Professional Services
Optimise your professional practice with accounting services tailored for lawyers, engineers, architects, and consultants who need specialised compliance and structure advice.
Professional Services
Professional Services Accountants Melbourne
Professional service firms face strict regulatory requirements, professional indemnity obligations, and trust account management that require specialized accounting knowledge. Many professions have specific rules around business structures, fee arrangements, and client relationship management.
Managing professional practices involves time-based billing, work-in-progress valuations, and bad debt provisions that differ from product-based businesses. Professional development costs, membership fees, and regulatory compliance expenses are significant overhead items requiring proper treatment.
Professional body regulations often restrict business structures and ownership arrangements, limiting flexibility in tax planning and succession strategies. Non-compliance can result in professional sanctions and practice closure.
Whether you need personal tax assistance or full practice-level accounting, Keystone is here to safeguard your financial health.
Professionals accounting services
Accountants Who Understand Complex Accounting
At Keystone Taxation and Business Advisors, we’re dedicated to helping business owners make the most of their hard work. Our expert insights and resources are designed to give you a clear understanding of strategies, structures, and technologies that can drive your business forward.
Strategic Tax Solutions
Discover tax strategies and business structures available to you
Technology for Growth
Understand and apply new business management technology
Tailored Business Advice
Get in touch with us for information tailored to your business
Self-Managed Super Funds
End-to-end SMSF setup, compliance, and advice to help you take control of your retirement.
Payroll & Bookkeeping
Accurate, ATO-compliant payroll and bookkeeping services so you can focus on growing your business.
Frequently asked questions
Got Questions? We've Got Answers
Have a question? We’ve answered some of the most common ones below.
What are trust account obligations for professional services?
Many professions require separate trust accounts for client funds with specific reporting and audit requirements. We ensure trust account compliance and proper record keeping.
How do professional service partnerships differ from normal partnerships?
Professional partnerships often have regulatory restrictions on ownership, profit sharing, and liability arrangements. We structure partnerships to comply with professional body requirements.
Can professional development costs be claimed as tax deductions?
Yes, professional development directly related to maintaining professional competence is generally deductible. We ensure proper documentation and claim optimization for all professional expenses.
How should work-in-progress be valued for professional services?
WIP valuation methods depend on billing arrangements and professional standards. We ensure WIP valuations optimize tax outcomes whilst maintaining professional compliance.
What business structures are available for professional services?
Available structures depend on professional regulations, but may include partnerships, companies, or incorporated practices. We recommend optimal structures within professional constraints.
Ready to Get Started?
Maintain Professional Excellence with Expert Accountancy Support
Our professional services specialists understand regulatory requirements, trust accounting obligations, and practice management needs across various professions. We provide compliance support and strategic advice that protects professional registration whilst optimizing outcomes.
With specialist professional services accounting, you'll maintain regulatory compliance, optimise practice structures within professional constraints, and focus on client service whilst ensuring financial obligations are managed professionally.
