For business owners exploring Client Accounting Services for the first time, they are in for a pleasant surprise. Here’s why!
Let’s say you begin a business or wish to grow it. You decide to hire a bookkeeper and an accountant. However, when you calculate the expenses, it turns out to be costly. You start to believe there is no feasible way to hire an accountant for a small business. But then you discover Client Accounting Services and realize that you can benefit from high-quality services at a reduced cost! This would feel like the gates to numerous opportunities have swung wide open for your business.
Client Accounting Services (CAS) might be your first choice when you wish to grow your business. There are good reasons for that. Firstly, handling the financial operations yourself can be pretty challenging. Well, you could have hired an accountant or a bookkeeper, but that can be quite expensive. It turns out that outsourcing the accounting and advisory services to Client Accounting Services is the only viable option.
In fact, outsourced accounting and advisory services is the best bet for a small business. Why? Let us explore the reasons in this blog. But first, let’s get to know what Client Accounting Services are!
What are Client Accounting Services (CAS)?
Client Accounting Services are a wide range of accounting and advisory services provided by Certified Public Accountants (CPA). CPAs are qualified accountants who are awarded this recognition after an undergraduate program followed by a rigorous exam. Therefore, their accounting services are of rich quality and very helpful for businesses.
Given their credibility and qualifications, it is no surprise that most businesses are outsourcing to CAS firms. It should be noted here that all the firms that provide accounting services are not CAS firms. CAS firms take care of most of the accounting and advisory tasks of the clients instead of just providing a specific service.
All the Services a CAS Firm Offers
Client Accounting Services (CAS) firms provide small businesses with much-needed management and advisory services. CAS firms offer services from basic accounting and bookkeeping to advisory and compliance. Take a look at the various services a CAS firm offers.
1. Basic Bookkeeping
The CAS accommodates basic bookkeeping tasks such as managing accounts payable and receivable, invoicing, account reconciliation, generating financial statements, closing accounts at month end, etc.
CAS manages all the tasks of an accountant in the company, such as managing the accounts, analyzing cash flow statements, preparing balance sheets, etc. Think of them as virtual accountants who work remotely and carry all your accounting operations from the firm.
3. Tax Services
CAS firms prepare tax returns and reports for their client businesses. Moreover, they take care of compliance with a keen eye for state and federal tax regulations.
4. Audit and Assurance
CAS firms provide audit and assurance services to businesses to check the correctness of financial services. Moreover, assurance offers an analysis of the company’s financial health and offers opinions on performance and sustainability.
5. Advisory Services
The company needs expert opinion and assistance to improve its performance and achieve financial goals. Thus, CAS firms provide advice and strategies to aid business growth.
Reasons to Outsource Client Accounting Services
Hiring an expert accountant or CPA does make sense. However, why does a business need to outsource it instead of employing an in-house accountant? Here are some reasons why outsourcing CAS is the best choice.
1. Reduced Cost
Outsourcing the accounting operations to CAS providers reduces the overall expenses in many ways. Firstly, outsourcing accounting is way cheaper than in-house accountants. Moreover, the CPA helps businesses analyze their cash flow and reduce overall expenses. This increases the net profit for the companies.
2. Advanced Financial Technology
While many small businesses still stick to traditional ways of carrying out and managing financial operations, that’s not wise. Today is the era of advanced financial technology, and only with its help can a business flourish in this competitive environment. However, upgrading to advanced software and tools requires a hefty investment in infrastructure and hiring and training employees.
By outsourcing Client Accounting Services (CAS), a business can skip these costs and benefit from cutting-edge financial technology at an affordable price.
3. Powerful Insights and Business Analysis
Financial Technology introduces the business to modern software that deliver accurate results and insights. These provide businesses with an in-depth view of the performance of various products, consumer preferences, the status of different orders from vendors, etc. Moreover, the business can accurately track every penny and come up with better strategies for the projects in the future. This revolutionizes the way a company approaches business strategies and aids in its growth.
4. Extensive Team
Navigating complicated situations like recurring losses, slow markets, complex tax regulations, and international markets requires the help of an expert professional. The CAS firms have a team of certified public accountants onboard. These accountants are equipped to help you in all kinds of situations and turn the odds in your favor. Therefore, the companies can deal with business challenges professionally with the assistance of a CAS firm.
5. Faster Results & Short Turnaround
One big issue with in-house accountants is low productivity and efficiency. Moreover, when pushed to submit the results by the deadline, this gives way to errors and inaccuracy. Outsourced accounting services eliminate this shortcoming by providing a fast and reliable service. They update the accounting data instantly, which is reflected in real-time. Therefore, the client can generate reports instantly, conduct research, and submit tax returns without delay.
6. 24/7 Support
Most of the outsourced accounting services come with round-the-clock active support. Therefore, for any issue or query, the client can reach out to the accounting experts. They help the client resolve the issue in a timely manner and eliminate any delay in business operations.
5 Tips to Outsource to Right Client Accounting Services Provider
Choosing Outsourced Client Accounting Services isn’t easy because of the thousands of service providers out there. A business must know how to pick the right CAS firm to benefit the most from their services.
In this section, we will list the key aspects that you should focus on to choose the right outsourced CAS.
1. Do you need centralized services or distributed teams?
The CAS firms operate in two significant ways – they either have a centralized service center or team members that are distributed and work from different locations. The employees who work in a centralized firm have more opportunities to discuss and grow together through group training. Moreover, owing to better communication and coordination, these firms offer high-quality services and have a better chance for client retention.
2. Do you prefer outsourcing onshore or offshore?
Accounting operations can be outsourced to firms situated in the USA or offshore to popular hubs like the Middle East, India, and the Philippines. Some clients prefer outsourcing to firms in the USA due to similar time zones. However, outsourced services located in South Asia come with the main benefit of cheaper packages.
Therefore, it is another aspect the business should focus on when choosing a reliable accounting services provider.
3. Do you need bookkeeping or Client Accounting Services?
Not all accounting firms offer all types of services. Some just specialize in bookkeeping services. Therefore, the client needs to ask themselves whether they need only bookkeeping services or complete accounting services. A wholesome accounting package costs more than bookkeeping services. However, it offers more benefits to the clients and aids the business growth.
4. Do you value Quality more or Cost?
It’s always a tough choice to select between quality and cost. Your priority might be different depending on the current business performance situation. Suppose your business is performing well, and you want to take it to the next level. Then, you can opt for a service on the expensive side that offers higher quality. However, if your business isn’t generating much profit and you are tight on the budget, you can consider services that cost less.
5. Do you prefer software specialization or general services?
Different CAS firms utilize different software for carrying out accounting operations. Some firms stick to popular software like Zoho Books, Sage, QuickBooks, etc., while others offer generalized services. Accounting software matters as it comprises the user interface through which the client accesses the accounting data. If you prefer an accounting software over the others, check whether the CAS firm uses that software.
The Right Client Accounting Services for You
Are you a small or mid-sized business seeking to outsource the accounting operations to certified accountants? If so, we are the perfect partner to work with.
Our accounting services cater to all aspects of business finance, such as:
- Virtual Accounting
- Audit & Assurance
- Business Analysis
- Tax Planning
We are on a mission to revolutionize accounting operations for small businesses through the aid of financial technology.
Our strong work ethics and client-centric values are reflected in our services so far. The client testimonials in the past few years reflect our commitment to providing the company’s best-grade assistance. You can experience our services too, without a cost. Dial +1(800) 580-5375 to take a free trial!