is it time for your firm to outsource?
twelve clues to help you decide, plus the three categories of risk. by hitendra patil client accounting services: the definitive success guide when you are the key person to make…
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how to match cas clients to technology
the key: once data is created, don’t re-create it.
by hitendra patil
client accounting services: the definitive success guide
client accounting services essentially requires an ability for your firm to be able to best serve the needs of all your clients. in other words, your firm’s technology stack, services, processes and pricing packages need to cater to businesses of different sizes, turnovers, as well as various levels of tech-savvyness of the business owners and their employees. in yet other words, your firm should have the ability to do part of the accounting work or all the work your clients offload to your firm.
more: cas tech stack depends on cloud use | five ways to overcome cas staffing challenges | think cas isn’t for your firm? | convince your firm of cas value | ten ways to tell a client is ready for cas | launch cas in just eight steps
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in such cases, you want the technology stack to be as standardized as possible to avoid costly, error-prone and time-consuming need to deal with a variety of software. at the same time, when clients do part of the work, you must seek to implement collaborative technology on the cloud to eliminate duplication of data entry and mailing/emailing information back and forth between your firm and clients. this will, most likely, require you to convince your clients of the benefits of common, collaborative, cloud technology platform, and more likely than not, train the clients onto newer technologies. but the experience of hundreds of firms shows that the payoff far outweighs the cost of such efforts.
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cas tech stack depends on cloud use
five keys for planning.
by hitendra patil
client accounting services: the definitive success guide
your firm’s current processes/procedures adapted to your current technology stack, or vice versa. trying to “fit in” client accounting services into your existing technology stack may become a challenge for you – not just from a procedural point of view but also from a profitability point of view. if your current technology stack is still more of desktop software, it could be nearly impossible for you to offer cas as profitably as potentially possible with non-desktop solutions.
more: five ways to overcome cas staffing challenges | raise cas awareness among your clients | which clients are best for cas | how much can automating bank feeds save you? | wants vs. needs: why not fill both? | get sticky with cas
before you start thinking, “oh gosh, this is going to be a hugely expensive technological overhaul of my firm,” stop. cas does need you to adapt to an optimal technology mix, but it does not mean you just throw away your current technology and bring in entirely new technology. cas does not need a technological transformation of your firm. depending upon your existing technology stack, it may only require some reorganization, integration and adjustment.
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five ways to overcome cas staffing challenges
question your processes at every step.
by hitendra patil
client accounting services: the definitive success guide
when we asked firms what is stopping you from offering client accounting services, their top response was that they don’t have the staffing.
more: raise cas awareness among your clients | five ways to profit from cas | cas is a value pitch | accountants are perfect for virtual cfo roles | raise client expectations with cas
the #1 cas killer that emerged from the cas survey results is, unfortunately, also the most misconceived perception. it is a myth.
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raise cas awareness among your clients
six simple steps to take.
by hitendra patil
client accounting services: the definitive success guide
what is stopping you from offering client accounting services? maybe your clients aren’t asking for it. no matter. unless you are providing only tax return preparation services only to individuals, you can, and should, make sure your clients learn about the many benefits of cas.
more: five ways to profit from cas | think cas isn’t for your firm? | which clients are best for cas | cas is a value pitch | convince your firm of cas value | how much can automating bank feeds save you? | accountants are perfect for virtual cfo roles | ten ways to tell a client is ready for cas | wants vs. needs: why not fill both?
i sent a quick one-question poll to randomly selected people. i had no clue if such people bought any services from accountants. the question was simple: “what word comes to your mind when you hear the word ‘accountant‘?”
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ai systems just for accounting in development
what will bloomberg’s gpt ai built for finance mean for accountants?
by hitendra patil
rise of the aiccountants
bloomberg released a research paper detailing the development of bloomberggpt, a new large-scale generative artificial intelligence (ai) specifically trained on a wide range of financial data to support diverse natural language processing (nlp) tasks within the financial industry.
more: three ways a.i. will take shape in accounting | four ways to prepare for the ai era | seven ways ai could change accounting | who is better at accounting, ai or humans? | talent shortage: ai neither the cause nor the remedy | accounting profession to experience highest ai impact
according to bloomberg, “the team pulled from this extensive archive of financial data to create a comprehensive 363 billion token dataset consisting of english financial documents. this data was augmented with a 345 billion token public dataset to create a large training corpus with over 700 billion tokens. using a portion of this training corpus, the team trained a 50-billion parameter decoder-only causal language model.”
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five ways to profit from cas
automation is just a beginning.
by hitendra patil
client accounting services: the definitive success guide
if you feel offering client accounting services will bring in a lesser profit for you compared to the other services you are offering now, you may feel it is not a fit. it may be because you may have experienced others providing a lower rate, lower profitability commoditized services that you believe are actually cas offerings. if so, it is not your fault because there has been a great deal of confusion in the profession about what exactly is cas.
more: think cas isn’t for your firm? | which clients are best for cas | how much can automating bank feeds save you? | wants vs. needs: why not fill both?
you may still feel that some of the cas components are low-profit services, but those are like essential building blocks that lead to higher value, higher priced and hence higher profit services that you can sell to the same clients. what steps can you take to make cas one of the most profitable service segments for your firm?
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think cas isn’t for your firm?
if you’re hesitating, consider these solutions.
by hitendra patil
client accounting services: the definitive success guide
why fall into the same trap that other firms have fallen into during their client accounting services journey? if you know what those traps are, you will save significant money and time in establishing your cas practice.
more: which clients are best for cas | cas is a value pitch | accountants are perfect for virtual cfo roles | raise client expectations with cas
fortunately, the 卡塔尔世界杯常规比赛时间 cas survey identified which are the top five cas killers, for firms of different sizes, that the accounting profession has experienced.
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from cas to cash client accounting services: the definitive success guide
the why, what, and how of cas
by hitendra r. patil
more than 300 pages of ideas, insights, tips, tricks, and best practices for your cas success
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