As the accounting profession embraces the advances brought on by digital transformation, it’s uncovering some big new opportunities for remaining vital, relevant – and profitable. There may be no better example of this than the continuing rise of Client Accounting Advisory Services (CAS), in which firms advise clients in various financial and accounting-related decisions and strategies. CAS has been enabled and accelerated by technologies such as automation, artificial intelligence, and cloud computing – performing outsourced accounting and advisory services for multiple clients at scale would have been inconceivable before the emergence of such technologies.
The rise of CAS occurs as clients continue to ramp up their expectations of accounting firms. Offerings such as CAS provide an important opportunity for firms to become an even more critical factor in their clients’ businesses. CAS brings clear benefits to both clients and the firms that serve them, helping clients focus on their business while accountants grow their practice. As accounting firms take on more accounting tasks for their clients, they compile more useful data for them. Eventually, accountants can draw on that data to inform the development of strategies and plans for clients, helping them navigate challenges and position themselves for success.
Fundamentally, CAS moves accounting conversations from “what already happened in your business?” to “what’s likely to happen next?”; and “how will you reach your business goals in light of that insight?” This represents a profound step forward for many firms, and it is exactly what clients today are seeking. Forward-thinking accounting firms can use CAS to pivot from a compliance-focused or transactional support orientation into a more strategic, advisory-level role.
The Accelerate into Advisory ebook outlines the three core phases in the CAS journey. Keep in mind that many firms do not experience a linear progression from one phase to the next, which is both understandable and acceptable. It is more important for firm and practice leaders to understand exactly where they are in the CAS journey and execute a long-term strategy, remaining aligned with current client needs and anticipating future needs.
View the ebook to use as a guide for firms committed to moving into a more strategic, advisory role for their clients through CAS — enhancing their competitive advantage as the profession evolves.