LedgerMatch
Bank Reconciliation Software for Consulting Firms
Consulting firms bill clients in a mix of models — monthly retainers, hourly project invoices, and performance milestone payments — that each arrive on different schedules and via different payment methods. A 5-person consulting firm might have 50–100 bank transactions monthly that need to match QuickBooks or Xero entries across multiple client projects. LedgerMatch matches every retainer payment, project invoice deposit, and contractor payment against your ledger in under 10 minutes.
Common reconciliation challenges for consulting firms
- Client ACH invoice payments arrive with the client company name as the bank description — which may not match the project name in QuickBooks
- Monthly retainer payments from the same client look identical in the bank statement but need to match different invoice periods in QuickBooks
- Subcontractor and specialist payments must reconcile to 1099 obligations at year-end
How LedgerMatch helps
- Fuzzy matching connects client ACH payments to the correct QuickBooks invoice even when the bank description is the client's legal entity name
- Exception queue lets you annotate identical-looking retainer deposits with the correct invoice period and project code
- 97% auto-match rate on routine transactions — consulting bookkeepers spend their time on the exceptions, not the routine matching
Industry note
Consulting firms operating as S-corps must pay themselves a reasonable salary — LedgerMatch's clean payroll and distribution payment reconciliation gives bookkeepers a verified record that supports S-corp reasonable compensation documentation.
Common banking and accounting tools
- Chase
- Bank of America
- Wells Fargo
- Mercury
- SVB
- QuickBooks Online
- FreshBooks
- Harvest
- Xero
- Bill.com
Explore related resources
Install LedgerMatch
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