Professional services includes accounting and bookkeeping as well as graphic design, internet marketing and other services where work is performed and charged by the hour. 

Professional services usually involve work in progress that is either billed at a particular milestone which could be finishing a first design, completing a marketing task or at the end of each week/month. 

Some of the challenges for professional services firms is keeping track of the time and the tasks completed and then getting that information into an invoice for their clients. Another challenge is common to many businesses and that is getting paid. 

Professional services firms issue invoices and provide payment terms and need to go through credit management procedures to get paid on time. 

Accounting by Industry