There are many small independent IT teams working on IT market. They consist of analysts, developers, designers, consultants etc. These teams are not individual freelancers already as grouped in a single unit for their clients. However, they are not still firms because they do not have full-sized and completed business processes inherent to firms (e.g. HR, financial accounting).
Nevertheless, they have to develop all the processes including automation. It is important to find the rational balance between functionality and cost of these «internal» IT-solutions. Nobody wants to spend time and money on manual settlements with external clients and individuals within the team. However, nobody wants to spend time and money on creation and implementation big systems instead of earning money on commercial projects.
Representing a small IT-team I want to share my experience in setting up of management accounting within the team. I am doing it in style of «IT-case».