What Are Client Advisory Services (CAS)?
An effective accounting system is crucial for any business to succeed. Client advisory services (CAS) provide valuable accounting solutions for businesses of all sizes. Understanding CAS and its key components can help companies to make informed decisions that optimize financial performance. This guide explores the different types of CAS, their benefits, and how to choose the right service for your business.
A Breakdown of Client Advisory Services
Client advisory services, often abbreviated as CAS, involve a comprehensive approach taken by CPA firms to handle various facets of a client's financial and accounting work. A robust CAS practice can streamline processes, increase accuracy, and provide advisory services for business growth. With modern accounting software and systems, outsourced accounting services can represent a transformative resource for businesses of all sizes.
The Rise in CAS
CAS has gained significant momentum among businesses for good reason. First off, outsourcing accounting work can generate notable cost savings since companies no longer have to invest in dedicated in-house accounting departments. Additionally, CAS allows businesses to tap into a pool of expertise that can provide valuable consulting services.
This helps businesses track their cash flow better, make informed financial decisions and stay on top of regulatory compliance. By relying on external CPA firms for accounting services, business owners can focus more on their core activities and business growth.
Have more questions about CAS? We have the answers. Learn more.
The Types of Client Advisory Services
While specific CAS offerings may vary among different accounting firms, CAS generally includes a combination of several key services. This typically includes bookkeeping, advanced reporting, payroll, software and compliance management, risk assessment, overall boosting general business efficiency.
Bookkeeping and Payroll
Bookkeeping and payroll services revolve around accurate record-keeping of financial transactions and management of employee salaries, benefits, and deductions. Outsourced accounting services take responsibility for these tasks to ensure they are done efficiently and accurately, providing a reliable foundation for financial decision-making.
Advanced reporting as a service offered by client advisory services typically involves collecting, analyzing, and presenting complex data and insights to clients. This service goes beyond basic reporting by using sophisticated tools and techniques to extract meaningful information from large datasets. The advisory services also help clients interpret the reports and provide recommendations based on the findings, enabling strategic decision-making.
Software and Compliance Management
Through these services, accounting firms typically offer guidance and expertise to clients on how to effectively manage their software systems. They assist in selecting the right software solutions, assessing the organization's needs, and developing a software implementation and maintenance strategy. These services may also include advising on best practices for software updates and security.
Additionally, CPA firms often provide compliance management services, including monitoring compliance with various financial regulations, thereby mitigating the risk of penalties and fines. Overall, these advisory services aim to help clients optimize their software management processes, increase operational efficiency, and achieve their business objectives while minimizing risks and costs associated with software management.
Advanced client advisory services incorporate sophisticated methods for fraud detection and risk management. These include utilizing high-level accounting systems that contain tools for internal control, audit trails, and alert systems.
For example, Sage Intacct offers features that highlight discrepancies in financial data, identifying the risk of fraud. For reputable accounting firms, it’s highly encouraged to take a proactive stance to risk management, effectively mitigating the threat of costly financial losses that could jeopardize a company’s health.
How Managed Accounting Services Can Benefit Your Business
In the era of remote work, outsourced accounting services have become increasingly popular, offering businesses the flexibility they need while maintaining operational efficiency. CAS, in particular, brings lots of benefits surrounding:
- Cost Savings – Client advisory services eliminate the need for hiring an in-house accountant by providing comprehensive financial guidance, strategic planning, and accounting expertise on a scalable and cost-effective basis.
- Streamlining Accounts Receivable and Payable – With CAS, these services create organized transaction trails, making tracking payments and receivables more straightforward.
- Simplifying Debt Settlement and Audit Processes – Handling debt settlement and audits can be quite draining for businesses unaccustomed to the complexities of such procedures. Thankfully, with advanced client advisory services, companies can easily navigate these specialized tasks.
How to Find the Outsourced Accountant for You
While you may see the benefits of hiring externally for your accounting processes, deciding which accounting firm can meet your unique business needs can be tough. Narrow down the best provider with the following steps:
- Determine Your Company’s Accounting Needs
Create a list outlining tasks your potential service provider must perform. Once you've determined your needs, you can align them with the services different accounting firms offer.
- Evaluate the Pros and Cons of Different Services
Not all client advisory services are created equal. Understanding these differences can help you make an informed decision.
- Look for Custom Reporting Capability and Financial Planning Expertise
Financial reporting, cash flow projections, and financial planning are core services you should expect from a solid CAS practice. These are critical to long-term success and navigating through unpredictable market conditions.
- Client Advisory Services (CAS) provide valuable accounting solutions for businesses, involving a comprehensive approach by CPA firms to handle financial and accounting tasks, streamline processes, and offer advisory services for business growth.
- CAS has gained momentum due to outsourcing cost savings and access to expertise, helping businesses track cash flow, make informed financial decisions, and ensure regulatory compliance, allowing them to focus on core activities.
- Especially attractive for remote work, CAS benefits include cost savings, streamlined accounts management, and simplified debt settlement and audit processes, offering flexibility and operational efficiency.
Get the CAS Solutions You Need With Devine Consulting
Need top-notch bookkeeping and accounting services? Choose Devine Consulting. We’re here to provide exceptional financial solutions and personalized services to grow your business. Our team of experienced professionals, including senior-level accountants and CPAs, offers a wide range of services so you can have peace of mind knowing your accounting functions are in good hands. From client advisory services to bookkeeping and financial controller solutions, we’ve got you covered.
Let’s discuss your options. Join The Flock and contact us today!