Accounting for Professional services
Serving businesses in Canada
Professional services businesses sell expertise by the hour, project or retainer. Their books need accurate time-based billing, timely receivables and correct tax deducted on professional fees. Many start as a proprietorship or partnership and later move to a company, so structure and compliance matter as they grow.
Who we work with
- Consultants and advisory firms
- Marketing, design and creative agencies
- Independent professionals and freelancers
- Small partnerships and practices
What makes the accounting different
The points that most often decide whether the books and filings are right for professional services. In Canada, indirect tax is GST/HST.
Billing and receivables
Retainers, hourly billing and milestone invoices need clear records and regular follow-up on unpaid invoices.
Tax on professional fees
Fees often attract tax deducted at source, which must be tracked, claimed and reconciled.
Choosing and changing structure
Moving from a proprietorship or partnership to an LLP or company affects tax, liability and compliance.
Contracts with clients and vendors
Engagement terms, confidentiality and vendor agreements protect the business.
What Livida handles in Canada
Bookkeeping and tax returns
Monthly books, GST where applicable, TDS and income tax returns.
Registrations and licences
Proprietorship, Udyam, shop and establishment, and professional tax.
Structure and conversions
LLP or company registration, and conversion from a proprietorship or partnership.
Agreements
Engagement terms, NDAs, MOUs and vendor agreements.
Bookkeeping is available in every market we serve. See the full list of services in Canada or compare countries.
Frequently asked questions
I work as a freelancer or consultant. Can you handle my accounts and tax?
When should a proprietorship become a company?
Talk to us about accounting for professional services
Tell us about your business and we will outline how Livida can support it.