Client Accounting & Advisory Services is More Than Financial Management
August 30, 2023
Client Accounting & Advisory Services (CAAS) is designed to help businesses scale their profit levels using automated technology and affordable accounting. That said, CAAS is much more than financial management.
CAAS has expanded beyond financial management while simultaneously providing optimal services to the business world. Additionally, technological advancements have helped catapult the accessibility of Client Accounting & Advisory Services (CAAS) for businesses of all types and sizes.
Let's look at the extra value CAAS services can provide their partners.
What Are Client Accounting & Advisory Services?
Cloud-based software and technology have improved significantly in recent years, allowing business owners and nonprofits to access professional accounting services virtually. But what exactly does this accounting service entail? Generally, Client Accounting Services (CAS) revolve around a set of accounting tasks, which include:
- Bookkeeping, bill payments, processing of AR and AP, and transactions
- Payroll and payroll compliance
- Preparation of financial statements
All these are critical accounting tasks for any business or organization and form the basics of financial management. However, modern-day client accounting services, also known as CAAS, have gone beyond this. Today, CAAS has expanded to offer solutions tailored to specific business needs.
In other words, it doesn't just apply general accounting practices to your business. Instead, it uses customized accounting services that best add value to your business. Expanded client accounting & advisory services now consist of the following:
Business Performance Services
First, client accounting & advisory services seek to investigate and understand your business – goals, target customers, financial challenges, and every other detail. This foundational understanding provides data allowing CAAS to determine your business's key performance indicators (KPIs).
The goal is to ensure that all business activities, resources, and systems align and pursue strategic objectives. This puts your business on the right path for expansion, success, and survival in the highly competitive business environment.
Professional Advisory Role
CAAS offers expert business advice to facilitate more strategic, data-driven decisions that lead to better results. In CAAS, the provider is more involved in your business even though they are not part of your in-house accounting team.
The provider brings their in-depth knowledge and expertise to manage your accounting. With the combination of active involvement in your business processes and expertise, the provider can give helpful insights on how the business can move forward.
Tax Compliance Services
Filing forms and keeping up with changes in tax practices can be overwhelming for a business. Often, business owners aren't sure how to file forms appropriately. This is where CAAS comes in.
Tax compliance and audit needs are specific to individual businesses, which means that what will apply to your business may not apply to another. It takes a knowledgeable and experienced CAAS provider to determine your business's unique tax compliance needs and annual deductions.
CAAS providers can manage finances appropriately to give adequate security with this understanding. In addition, your business will be in good standing with the IRS. Financial reporting becomes much easier when there is an accurate and updated record.
Customized Management Reports
In terms of profitability, successful businesses have competent hands handling their financial data analysis behind the scenes. Documents such as balance sheets, cash flow statements, and income statements are critical for strategic business decisions.
A business that wants to leverage the integration of this financial data should partner with a CAAS provider. CAAS ensures that management reporting is tailored to suit your business specifically. They employ powerful tools such as key performance indicator dashboards, scorecards, and accounting software to optimize management reporting.
Determining key performance drivers depends on these reports and the decision-making process to grow the business and increase profitability.
Improved Services Using Accounting Software and Technology
CAAS employs advanced accounting software such as Intuit QuickBooks to optimize its services. This software can deliver advanced management reporting, enabling KPI dashboards, effective job costing, real-time cash flow forecasting, etc.
By hiring CAAS, businesses can access the advantage this software adds to their accounting tasks.
Engaging with a CAAS provider offers much more today to help businesses succeed. It's about managing your finances and employing every tool to promote growth and profitability.
Bowers aims to offer helpful information to our clients and friends. Learn more about how we can help should your business need client accounting & advisory services.
Disclaimer: To ensure compliance with requirements imposed by the Department of Treasury, we inform you any U.S. federal tax advice contained in this document or video is not intended for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any transaction or matter that is contained in this document.