client accounting services

why cas is great for revenue growth

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six reasons you need it, no matter the size of your firm.

by hitendra patil
the definitive success guide to client accounting services

before we get to why firms can’t miss out on cas, we need to know why business owners buy accounting software, even when their core business is not accounting.

more: survey: why some firms fall behind in cas | how cas makes firms better | cas: finding the why behind the why | how to lead clients into client accounting services | cas begins with a mindset
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in the years before the internet, accounting software was only desktop software. businesses used it to run their business processes – to issue checks, record income, and for some other processes. business owners predominantly did transactions processing, leaving the financial accounting – and compliance – to professional accountants.
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survey: why some firms fall behind in cas

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bridge the gap between our views and those of clients.

by hitendra patil
the definitive success guide to client accounting services

over the past about three years, i have been keenly observing, following and analyzing the evolution of cas as one of the topmost new revenue and growth segments for firms of almost all sizes. i have been reading every piece of content, whitepapers, documents, research reports, survey results, etc., related to cas, and discovering and debating insights from them.

more: how cas makes firms better | cas: finding the why behind the why | how to lead clients into client accounting services | cas begins with a mindset
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my day-to-day work involves interacting with customers. for the past 16 years, i have been working exclusively with accountants. every day, i speak with accountants about what services they offer under cas, what is working and not working, what are the challenges in creating their cas practices, how is cas differentiated, and so on.
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how cas makes firms better

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unbalanced brass scalesofferings fall into three categories.

by hitendra patil
the definitive success guide to client accounting services

client accounting services (cas) is the new revenue segment you cannot afford to miss.

more: cas: finding the why behind the why | how to lead clients into client accounting services | cas begins with a mindset
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

if you are an accounting firm owner or partner, you don’t want to miss the emerging, growing, and profitable opportunities in client accounting services.
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cas: finding the why behind the why

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man facing mirror that has bursting out of it a hand holding a red question markhow to develop the cas mindset.

by hitendra patil
the definitive success guide to client accounting services

“why did i start my accounting firm/practice?”

if you are the owner of your firm, print this in a bold, big font and post it somewhere in such a way that you can see it, even if it is just in your peripheral vision, every moment when you are working at your desk.

round 2: how to lead clients into client accounting services | cas begins with a mindset
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if you are a partner of the firm or an employee, print the following question to post it where you can see it all the time:

“why did i get into the accounting profession?”
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how to lead clients into client accounting services

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businesswoman making a presentationit’s your cas business. run it your way.

by hitendra patil
the definitive success guide to client accounting services

it was the 10th of may 2012.

more: which of your existing clients are cas-fit? | don’t wear a mask | the services that cas clients want | the services that cas clients need | the 8-step method for launching client accounting services | six reasons cas is king
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over dinner on that quiet mid-spring evening at a classic traditional italian restaurant, i met the owner of one of my largest clients, only after about five years of providing services to his firm. his firm had chosen a particular niche industry to serve and only that. he was doing well – over $3.5 million in annual revenue, growing consistently and employing 39 staff members. in any given week, two new clients were being onboarded via a very detailed process, moving clients’ accounting databases and processes into his firm.
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cas begins with a mindset

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client accounting services has challenges and great opportunities.

by hitendra patil
client accounting services: the definitive success guide

client accounting services is becoming an increasingly important new revenue and growth segment for accounting firms of all sizes. yet, professionals are still grasping for the best practices, adjusting service bundles, searching for the right technologies, and optimizing prices.

more: which of your existing clients are cas-fit? | don’t wear a mask | the services that cas clients want | the services that cas clients need | the 8-step method for launching client accounting services | six reasons cas is king
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

cas is, first, a mindset. it exists in every professional accountant. some know it exists in them. some don’t. some know that the cas mindset exists in them but do not make the most of it. instead, they try to become everything to everyone. they become more of “need-fillers” than “accounting entrepreneurs (accountaneurs®).” they find it challenging to become the “most trusted advisors” of their clients. those who don’t know that the cas mindset exists in them feel it will be overwhelmingly difficult to “learn” the cas mindset. they may try to acquire the mindset but give up too soon.
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how to sell your cas offering

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and how to measure your sales performance.

by hitendra patil
client accounting services: the definitive success guide

“i am not a good salesperson.”

i have lost count of how many accountants have told me this over the years. but i also learned that what they really mean is that they do not have a well-defined, structured “sales process.”

more: what’s different about cas marketing? | survey: how to market your cas offering | how cas communications are different | your firm’s processes can set you apart | technology and your cas clients | top five cas killers and how to overcome them
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

this post is not about fundamental sales skills. that is beyond the scope of my book. this post is more about how to develop and execute your cas sales process, pitch and supporting collaterals that can help get you more cas sales.
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what’s different about cas marketing?

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"target market" illustration with arrow and bull's eyeyou have two audiences: existing clients and prospects.

by hitendra patil
client accounting services: the definitive success guide

how will you market client accounting services? you will use fundamental steps to generate words and content to express the value of your cas offering.

more: survey: how to market your cas offering | how to decide on your firm’s cas pricing | how to write your cas engagement letter | 12 signs it’s time to outsource | will 2021 be your cash-flow year?
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you will focus on each component of your cas offering to do so, e.g., different content to talk about bill payment services, different for advisory and outsourced cfo services, and so on. you will also use the contrast principle to differentiate between your “usual” services and cas offering. marketing cas to your existing clients will be different than marketing cas to your prospects.
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survey: how firms market cas offerings

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illustration of different types of people connectedflipped referrals, facebook groups, competitor reviews and more.

by hitendra patil
client accounting services: the definitive success guide

among firms offering client accounting services, the chief means for gaining new cas business are proactively seeking referrals and the firm’s website, each at 48 percent. networking at local/regional/national events follows at 35 percent.

more: how to decide on your firm’s cas pricing | cas pricing and the accounting profession | designing your firm’s cas processes | how to create your firm’s cas team | the technology stack you need for cas | communicating cas to clients and prospects
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the other marketing methods deployed by cas firms are:

  • search engine optimization: 14 percent
  • influencer or social media marketing: 11 percent
  • content marketing and thought leadership: 10 percent
  • paid advertising in local, regional, national or internet media: 9 percent
  • we’ve assigned it to a specific person or team: 8 percent
  • webinars, events, or podcasts: 6 percent
  • outbound telemarketing and emails: 5 percent

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how to decide on your firm’s cas pricing

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businessman and tablet with the word "pricing" above.make sure your midlevel offering is as profitable as possible.

by hitendra patil
the definitive success guide to client accounting services

when your prospects shop for client accounting services, what they find out about pricing methods and trends defines their expectations. if you follow very different approaches to price your cas offering, it will take significant effort on your part to educate the prospects (and existing clients) about why you are pricing cas the way you are.

more: cas pricing and the accounting profession | how cas communications are different | your firm’s processes can set you apart | technology and your cas clients | top five cas killers and how to overcome them | 21 ways to adjust your practice in 2021
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

as they say, it’s easier to ride the horse in the direction it’s going. it is good to first conform to the perceptions of prospects when it comes to your cas pricing. once you ride the horse, you can direct it to the destination you want to take it to. once you conform to the pricing method (not the dollar value) expectations of the prospect, their anxiety and perception of risk (what value will they receive in the price they are willing to pay) reduce. after that, they are more open to evaluating the choices you present to them.
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james lopiccolo: sell service, not hours

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small firm attacks the big issues with novel strategies.

^ click to play video

with steven sacks
the new fundamentals: thriving in disruption

the accounting profession is “stuck in a rut,” says james n. lopiccolo, founder and managing member of capocore professional advisors, in lake orion, mich.

he says cpas can’t see “the challenges that are coming by from other non-cpa firms.”

more: effective networking is an art | business development activities shouldn’t be a chore | cpa’s best role: leveraging knowledge, not just process | avoid last-minute deal making | five common negotiating mistakes | the myths of performance management | business is about relationships | reaching for authenticity in client service |

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lopiccolo’s answer is offering service agreements, instead of billing by the hour. risky? sometimes. but clients love it.

^ download and subscribe to the podcast on itunes here

in more than 31 years of public accounting, lopiccolo has worked in business advisory, tax, and accounting for a multitude of industries including contracting, manufacturing, medical, professional service companies, and real estate. he serves on the michigan cpa association executive committee and the finance committee, and he is a two-time chair of the aicpa small firm practitioners task force.

11 key takeaways:

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how to price client accounting services

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price and value balanced on scale above a tablet computerpushing the profit per person.

by hitendra patil
the definitive success guide to client accounting services

pricing your services correctly to ensure reasonable profitability is a major decision you will make in your client accounting services practice.

more: how cas communications are different | how to write your cas engagement letter | 12 signs it’s time to outsource | will 2021 be your cash-flow year? | identifying the right clients for cas | cas is, first, a communication challenge
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

our survey results revealed how cas firms price their cas offering:

  • the topmost method of pricing cas offering was fixed/flat fee, used by 41 percent of the respondents.
  • the next most common method of pricing cas was a mixed method of pricing (a mix of hourly, fixed and value pricing), charged by 36 percent of respondents.
  • hourly billing method was used by 33 percent of respondents.
  • about 28 percent of respondents used value pricing as the method for cas pricing.

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how cas communications are different

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woman and man meeting in an officehelp clients make decisions, don’t just report on what happened.

by hitendra patil
the definitive success guide to client accounting services

a successful client accounting services practice requires increased interactions with clients. your usual non-cas methods of client communications are not sufficient to meet the demands and expectations of your cas clients. you must leverage new tech tools to reach out, communicate and collaborate with clients more frequently.

more: how to write your cas engagement letter | designing your firm’s cas processes | how to create your firm’s cas team | the technology stack you need for cas | communicating cas to clients and prospects | how to communicate the value of cas | don’t wear a mask
goprocpa.comexclusively for pro members. log in here or 2022世界杯足球排名 today.

some accounting software can help you automate client notifications (by email/text) based on customized triggers set up in the software. similarly, automated payroll software can keep clients informed automatically. mobile apps of core accounting software are becoming a necessity to deliver client service and communications.

why?
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