Well done if you have established your business. Now it’s time to grow by selling your products or services to a large range of customers. But here comes the hurdle, you lack accounting or financial experience to deal with the financial affairs of your business. For this reason, you need Client Accounting Services!
Taking guidance from an accounting professional can help your business grow. Outsourcing can be a viable option, but working out which accounting professional or agency is the right fit can be daunting.
Luckily, the recent service model known as Client Accounting Services (CAS) can provide you with access to the latest technology and guidance to carry out your financial tasks effectively.
There are several varieties of CAS firms. Some of them offer basic bookkeeping services, while many provide advanced accounting and advisory services. Before we delve deep into the objectives and best practices of CAS, let’s kick off with what exactly is CAS.
If you are looking for advanced accounting, tax or payroll services, Accotax is here to help. Whether you are a contractor, self-employed, or a limited company, be sure to get in touch with us today for a quote!
What are Client Accounting Services (CAS)?
CAS aims to work with your clients in a strategic way and offers them bespoke services that create a revenue stream for the accounting firm. CAS step ahead of outsourced accounting and advisory services as in CAS you become an integral part and have a deeper understanding of the business of your client. Here is the common list of services that fall under CAS:
- Financial reporting
- Tax preparation
- Tax compliance
- Bill payment
- Cash flow management
- Processing AP and AR
- Audits and reviews
- Business advisory
- Succession planning
- Outsourced CFO or controller services
CAS providers may offer the combination of these services as per the client’s needs.
Along with the mentioned services, CAS also might include:
- Strategic services
- Performance services
- Transactional services
- Compliance services
Objectives of CAS
The main objective of CAS is to provide customised accounting services to clients by meeting their requirements and adding value to their business along with increasing the revenue of their firm. To offer the best services to your clients, CAS firm needs to analyse in which category its clients fit into:
- Clients who perform some of the accounting work (transaction processing).
- Clients writing manual checks. This is traditional after-the-fact write-up work.
- Clients who need all of their accounting work to be done by their accountants.
What are the Best Practices of CAS?
Different firms have different procedures to handle the CAS, however, these are some best practices that are performed by almost all accounting professionals or firms. These things should be implemented while handling clients’ accounting services:
1) Offer Services Tailored to your Client’s Needs
It is a pivotal aspect of CAS to offer customised services as per the needs of the clients. To do it, you first should evaluate the business structure, and services they are looking for. Some clients may need the firm or accountant to handle complex accounting tasks, while some may ask you to do all the accounting and financial hassle that includes compliance, performance, transactional and strategic services.
2) Use Latest Technology
To make the accounting process more precise, accurate and cost-effective, CAS providers need to use the latest cloud-based software to do the work effectively. Cloud-based software allows you to be in touch with clients anywhere in the world. In addition, these software cut down the time and automate the compliance work. The use of technology in accounting practices will also cut the cost of Client Accounting Services.
3) Choose the Right Pricing Model
While offering the quality services like CAS, it is crucial to choose the right pricing model. It is preferable to work on an hourly basis rather than charging a one-off payment for a particular service. Value-based pricing may be viable option where you can charge clients based on the value they perceive in your service or as per their wish. With this pricing strategy, you can offer different packages to different types of clients.
Need Help with CAS!
Accotax is a trusted Client Accounting Services (CAS) provider for the accounting, taxes and payroll needs of the clients. Whether you are a business owner, self-employed or landlord, our accountants are ready to listen to your accounting, taxation and payroll issues to provide high-quality services. We’ll review your financial needs and offer a bespoke solution to you.
Disclaimer: This blog is just for general information and should not be considered as expert advice.