Business owners are actively looking for ways to achieve more growth with less work, time, and workforce. And an increasingly popular way they’re doing that is by outsourcing their accounting department to their accountant via client accounting services (CAS). That’s why in this article, accounting professionals who provide services to many clients we’re providing 15 examples of client accounting services that you can offer to expand your firm’s service offerings.
Advisory services/Advisor
Use best-in-class technology and a dedicated team to develop a process for managing cash flow that works for your business. As your client’s business grows, they often find that they do not have time to manage the accounting along with their regular duties. If they haven’t hired anyone with an accounting background, they often find that they need additional help, but can’t afford (or do not need) a full-time accounting staff member.
Essential Duties and Skills for Accountants
Many CAS models offer virtual controller services, where the accounting firm essentially provides outsourced CFO services. As a client accounting service, this can mean assisting in QuickBooks Accountant setting up controls for the segregation of duties within a company. For example, the person who authorizes a payment should be different from the person who approves it and the person who processes it. It could also include implementing information processing controls, risk assessments, or emergency response plans. As a CAS service, this involves collaborating with your clients and their companies to set up processes and procedures that improve operational efficiency, and regulatory compliance and prevent financial fraud. Similar to virtual CFO services, you can offer virtual controller services that provide a level of financial management to your clients, often in a remote or virtual capacity.
Outsourced Accounting Services
We combine the latest cloud-based technology with experienced accountants to give you the information you need to make smart decisions, and the time you need to run your business. CPAs and other accounting professionals can provide a variety of advisory services to businesses, ranging from accounting and financial advice to management consulting. In terms of accounting, CPAs can help businesses maintain accurate records and prepare financial statements in compliance with generally accepted accounting principles (GAAP). In terms of management consulting, CPAs can provide advice on a wide range of topics, from strategic planning to operational efficiency. Ultimately, the advisory services offered by CPAs can help businesses to improve their financial performance and achieve their goals. The term client accounting services (CAS) refers to completely outsourced accounting work meant to fulfill your clients’ accounting needs.
What Is an Accountant?
- The Industrial Revolution established the accounting profession as essential for business operations.
- An accountant maintains and analyzes financial records for companies or individuals.
- Studies show that 77% of all general accounting operations can now be fully automated with the right accounting software.
- Since the SOX Act of 2002 was passed, it has become mandatory for the management of companies to establish internal controls and reporting methods.
- You should consult with a licensed professional for advice concerning your specific situation.
- For example, you may charge a client $7,500 per month, which includes all the services you offer.
- Similar to virtual CFO services, you can offer virtual controller services that provide a level of financial management to your clients, often in a remote or virtual capacity.
From there, you can weigh up all of these factors and give them a quote that accurately reflects the effort, time, and work required to meet their needs. Accountants could use automation and cloud-based solutions to improve process efficiency. This promotes a more flexible and responsive business model by strengthening staff collaboration, increasing productivity and enabling accountants to provide customers with real-time information.
Most accountants have bachelor’s degrees and may need certification to advance in a company. The American Association of Public Accountants was formed in 1887, and CPAs were first licensed in 1896. This growth was driven by complex businesses and the need for financial proof from shareholders and bondholders. A bachelor’s degree is usually required to pursue a career in accounting, and most accountants require certification to advance in their profession. Download free accounting templates to manage everything from client onboarding to payroll processing.
- Typical monthly engagements can range between $2,000 to $10,000 per month, or higher depending on the market.
- As an accountant, your financial expertise comes into play when companies are establishing, implementing, and monitoring these controls.
- Value-based pricing sets rates based on the perceived value they have to your clients.
- Regularly review your accounting systems to ensure that you have the most efficient and robust systems for your accounting services.
- They keep track of income, expenditures, and tax liabilities, and their range of tasks includes auditing, project cost analysis, and tax planning.
Accountants must follow ethical standards and guiding principles, like IFRS or GAAP, which help them maintain their fiduciary duty to clients. The Industrial Revolution established the accounting profession as essential for business operations. unearned revenue So when it comes to building out your CAS firm, steady, sustainable growth is the name of the game. By definition, fixed-fee pricing is inflexible, and in a complex industry, inflexibility can leave you vulnerable to scope creep and cost you money.