Difference Between Professional Fees And Consulting Fees

Professional Fees VS Consulting Fees In Accounting

Professional Fees is the payment made to professional bodies for the qualified works i.e., preparing Books of Accounts, auditing / checking of Financial Statements etc. while a Consulting Fees is paid for getting advice, suggestions for a project in order to solve the problems such as getting expert advice from a qualified accountant about accounting systems, getting investment plans’s ideas in a project from a investment company, etc.

Professional Fees is created for specific tasks such as for operational system, a qualified accountant is hired to work on it and install the system for the business works while consulting fees is paid for those works which required an expert advice for managing business projects in order to successfully complete these one or to start a new useful project for the business.

For Professional Fees

So, we can say that when specialized skill is required to perform a specific task to be done for the business, then professional fees is paid to specialized persons.

For Consulting Fees

We can say that when we get advice or suggestion such as legal advice, financial advice, etc., related to a project or system from qualified experts, then the business pays consulting fees to reliable qualified experts.