Professional Service Firms

We know how to take care of clients in the professional service sector

At Your Service

Accounting for Professional Service Firms

Our professional service clients are involved in architecture, communications, engineering, insurance, law, medicine and other service-oriented businesses. We provide these clients with industry-specific solutions, such as internal management reporting systems, compensation arrangements, R&D Tax Credit Studies, performance evaluations, bookkeeping, and financial reporting.

Cost Management

After two decades in business, a closely held, multi-generational client started realizing reduced profitability during the transition from one generation to the next. We recognized diminishing performance and started a discussion with the new generation about the cost structure of the business and their pricing for the service they provided. New management didn’t really understand the various cost structure of the service they provided and how that impacted the pricing of their service. Their costs included several costs that were impacted by the changing economy.

We quickly created a conversation with new management about the cost variables. We created a system to track key performance indicators on a monthly basis. We had in-depth discussions about pricing and the variables that exist in their market and the need to price their service in sync with their competition and the market to protect against rising costs. After six months, we identified a three-part problem: pricing, an underperforming business unit and lack of technology.

Management realized they had an unprofitable segment of their business that was driving overall profitability down due to market changes. Our recommendation was to invest in the more profitable portion of the business, sell the unprofitable business unit and invest in technology which had been neglected for too many years. The unprofitable business unit was sold, providing significant cash flow which they used to invest in technology. This decision led to increased profitability in the more profitable segments of the business. Management maintained the practice of reviewing key performance indicators on a monthly basis and using the information to make more timely decisions on pricing the service they provide which led to consistent profitability. After two years of increased profitability, the company purchased a small competitor and increased their market share.

15 yrs.

As A Trusted Client

Our Clients Trust Us

Our valued clients are our most enthusiastic supporters.

Most CPA firms are content to be scorekeepers, WM provides proactive business guidance and advice, anticipating problems before they arise. Their informed, aggressive approach was instrumental in securing our PPP loan.

It was early in 1996. I was striking out on my own to open a small consulting engineer firm. I had lots of engineering skills but absolutely no business experience. I was introduced to Steve Wouch through a friend. Steve took me under his wing and guided me through taxes, filings, cash flow projections, expense records, personnel management, and all that goes along with business operations. Since those early days, I have relied upon the team at Wouch Maloney for constant guidance. I have always found them to be responsive, patient and most importantly accurate in answering my questions. We are not a large office, do not generate huge numbers. Still, I have never experienced any sense of being set aside for bigger concerns. While Wouch Maloney has grown significantly over the years, I still feel like I have a personal accountant at my disposal a mere phone call away. The terror struck in our collective hearts with the Governor’s recent shuttering of business was met with a Sunday night return call from Jeff. A call that resulted in a careful walk through the CARES act and a good nights sleep. I am very fortunate to have these folks on my team.

Our Accounting Experts

Offering knowledge and skill attuned to the professional services market.

Business Advisor Maloney at Wouch Maloney - Accounting Audit Firm in Horsham & Philadelphia

John F. Maloney

Email: Send A Message
Call: 215.675.8364

Business Advisor Slade at Wouch Maloney - Accounting Audit Firm in Horsham & Philadelphia

Stephen J. Slade

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Call: 215.675.8364

Business Advisor Straccione at Wouch Maloney - Accounting Audit Firm in Horsham & Philadelphia

Adrienne Straccione

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Call: 215.675.8364

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