Client Accounting Services CAS: Definition, benefits, and examples Karbon resources

how to use data to do advisory services for accounting clients

Don’t ever sell yourself short on the value of your knowledge and experience. What you know can help business owners reach their goals and improve their lives. The data entry and compliance side of accounting can now be largely automated or done much more easily by in-house staff. This frees the accounting specialist to take on a more strategic role.

Approach This Service Offering With A Different Mindset

Tracking Key Performance Indicators (KPIs) helps her clients measure their company’s success. These are just a few of the HR functions accounting firms must provide to stay competitive in the talent game. The assessment alone can bring clients considerable value, Moe said. For one client, a construction company with about 124 employees and revenue of $24 million a year, the firm spent around eight weeks interviewing leadership and key employees and mapping out and redesigning processes.

tips for starting a client advisory services practice

  • For example, because she was tracking numbers for a print shop, this client learned which types of printing yielded the greatest profits, and over time, the company diversified its services to even out cash flow.
  • Combining the right people, innovative technologies, and processes, we turn insights into action.
  • They can help measure progress towards business goals – whatever those goals may be.
  • By helping clients with the day-to-day recording of financial transactions, you create the building blocks of their financial records, aid in compliance, and provide the necessary data for strategic decision-making.
  • Make sure the client/advisor relationship moves you towards that goal too.
  • These coaches are invaluable and will help you avoid many of the hurdles firms face when they begin offering advisory services.

Looking at your client list, are you able to decipher between your ideal clients and your non-ideal clients? Not only that, but data gained from tools like Insights also helps your clients gain clarity into their businesses. So, let’s talk about using data to help elevate your accounting advisory services. Accounting firms can use data analytics tools like Insights to accounting advisory services help make informed business decisions and better serve clients. These kinds of tools help firms identify and understand key patterns, trends and anomalies—based on data you already have. Access to such insights provides accounting professionals with the information they need to make intentional decisions about the clients they serve and the services they provide.

Workflow Solutions

how to use data to do advisory services for accounting clients

Client Advisory Services are services in addition to the CPA work your clients sign up for. Automate every step of client bill management using BILL and take advantage of the support and resources of the Accountant Partner Program. Gain real-time insights into employee behavior at scale by using AI for effective change management in business transformation. KPMG’s multi-disciplinary approach and deep, practical industry knowledge help clients meet challenges and respond to opportunities.

  • They dedicate themselves to helping your firm implement in a way that best serves your firm and your goals.
  • Our focus is on helping you create greater value and sustain it as you transform your business and explore new opportunities.
  • Chances are new clients (ideal only, of course) are paying your current prices, but long-term clients haven’t seen a price increase in quite some time…or ever.
  • From helping clients protect their wealth to supporting small businesses to securing a future for families, the shift to advisory is not only more lucrative, but offers a deeper and more fulfilling work experience.
  • Accounting software and financial reporting tools are making the task of creating financial statements easier and faster than ever.

Tax and accounting regions

You should be joining in on conferences and events to expand your skillset and at least know what others are doing to find success when offering advisory services. With new CAS clients, the firm first undertakes an operational assessment. This assessment “gives us a deep dive into the people, processes, and systems of the organization and allows us to map where they are currently,” said Tina Moe, CPA, CGMA, the CEO and owner of the firm. “We get a deeper understanding of who they are and how resources and data flow through their organization. Your first CAS clients shouldn’t be your top clients, McCurley said.

Main Menu v2 – Solutions – Tax

All of them want to improve their business operations and become more competitive. Gain a comprehensive understanding of your firm’s advisory journey and discover actionable steps to move your firm forward. Open invitation to join virtual meetings hosted by a Practice Forward Consultant. You will have an opportunity to ask questions, share stories and ideas, and hear from other firms navigating their advisory journey. Access to over 190 tools (templates, pricing tools, checklists, videos, and more) to execute the Practice Forward methodology. Your membership also includes unlimited access to the online Learning Plan which provides eLearning, videos, and guidance to implement with maximum success.

  • We have the experience, technology, and insights to help turn opportunities into transformative and tangible results .
  • But before we jump into the steps, let’s take a quick at what Client Advisory Services mean and how it is relevant to your accounting firm.
  • Branching into advisory services establishes your firm’s value beyond just tax returns.
  • What’s more, being able to give your clients strategic direction and answer questions will help set the top CPAs apart and attract more premium clients.
  • In your engagement letter, it’s a good idea to detail the process for termination, including any notice periods, fees, or obligations.
  • Audits involve examining a company’s financial statements and records to ensure accuracy and compliance with accounting standards and regulations.

They want to know that you understand their business, industry, and market inside and out, and can provide financial advice within that context rather than in a general one. You’ve recently prepared a client’s quarterly financial statements and provided some actionable advice in relation to them. Providing Client Advisory Services in addition to your regular CPA services helps you differentiate from those low-cost, report-only service providers and keep the bottom line healthy (and growing). It’s then up to that business owner to figure out what all of that financial information means, and what they should do with it (e.g., identifying an issue with cash flow and a suitable solution).

Finance Business Partner: The Future of Finance Teams

It helps to “get your feet wet and your processes right when working with a smaller-level client,” she explained. “Once you’ve got some practice, and some experience in creating processes and systems, that’s when it’s nice to go after those ideal clients.” Partnering with a firm with more CAS experience, but that serves a different niche than you do, can also reap benefits. “As you start growing, it might not all be internal resources that makes your CAS practice successful,” she pointed out. “You’ve got to rely on some other firms sometimes to be that partner to help you grow.”

how to use data to do advisory services for accounting clients

Bolster your bottom line with stale pricing data

No matter how much value these tax pros add to their clients’ businesses, they charge only for preparing specific tax returns. CAS does more than grow the business receiving the service—it can be very profitable for accounting firms providing the service. According to a survey from Accounting Today, 80% of firms that offer client accounting services report that it ‘provides superior revenue growth’, while 90% cite improvements in client satisfaction. The firm offers this assessment as both a stand-alone service and as a foundation for the firm’s other four accounting and CAS packages. The third and fourth packages involve controller and CFO services and involve more in-depth reporting, dashboard creation, and consulting. Some accountants fear losing clients due to higher fees, but the reality is, clients are willing to pay a premium when they have a clear understanding of the scope of the engagement and the value being provided.