client accounting services

how about 75% lower costs?

by hitendra patil
the definitive success guide to client accounting services

in the desktop days, write-up, bookkeeping and accounting processes were perceived more as data entry work. the price clients were willing to pay for data entry put so much pressure on fees that many firms found it was not worth the hassle.

more: how to become an outsourced/virtual cfo | which of your existing clients are cas-fit? | the services that cas clients need | who’s afraid of client accounting services? | the right mindset for client accounting services
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other services such as tax preparation, financial statements preparation, etc. brought in higher per-hour dollars than write-up, bookkeeping and accounting work could. such work got more and more “outsourced” by accounting firms to bookkeeping firms, freelancer bookkeepers and “processing” firms operated by non-cpas/non-accountants.
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and how cas drives up the demand.

by hitendra patil
the definitive success guide to client accounting services

tom, a cpa, has always been a curious person. for over 15 years, his tax practice was doing well. during the tax season, he had no time to think. but, oblivious to himself, with each tax return, he was depositing new questions in his subconscious.

more: which of your existing clients are cas-fit? | don’t wear a mask | the 8-step method for launching client accounting services | what cas is … and is not | client accounting services: the definitive guide
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he is now a shared cfo of 12 companies. but he took up the cfo work accidentally.

how?
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there is a massive return on your one-time investment in identifying such people.

by hitendra patil
the definitive success guide to client accounting services

the experience of those offering successful client accounting services shows that the fastest way to start your cas practice is to provide it to some of your existing clients. if you already have a cas practice, it is important to periodically analyze which of your clients have now become a cas fit. it is important to note that not all of your clients will be cas-fit.

more: don’t wear a mask | the services that cas clients want | six reasons cas is king | how to develop the cas mindset
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there are some easy ways to identify which of your existing clients are cas-fit, i.e., which of your clients will benefit the most from your cas offering. and then there are some not-so-easy ways to know which are your cas-fit clients.
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plus six more general human wants to consider.

by hitendra patil
accountaneur: the entrepreneurial accountant

what some clients feel is an absolute need, others may feel is not so.

people may need to book an uber or lyft ride, but some of them may want a premium ride.

more: the services that cas clients need | the 8-step method for launching client accounting services | six reasons cas is king | who’s afraid of client accounting services? | what cas is … and is not | how to develop the cas mindset | the right mindset for client accounting services | client accounting services: the definitive guide
exclusively for pro members. log in here or 2022世界杯足球排名 today.

some of your cas will be the premium ride some your clients will want. and – don’t be surprised – for some clients, your premium services will be the need (you want such clients).
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15 that fall under the umbrella … how many do you already offer?

by hitendra patil
the definitive success guide to client accounting services

client accounting services generally constitutes three key service segments:

• after-the-fact financial statement preparation, i.e., “write-up”
• business transaction processing
• outsourced cfo and controller services

more: the 8-step method for launching client accounting services | six reasons cas is king | who’s afraid of client accounting services? | what cas is … and is not | how to develop the cas mindset | the right mindset for client accounting services | client accounting services: the definitive guide
exclusively for pro members. log in here or 2022世界杯足球排名 today.

tax planning/tax strategy services may also become part of your cas offering if you have interest/expertise in that segment.
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why client accounting services is moving to the forefront of the full-service accounting firm’s offerings.

by hitendra patil
accountaneur: the entrepreneurial accountant

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: who’s afraid of client accounting services? | what cas is … and is not | how to develop the cas mindset | the right mindset for client accounting services | client accounting services: the definitive guide
exclusively for pro members. log in here or 2022世界杯足球排名 today.

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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卡塔尔世界杯常规比赛时间 research shows why some firms fall behind in cas.

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: what cas is … and is not | how to develop the cas mindset | the right mindset for client accounting services | client accounting services: the definitive guide
exclusively for pro members. log in here or 2022世界杯足球排名 today.

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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five areas of impact.

by hitendra patil

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

more: how to develop the cas mindset | the right mindset for client accounting services | client accounting services: the definitive guide
exclusively for pro members. log in here or 2022世界杯足球排名 today.

if you are an accounting firm owner/partner, you do not want to miss the emerging, growing, and profitable opportunities in client accounting services.
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find the “why behind the why” and the “benefit of the benefit.”

by hitendra patil
accountaneur: the entrepreneurial accountant

“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.

more: the right mindset for client accounting services | client accounting services: the definitive guide
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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?”

you won’t need to refer to this question later once you start working more from places other than your desk at your office. we’ll see why.
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do you want to follow your clients or lead them?

by hitendra patil
the definitive success guide to client accounting services

it was the 10^th of may 2012.

more: client accounting services: the definitive guide
exclusively for pro members. log in here or 2022世界杯足球排名 today.

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.

he would not take on any new client unless the client handed over all of the accounting work responsibilities to the firm. all or none. it was contrary to the way many of my other clients would operate when trying to sign on new clients.

i asked him: how can you afford to “lose” new clients, especially when they want to work with your firm? his answer intrigued me.

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