What Is CAS Client Accounting Services?
According to an article published by Accounting Today, client accounting services (CAS) is one of the fastest growing service options available in today’s outsourced accounting market. But what is pushing more business owners to outsource all or a portion of their accounting processes? Learn all about how CAS works and why it’s beneficial below.
What Does CAS Mean in Accounting?
Client Accounting Services (CAS) is a virtual outsourced accounting option for businesses that are seeking customized financial services to meet all of their bookkeeping and accounting needs. CAS takes the traditional outsourced accounting model and generates a close partnership with businesses to enable more significant growth and provide tailored insights into a client’s financial matters.
What Is a Client Accountant?
Now you know a bit more about what CAS client accounting services are, let’s discuss who you would be working with. There are several varieties of Client Accounting Service firms. Some focus solely on basic bookkeeping, while others are able to offer advanced financial management, reporting, and advisory services. Sometimes a Certified Public Accountant (CPA) will partner directly with a CAS service, but that is not always the case. Since CAS is still fairly new in the accounting world here are a few questions you should ask to ensure that a CAS firm is using client accounting services best practices:
- How long has your CAS firm been in operation?
- Do you specialize in a specific industry?
- Can you provide me with references or examples of clients whose needs are similar to mine?
- Is your work supervised by a CPA?
- How do you ensure that my company’s private financial data and information is protected?
- Who will have access to my financial data?
- How do I monitor and evaluate your firm’s performance?
- How is your firm funded?
What Does a Client Accountant Do?
CAS offerings often vary from firm to firm. However, many CAS accounting services are able to handle all of the tasks an internal accounting team and bookkeepers typically perform, including:
- Organizing and maintaining high-level business financials
- Maintaining financial records
- Properly structuring financial records
- Using data to inform financial decision-making
- Supporting financial integrity
- Tax services
- Forensic accounting
- Payroll processing
- Bill pay
- Collecting receivables
What Are the Benefits Associated With CAS Accounting Services?
- Automation is a time saver: One of the reasons why CAS is growing so fast is because they use CAS accounting software to handle complex and time-consuming data entry processes - automating bill management is an excellent example of this. This software allows CAS accountants to quickly and accurately manage all of your financial workflows which means more work gets done faster and without mistakes. In fact, a recent survey reported that half of the CAS clients say they worry less about mistakes.
- CAS means less pressure and work for you: Outsourcing accounting and finance functions through CAS accounting services takes a huge burden off company leadership, especially for small and medium-sized businesses. CAS client accountants handle the day-to-day financials while generating insights into your company’s overall financial wellbeing. In short, using a CAS service allows busy business owners like you to divert their time and energy to more critical revenue-generating functions related to their company’s success and growth.
- CAS increases your revenue: According to a survey conducted by Bill.com, around 30 percent of companies reported that the advice they have received from their CAS accounting partners has helped them increase profits. An additional 30 percent of business owners surveyed also reported that they feel more prepared to make business decisions after using CAS accounting services.
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