Operating a business comes with many demands. Whether you are a smaller start-up or an established medium-sized business, many sides of the business need to be successfully addressed. Things like bill payments, employee management, and long-term growth are just some of these things that a business owner needs to have a handle on.
Most of those things rely on their backbone - accounting and financial reporting. When it comes down to it, the numbers are the decision-makers. Fortunately, client accounting services (CAS) are here to provide relief to business owners and department managers. It offers automated technology and affordable accounting guidance to help your business grow.
Is It Different From Traditional Outsourced Accounting?
CAS can be considered a step further than traditional outsourced accounting services. With CAS, a remote team works as an integral part of your company and has a deeper understanding of how you handle your business.
It can go as deep as helping with transactional, compliance, performance, and other strategic needs. But with these services comes a list of strong benefits for any business owner out there.
Not every business fits into a cookie-cutter template for outsourced client accounting services. While looking into a provider, be sure to discuss scalability options. As your business grows and your financial requirements change, a high-level CAS provider will have the ability to modify your services plan to meet the demands of your business and be flexible with you as your company changes.
Insights For Smart Decision Making
Making educated business decisions rely heavily on the numbers that are generated through your accounting. A CAS provider will be able to give you access to accurate and effective business records that offer actionable insights, which will then lead to you having the proper tools to make decisions and be successful.
The CAS providers understand the inner workings of your company and can offer suggestions and observations on accounting practices and growth barriers to help you overcome challenges and scale your business.
The Latest Technology At Your Fingertips
Something to keep an eye on when looking at outsourced CAS options is the technology that the provider uses. Utilizing a tech stack that includes high-level systems like NetSuite, is a surefire way to enhance your business.
Your team may be working on outdated systems or utilizing far too many manual processes to get things done. Utilizing modern tech will bring efficiency and accuracy to your business.
Improving Time Management and Efficiency
Time management and efficiency go hand in hand. When your company partners with an outsourced CAS provider, improving workflow efficiency naturally follows. Key employees who “help out” with bookkeeping functions can return to focusing on their high-valued tasks.
Reduce the Risk of Fraud
Did you know that 2/3 of businesses are victims of internal theft? Don't wait until it is too late to minimize your risks of fraud. By leveraging client accounting services, the increased level of internal control gives you more eyes on the books to catch errors or potential fraud. Spotting discrepancies will now be an easy task and fraud will be harder to hide.
Is It Time To Consider Client Accounting Services?
True client accounting services layer daily bookkeeping, monthly controller oversight, and ongoing, strategic advisory and consulting to create a fully integrated approach to leveraging your financial management and data into actionable strategies that give you control and direction over your business.
Businesses that benefit from this approach are often those setting courses to scale in the coming years and want to make sure they have the full picture at their disposal and the support of experts that can guide them.