6 Best Accounting Software for Consultants in 2026
December 23, 2025
Consulting firms that try managing project profitability in spreadsheets usually discover the problem during month-end close when nobody can explain why a supposedly profitable engagement actually lost money. Accounting software built for consultants tracks revenues and expenses at the project level while supporting the mixed billing models that most practices juggle simultaneously. This guide covers the leading platforms for consulting firms at different stages, from solo practitioners to mid-market practices.
Why consultants need specialized accounting software
The right accounting software changes how consulting firms operate by delivering capabilities that directly impact profitability and growth:
- Project profitability visibility: Spot unprofitable engagements before they drain resources. Catch scope creep when there's still time to renegotiate rather than discovering margin problems at month-end.
- Automated billing workflows: When time tracking connects directly to invoicing, firms capture every billable hour instead of losing revenue to manual entry errors or forgotten time entries.
- Multi-client billing management: Handle hourly billing, fixed-fee projects, and retainer arrangements simultaneously without forcing teams into spreadsheet gymnastics.
- Time tracking integration: Consultants enter time once and it flows through to project accounting, client billing, and payroll systems without duplicate data entry.
These capabilities become increasingly valuable as consulting practices grow and billing complexity increases.
What should consultants look for in accounting software?
Consulting firms need fundamentally different capabilities than retail stores or product companies. Four core requirements separate consulting-appropriate platforms from generic business accounting tools.
Project-based accounting
Consulting firms need systems that allocate every transaction to specific projects, providing real-time profitability visibility by client, project, and service line. According to the AICPA's guidance, professional services organizations require specialized financial tracking that attributes costs and revenues to specific engagements for accurate margin analysis.
Time tracking and invoicing integration
Converting billable hours into client invoices must happen automatically without manual data transfer. The best platforms connect time entry directly to project accounting and invoice generation, ensuring firms capture all billable work while maintaining detailed audit trails.
Multi-client billing management
Consulting firms simultaneously manage hourly billing for some clients, fixed-fee projects for others, and retainer arrangements for a third group. The software must handle these mixed billing models without forcing practices into workarounds or manual calculations.
Real-time financial visibility
Project managers need dashboards showing budget consumption and margin analysis without waiting for month-end close. According to Deloitte's professional services research, real-time financial data helps consulting firms make proactive project decisions and improve resource allocation.
With these requirements in mind, here's how the leading platforms stack up for consulting practices at different stages.
6 best accounting software for consultants
1. Ramp
Ramp combines corporate card functionality with built-in expense tracking and project-based spending controls. The system automatically categorizes transactions and tags them to specific projects or clients, enforces spending policies at the transaction level, and integrates directly with accounting platforms like QuickBooks and NetSuite without requiring manual receipt uploads.
Who it's for: Small to mid-size consulting firms (10-200 employees) that bill clients for expenses and need visibility into both project-specific and overhead spending. Works particularly well for practices with distributed teams incurring client expenses.
Who it isn't for: Solo consultants or very small practices that don't have significant expense management needs. Firms that need comprehensive project accounting features without the corporate card component should consider QuickBooks or Xero.
Pricing: Contact Ramp directly for pricing based on company size and requirements.
2. QuickBooks Online
QuickBooks Online balances project tracking with broader accounting features that practices need as they grow. The platform provides project tracking starting in the Plus tier, offers hundreds of third-party integrations with time tracking tools, and delivers widespread support through the ProAdvisor network of accountants.
Who it's for: Established consulting practices (1-50 employees) requiring advanced project accounting and seamless integration with specialized time tracking tools. Best for firms that want the deepest ecosystem integration and accountant support.
Who it isn't for: Very small practices that find the pricing steep for basic needs. International firms needing robust multi-currency support will find Xero stronger in this area.
Pricing: Starting at $38/month for Simple Start. Project accounting features available in Plus tier at $55/month.
3. FreshBooks
FreshBooks removes the friction between time entry and client invoicing for solo consultants and small teams. Built specifically for service businesses that bill by the hour, it offers built-in time tracking, project-breakdown invoicing, and automated payment reminders without forcing users through accounting concepts they don't need.
Who it's for: Solo consultants and small practices (1-10 employees) prioritizing fast time-to-invoice workflows over accounting depth. Best for practitioners who want simplicity and don't need sophisticated project accounting.
Who it isn't for: Firms approaching 10+ employees or managing complex multi-phase engagements. Practices needing detailed project profitability reporting or extensive third-party integrations.
Pricing: Starting at $19/month for Lite plan with up to 5 clients.
4. Xero
Xero delivers complete accounting functionality while keeping costs reasonable for small practices. The platform provides project tracking that tags transactions by client or engagement, strong multi-currency support for consultants working across borders, and access to more than 1,000 third-party integrations.
Who it's for: Growing consulting practices (5-50 employees, under $2M revenue) that need solid accounting features at accessible price points. Best for firms with international clients needing robust multi-currency capabilities.
Who it isn't for: Practices requiring enterprise-grade project accounting or those preferring platforms with broader US accountant familiarity. Firms deeply invested in the QuickBooks ecosystem.
Pricing: Starting at $13/month for Early plan. Growing plan at $37/month includes better project tracking.
5. Zoho Books
Zoho Books makes sense primarily for firms committed to the Zoho ecosystem where data flows seamlessly between CRM, project management, and accounting. The platform provides project-based expense tracking, time tracking integration with Zoho Projects, and automated recurring invoices for retainer clients.
Who it's for: Consulting practices already using Zoho's business applications (CRM, Projects, People) or small to mid-size firms (5-100 employees) seeking cost-effective options within a unified platform ecosystem.
Who it isn't for: Firms not committed to the full Zoho suite will find limited third-party integrations compared to QuickBooks or Xero. Practices needing cutting-edge interface design.
Pricing: Starting at $15/month for Standard plan with 3 users and 5,000 invoices annually.
6. Bonsai
Bonsai emphasizes the client acquisition workflow from proposals through contracts to billing. The platform works for solo consultants who value having contract templates with e-signature capabilities, proposal creation and tracking, and time tracking with client-specific rates in a single system.
Who it's for: Freelance consultants and solo practitioners managing 5-20 active clients who need integrated contract management and proposals alongside basic accounting. Best for practitioners who value the complete client lifecycle workflow.
Who it isn't for: Firms approaching 5+ employees or managing complex multi-phase engagements. Practices needing sophisticated project profitability reporting or multi-user workflows.
Pricing: Starting at $17/month for Starter plan with basic features.
| Platform | Starting Price | Best For | Project Accounting | Time Tracking | Key Strength |
|---|---|---|---|---|---|
| Ramp | Contact vendor | 10-200 employees | Expense-focused | Integrations | Corporate card with project expenses |
| QuickBooks Online | $38/month | 1-50 employees | Advanced (Plus tier+) | Built-in | Ecosystem depth plus accountant support |
| FreshBooks | $19/month | 1-10 employees | Basic | Built-in | Time-to-invoice simplicity |
| Xero | $13/month | 5-50 employees | Moderate | Built-in | Value plus multi-currency |
| Zoho Books | $15/month | 5-100 employees | Moderate | Built-in | Zoho ecosystem integration |
| Bonsai | $17/month | Solo consultants | Basic | Built-in | Proposal-to-payment workflow |
If you're under 10 employees with simple hourly billing, FreshBooks or Bonsai work well. Cost-conscious practices with growing teams and international clients should consider Xero for flexible user scaling and strong multi-currency support. Firms needing advanced project accounting with deep integration capabilities benefit most from QuickBooks Online. Practices already using Ramp for expense management get the best value by leveraging its project-level spending controls. For firms invested in Zoho's business suite, Zoho Books provides seamless integration.
How to choose the right accounting tool for your consulting business
Start with your actual needs instead of just picking based on how many people work at your firm. The right platform depends on how you bill clients, whether you need multi-currency support, how many team members need access, and where your practice will be in three years.
- Assess your requirements: Do you need real-time project profitability or are monthly reviews fine? Are you juggling multiple billing models within single projects? Do you bill international clients and need multi-currency support?
- Check integration needs: QuickBooks Online and Xero have the deepest integration ecosystems for building best-of-breed tech stacks. Native integrations work more reliably than third-party middleware for critical systems like CRM. Ramp connects corporate card spending directly to project accounting.
- Plan for growth: QuickBooks Online typically handles practices up to 25-50 employees well. Xero extends to around 50 employees with stronger multi-currency features. Firms approaching 50-100 employees with complex engagements might need enterprise platforms.
- Factor in implementation time: Cloud solutions like Xero or QuickBooks typically take several weeks to a couple months depending on data migration needs and team training requirements.
The goal is matching software to your actual workflow rather than choosing based on brand recognition or what other practices use.
Frequently asked questions
What's the difference between accounting software and PSA platforms?
Accounting software handles financial transactions, general ledger, and reporting. PSA platforms combine project management, resource planning, time tracking, and billing into integrated systems. Most practices under 50 employees use accounting software paired with time tracking tools rather than full PSA platforms.
Can solo consultants use the same software that works for larger practices?
FreshBooks and Bonsai work well for solo practitioners but lack multi-user workflows needed by teams. QuickBooks Online scales from solo consultants through approximately 25-50 employees. If you're planning to build a team, pick a platform that scales rather than optimizing purely for solo operations.
Should I use separate time tracking software or an all-in-one solution?
Most practices under 50 employees use specialized time tracking tools like Harvest or Toggl alongside accounting platforms through integrations. FreshBooks includes capable built-in time tracking that works well for solo consultants who don't want to manage multiple systems. Larger firms often adopt enterprise platforms with integrated time tracking once they approach 100 employees.
Does my consulting firm need project-based accounting?
If you bill clients for specific projects and need to track profitability by engagement, you need project-based accounting. Standard business accounting treats all transactions uniformly without project-level attribution, forcing you into manual spreadsheet analysis to understand which clients and projects generate profit.
