Bookkeeping for Consultants – How to Track Client Payments and Stay Profitable
Consultants, coaches, and advisory professionals often juggle multiple clients, contracts, and payment types. But if your financial records are messy, you’ll have no idea which clients are profitable-or which are draining your time. Clean bookkeeping helps you get clear.
Download Our Free Brochure →What Consultants Should Be Tracking
1. Client Payments and Invoicing
- Record deposits per engagement or milestone
- Match payments to contracts or retainers
2. Billable Hours and Fixed Fees
- Track hours billed vs. hours worked
- Compare flat project fees to actual labor costs
3. Subcontractors or Assistant Costs
- Log payments to virtual assistants, researchers, designers, etc.
- Track 1099 totals for tax filing
4. Travel and Project Expenses
- Tag travel, lodging, or subscriptions by client
- Separate reimbursable vs non-billable expenses
5. Profit by Client or Service Type
- Analyze margin across different packages (strategy, implementation, coaching)
Test Case
A marketing consultant with 14 active clients had no clarity on client profitability. We:
- Categorized income by client and service tier
- Flagged two clients with negative ROI (too much time, low margin)
- Helped her raise prices and renegotiate retainers
Tax and Compliance Context
Consultants must:
- Track income for 1099-NEC and Schedule C reporting
- Properly classify deductible expenses
- Prepare for self-employment tax, quarterly estimates, and audit trails
Our bookkeeping ensures all financials are categorized and report-ready.
Download Our Free Brochure →Want to get clarity on your consulting income and costs?
Our bookkeeping for consultants service helps you track what matters.
Bookkeeping for Consultants – States
Bookkeeping for Consultants – Key ZIP Codes
FAQs
Can you show profitability by client?
Yes. We tag income and costs by client or project.
Do you support hourly, fixed-fee, and retainer models?
Yes. We track all billing structures and match reports to cash flow.
Can you support both solo consultants and small teams?
Absolutely. We tailor reporting to your business structure.
The more you know, the more you can grow. Let RemoteBooksOnline keep your books clean and your projects profitable.
