The 5 financial habits of high-performing professional services firms

High-performing professional services firms are known for their precision and attention to detail. This extends to how they manage their finances. 

They understand which clients drive profit, not just revenue. They use financial reports to make data-driven decisions. And they treat their accountant as a strategic partner, instead of simply a compliance expert.

Not quite there yet? That’s fine. This article breaks down the key habits of top-performing firms and explains how you can apply them in your own business.

1. They understand where profit comes from

Not all clients are equally valuable. Some projects bring in solid revenue but soak up more time and resources than they’re worth. Others fly under the radar but quietly drive most of your margin.

High-performing firms know the difference—because they track it. They analyse profit not just by month or service line, but by client, project, or even individual team member. That lets them prioritise high-value work, push back on unprofitable work or client demands, and make smarter decisions about pricing and capacity.

In contrast, many service firms are still focused on top-line revenue. They chase bigger clients or higher billables without understanding what it really costs to deliver, or where profit is slipping through the cracks.

However, our latest QuickBooks survey of 4,000 decision-makers across the UK showed that only 23% of architecture firms say they know which parts of the business are most profitable. That’s a warning sign for other project-based firms too, where complexity can mask poor performance.

The takeaway? If you can’t see where you’re making money, you can’t protect it. Start tracking margins by client or project, and review this regularly with your accountant or finance lead.

2. They use financial reports to drive decision-making

Financial reports aren’t just for board meetings or to send over to your accountant at year-end. In high-performing firms, they’re part of the day-to-day decision-making process.

Top service businesses review their numbers regularly. This allows them to spot trends, course-correct early, and make confident calls—whether they’re thinking about hiring more staff or changing their pricing. 

However, many firms still operate reactively. They review their finances too late or too infrequently to act on. For example, the QuickBooks survey mentioned above found that just 33% of law firms use financial reporting tools. Compare that with IT and telecoms, where over 52% of businesses use financial reporting tools. 

The firms that build this habit make decisions earlier, spot risks sooner, and grow more sustainably. It’s a no-brainer. 

3. They treat accountants as strategic partners

Most professional services firms work with an accountant. However, in many cases, that relationship involves only tax filing or year-end accounts.

High-performing firms go further. They bring their accountant into budgeting, forecasting, and scenario planning. Instead of only looking back at what happened, they use expert input to shape what happens next.

Interestingly, our recent survey revealed that businesses that use accountants for strategic support report 11.5% higher revenue on average. The legal sector leads the way, with 49% relying on professional forecasting support. In contrast, just 17% of architecture firms do the same, despite often managing complex, multi-phase projects.

Top professional services firms recognise that accountants are genuine growth partners. Use their insights to shape your strategy—not just to validate what’s already happened.

4. They automate admin to focus on growth

Every hour spent chasing invoices, updating spreadsheets, or reconciling bank transactions is an hour not spent on clients, strategy, or business development. 

That’s why high-performing professional services firms automate as much financial admin as possible. They invest in systems that automate the basics: invoicing, expense tracking, cash flow forecasting, and financial reporting.

Automation doesn’t replace financial oversight—it creates space for it. With less time spent on repetitive tasks, finance teams and founders alike can focus on deeper analysis and forward planning.

QuickBooks Advanced can help service-based firms do just that. By connecting project, client, and financial data in one place, it allows you to:

• Generate and send invoices automatically

• Track cash flow in real time

• Link income and expenses to specific clients or service lines

• Flag overdue payments and underperforming projects

• Produce reports with the click of a button—not the drag of a spreadsheet

You didn’t start your professional services business to manage admin. Let automation handle low-value tasks so you can focus on what really moves the needle.

5. They invest in systems that scale with them

What works for a solo consultant or two-person agency often starts to break as the business grows. Suddenly, you’re dealing with more clients, more projects, and more team members. Without the right systems in place, financial visibility starts to break down.

High-performing firms plan for scale by investing in finance tools that grow with them. The best tools provide real-time visibility across service lines, clients, and projects without adding headcount or overhead. That means less time spent wrestling with spreadsheets, and more time making use of real insights.

QuickBooks’ recent survey showed that firms in tech and financial services sectors are ahead of the curve here:

• 52% of IT and telecoms firms use reporting tools to track performance

• 41% of financial services businesses use budgeting and forecasting tools

These tools are no longer reserved for the largest organisations. Today, every professional service firm—whether you’re a two-person outfit or a 200-strong team—can gain these insights. If your firm is growing, your finance systems need to grow with it. Look for tools that scale with your operations and support deeper insights, not just compliance.

Final thoughts

Great professional service businesses don’t just win due to their talent or delivery. They win because they have the clarity to make confident financial decisions—and the systems to back them up.

That means knowing where profit comes from, using reports that drive action, treating accountants as strategic partners, and automating routine tasks. Most importantly, it means investing in tools that help them track and improve their performance. 

QuickBooks Advanced gives professional services firms the visibility, control, and automation they need to turn good habits into everyday practice. 

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