Professional Service Firms

Unlike most companies that sell products, professional services firms sell something that typically can’t be seen, heard or touched: specialized knowledge. The challenges these exceptional firms face differ substantially from those seen in other types of businesses too. In addition to overwhelming time pressures, these highly educated professionals must cope with a host of strategic, operational, tax and financial issues that apply uniquely to service firms.

BNKJ has been providing a complete slate of accounting services to professional service firms for more than half a century. Our experienced team understands the structure of a professional service firm, how it operates and what tax and accounting issues affect your industry. This depth of knowledge equips us to conduct a thorough analysis of your firm’s operations and structure, and to ascertain which aspects of your business are more and less profitable – whether you have a small firm in a single location or hundreds of employees located around the globe.

Let BNKJ help you minimize your tax burden while maximizing your profits, with niche-tailored accounting and consulting services in areas that include

  • Audit, review and compilation
  • Cash basis tax returns with accrual basis financial statements
  • Capital contributions of cash, depreciable property and other property
  • Partner or shareholder buy-ins and buy-outs
  • Partnership and shareholder agreements
  • Partner and shareholder compensation systems and profit allocations
  • Health, 401K, cafeteria and other benefit plans
  • Buy-sell agreements and related issues
  • Technology consulting
    • Law firm software selection
    • Job costing accounting software
  • Specialized financial reporting for professional services firms
  • Succession planning
  • Estate planning
  • Litigation support
  • Leverage analysis
  • Working capital management and long term financing
  • Allocations of recourse and nonrecourse liabilities