It’s common for business owners to feel stretched to the limit with the services they have. A common misconception is that implementing anything else will drain resources and strain current practices. Yet this isn’t necessarily the case — particularly regarding client accounting services (CAS). But why are these services so important? And why is 2023 the year businesses should consider implementing CAS into their strategy?
Far from the resource-intensive service many small and medium-sized enterprises perceive it to be, CAS can utilize what businesses already have to propel growth. Taking into account the challenges put forth by the pandemic and the current economic uncertainty, the need for CAS has been kicked into overdrive.
What are client accounting services?
Client accounting services are the process of taking over a business’s accounting functions, working strategically to increase revenue and simplify current processes. It's more comprehensive than outsourced accounting as the CPA won't just handle tax returns or simple finances. Instead, they will become integral to a business’s processes and strategy.
CAS covers a multitude of financial options within a business. This includes:
- Outsourced business processes
- Controller services
- Advisory services
- Payroll compliance
- Financial statement preparation
- Audits and reviews
- Succession planning
In essence, CAS covers carefully tailored services that enable companies to grow and improve their finances on a more in-depth level. CAS providers will utilize technology automation alongside full-fledged advisory services in order to do this. It's an all-encompassing solution that builds on bookkeeping and controller services to make a real difference. For companies looking to get ahead, it's not a matter of whether they should get CAS but when. The answer is sooner rather than later.
Why are client accounting services so important?
It frees up time to focus on specialized areas of business. Some businesses cannot provide their customers with the services they might want. It could be that they're limited in time or don’t have the necessary funds for the resources needed to expand.
Client accounting services are available to free up this time. They will streamline how companies do certain business aspects and help them grow. Knowing the finances are well taken care of — and not just on a surface level — enables businesses to focus on what they specialize in. And those that wish to expand need to figure out how to do this carefully. CAS will help evaluate how to make these expansion plans possible.
It’s cost-effective and saves businesses money. As mentioned above, client accounting services aren’t new and expensive for businesses to add. Instead, they are a cost-effective way to utilize the practices already in place and improve them. With the correct steps in place to restructure the way financial practices are handled, it can save businesses thousands of dollars.
Companies can make the most of the knowledge and expertise of professionals. Another benefit of CAS is that businesses can make the most of the knowledge and expertise of professional accounting service providers. It’s natural for many businesses to feel reluctant to relinquish financial control and even feel vulnerable or exposed. Yet businesses should remember that accounting service providers have their best interests at heart and will leave their finances in a much better state.
They will soon show just how easy it is and the potential CAS can bring. They won't only offer their time and assist with basic financial figures on a one-off task, but they will offer unrivaled knowledge and experience to change, grow and improve the business from within. This will transform how companies conduct themselves financially and leave them in a much stronger position both in the long and short term.
Many businesses aren’t aware they don't need to relinquish large sums of money or make huge changes to their business to consider CAS. It’s a matter of simply leveraging the technology and expertise of the framework already in place. CAS is designed to improve and build on what’s already there instead of introducing something completely new.
CAS will be offered as a plan to complement existing goals and trajectories. Regarding CAS, service providers will offer a tailored plan designed with the specific business’s needs in mind. They will consider the planned trajectories and goals, working individually to achieve these.
As companies re-evaluate their business goals for the new year, it's important not to underestimate the value of CAS. Turning to a company such as AccountingDepartment.com can enable businesses to effectively and efficiently implement client accounting services in 2023. We are leaders in the field and have helped many businesses turn their finances around and experience growth within their companies.