Consulting firms sell time and expertise. The finance work is billing accurately, getting paid on time, rebilling expenses and paying associates.
A consulting firm sells time and expertise, so the finance work is billing accurately, rebilling expenses and getting paid on time, while paying associates properly.
This guide covers six jobs, from billing to professional liability cover, with tools to consider for each. A card per client or project, such as Wallester's virtual cards, makes expense rebilling simple.
Unbilled hours and forgotten expenses are lost revenue. Software that tracks time and turns it into invoices closes the gap.
Invoicing, time tracking and expenses in one tool, built for service businesses.
Multi-currency accounting with many integrations.
Widely used by US accountants.
Travel and project costs are paid up front and rebilled. A card per client or project makes rebilling straightforward.
Free plan with 300 virtual cards, so each client or project can have its own.
Receipt capture for teams in Europe.
US corporate card platform.
International clients expect to pay in their own currency. Local account details avoid delays and bank margins.
Local account details and mid-market conversion.
Collection accounts for several currencies.
Several currencies and cards in one account.
Specialist associates are often contractors in other countries. Contracts and compliant payments protect you both.
Consulting runs on referrals and repeat work. A CRM keeps proposals, follow-ups and renewals from slipping.
A free CRM tier with deal pipelines and email tools.
A visual sales pipeline for small teams.
Work management with a CRM product.
Clients can claim if your advice causes them a loss. Professional liability, or professional indemnity, cover is often required by clients.
Professional and general liability for small businesses.
UK broker that compares several insurers.
Online cover for US small businesses.
A consulting firm earns by billing time, projects or retainers. Revenue depends on how many hours are billable, at what rate, and how quickly clients pay. The finance work is mostly capturing time accurately, invoicing promptly and keeping collections on schedule.
Travel and project costs are paid up front and rebilled to the client. A card per client or project, with receipts attached when you pay, makes rebilling straightforward and reduces disputes. Agree in the contract what is rebillable and whether you add a handling fee.
Specialist associates are often contractors, sometimes abroad. Use written agreements that cover scope, rates, confidentiality and who owns the work, and check classification rules in the associate's country.
Invoice at the milestone or month end without delay, state terms on the proposal, and follow up on a schedule. Large clients may pay through procurement systems that need purchase order numbers on the invoice.
Pay client costs on a card tagged to the client or project, attach receipts, and add the cost to the next invoice. Tools that link cards to accounting make this largely automatic.
State payment terms on proposals, invoice on time, offer easy payment methods, and use automatic reminders. A deposit on new work also helps.
Often yes. Clients and contracts frequently require it, and it covers claims that your advice caused a loss.
It depends on how they work and on local rules, not on the label in the contract. Check the rules where they live, or use a platform with compliance support.
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