compensation analysis for S-Corp shareholders
- Buy-sell and ownership transition accounting
- Multi-owner profit allocation and cash flow reporting
Not Sure If We Are the Right Fit?
Schedule a free introductory call. We will ask a few questions about your business and let you know what working with us would look like.