Client Accounting Services generally meant that the accountant does most of the accounting work for the clients.
The definition of CAS starts with clients and includes all the services in standard Client Accounting Services and then some. It focuses more on identifying the needs of different kinds of clients. So that you can deliver them your best possible accounting services in Hyderabad.
Since CAS is all about the best way to serve the requirements of all your clients, it is vital to
Analyze which of the following categories your clients fit into:
1. Clients who write manual checks. This is traditional after-the-fact write-up work, and the odds are your firm has some clients managing things this way.
2. Clients who want to perform some part of the accounting work. (for example, transaction processing) in their office not because it has been imposed on them but by choice.
3. Clients who want to give all their accounting work to their accountant. This is outsourced accounting services. Outsourced accounting services is clearly a part that has been underserved.
The types of services offered under Client Accounting Services (CAS) can vary. There are three main categories of CAS as follows.
1. After-the-fact financial statement preparation. This is also generally called write-up, where the client has already written their checks, issued invoices, and taken cash receipts. A member of the staff of the accounting firm enters all the data into a general ledger to produce a financial statement.
2. Transaction Processing. This is the process in which the accounting firm issues invoices for a client. Processes all the accounts payable and cuts checks or initiates electronic payments. processes payroll, pays employees, payroll taxes, and more.
3. Outsourced CFO and/or Controller Services. This work involves or demands a higher-level CPA/accountant. Usually a partner, meeting with the client’s management department on a regular basis to review the client’s financial performance. Provide input to strategies to improve or grow the business. It includes regular and frequent communications with the client to aid financial and business decision-making. In almost real-time with after-the-fact, but most definitely not just or only after-the-fact.
Why Is CAS A Great New Opportunity?
Here are some of the major factors that make Client Accounting Services an excellent opportunity for accountants as well as for their clients.
As accountants process transactions in real time, in cooperation with business owners. The total increase in interactions – and the new capability of accountants to help business owners make appropriate and better business decisions. Only means that CAS is a much more adhesive service. It will not be easy for business owners to replace or recreate the value that Client Accounting Services delivers.
As more and more advice is provided, more often than before, accountants are becoming top of the mind. That helps to truly make themselves as their clients’ most trusted advisors.
Until recently, outsourced accounting, which was mostly after-the-fact work, was considered as an unnecessary expense. As a result, business owners wanted to reduce its cost. But now, as CAS delivers high decision-support intelligence, the value that business owners are receiving from their accounting information makes it a win-win situation. In addition to that, clients, to a great extent, will not perceive accounting purely as a cost. Look for an hr outsourcing company in Hyderabad for all your HR related activities.
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