Have you heard of client accounting services (CAS)? CAS are accounting and bookkeeping tasks that customers normally perform themselves. Outsourcing these essential tasks to outside partners allows clients to unburden the daily workload of internal staff, without compromising accuracy or compliance.
Client accounting services plans are generally customized for each customer based on their unique business needs. A customized plan will typically include one or more of the following services.
Client accounting services contracts may include temporary, full-time, part-time, and/or on-demand partnerships with remote accountants. Many CPAs are joining outsourcing professionals to enhance their current service plans.
Here's what you need to know about adding outsourced accounting services to your practice before deciding if this option is right for you.
There are several types of accounting client services defined by their proximity to a company requesting service.
This type of service is generally located in another country far away from the company's operational centers. Some examples of regions a US company may hire include, Southeast Asia, Central, and South America, India, and the Philippines. Outsourcing accounting tasks to foreign companies are typically less expensive than other outsourcing options. However, sometimes there are language and cultural barriers that make communication less efficient and the long-term reliability of the offshore options is often not the strongest.
Many US companies prefer to partner with a regional or national outsourcing firm to manage their accounting tasks. This may be a more expensive option, but the convenience factor and accessibility to in-person consultations are important for many business leaders. And, while onshore options are more expensive, partnering with a remote accounting team can still save many companies up to 40% compared to utilizing an internal team.
Every organization has a unique business model and workflow challenges. Modern technology has enhanced communication and collaboration exponentially over the past few years. So, whether your company prefers a partner that is in close proximity to your headquarters or prefers using a foreign agency to assume accounting tasks, the benefits are numerous.
Some specific tasks the client accounting service team may assume include:
When you partner with an outsourced accounting services firm, your company positions itself for growth and prosperity. Having a dedicated team of highly-skilled bookkeepers and accountants on your team means your clients' accounting data is always recorded in real-time and accurately. You can grow your business without hiring new in-house workers, and reduce current operating expenses.
And, once you set up your clients' accounts, they immediately start working to reduce your internal workload and stress. Build client confidence, improve efficiency and boost profits. Imagine tax time without the constant push to get clients to provide their records. And, when you get those records, how much easier would tax time be knowing those records were accurate and organized?
At the end of the day, adding this new service line benefits the CPA office team and your clients. Learn more about adding CAS to your company today by reaching out to AccountingDepartment.com.