Oct 12, 2020
PPP Loan Forgiveness Impact on Overhead Rate
Bolster Your Practice
Helping companies in the professional services industry maintain profitability and cash flow, expand engagement, foster client loyalty, and create innovative and collaborative work environments.
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Architecture and Engineering (A/E)
In the face of stringent government regulation and reporting requirements, sometimes sluggish cash flows, and tight competition, your firm remains focused on increasing profitability. Our industry-specialized strategic planning services can help you cut costs and prepare for the future, and assist with expanding your business across the globe.
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Law Firms
Your business relies on cash flow; with industry-focused advisors and expert tax planning services, you can manage your practice more efficiently and keep your cash flow strong.
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Staffing and Consulting Businesses
In today’s tight labor market, your firm is hard at work helping clients find and retain top talent; and when the economy takes a downturn, your industry will quickly feel the effects. We offer guidance to improve operational efficiencies that drive profitability and growth in any market.
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As a professional services firm, your clients are expecting more from you every day. Your employees are working harder than ever, stretching the limits of their work-life balance. While meeting client demands is a necessity, so is modernizing your workplace in order to better support their needs. Digitizing operations is now a priority, allowing employees to work more collaboratively and effectively. Succession planning and employee flexibility are changing the way you view and conduct business. Whether you’re looking to maximize operating efficiency, maintain profitability or nurture meaningful client relationships, Withum can help you stand tall above the competition.
Professional Services Industry Challenges and Trends
Client Satisfaction
Your clients are the foundation of your business. Ensuring their happiness is your main priority. Measuring their satisfaction while correcting where you’re falling short will help you not only sustain your business but grow it too.
Digital Transformation
Digital solutions create a smarter way of doing business. Digitizing operations enhances client service and experience. Implementing cloud-based solutions increases efficiency and collaboration. Utilizing the right technology will help you do more with less.
Maintain Cash Flow
Steady cash flow is a constant challenge for professional services firms. There’s a time lag between cash going out for operational costs and coming back in as your clients make payments. Implementing the right processes and controls can help alleviate the strains this puts on your business.
Reducing Overhead Costs
In this highly-competitive environment, you’re seeing declining margins, so reducing overhead is becoming especially important. Keeping talent with experience in US GAAP, government accounting compliance regulations, FAR or DCAA takes away valuable time you can spend on running your business.
Succession Planning
Finding the leaders of tomorrow can be difficult. Building the plan for that transition is just as hard. Professional service firms are constantly evaluating their talent and succession plans to ensure the longevity of their business for years to come.
Services for the Professional Services Industry
We are here to help you stand out against the competition. Professional services firms choose Withum to help with their advisory, tax and audit needs.
Professional Services Accounting Services
- Profitability analysis
- Budgeting and forecasting
- Cash flow management
- Internal control review
- Pension and profit-sharing plans
- Business succession planning
- Estate planning
Professional Services Advisory Services
- Operations review
- Business valuation
- Information systems consulting
- Bank financing assistance
- Mergers and acquisitions
- Partners and employee compensation plans
- Forensic/fraud services
- Litigation support services
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