Client Accounting Services: The Definitive Guide

There are challenges, but also great opportunities.

Client Accounting Services:
Challenges and Opportunities
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With this post, CPA Trendlines is launching a new series of articles and an expansion of our coverage into client accounting services, the fast-growing, but still much-misunderstood growth opportunity. With a special mix of technology savvy and visionary insight, Hitendra Patil, the best-selling author of Accountaneur for CPA Trendlines, is uniquely positioned to tackle the tough questions, and to unearth the best solutions.  We look forward to hearing from you – your experiences, opinions, questions, comments, ideas and suggestions. – Rick Telberg, editor and publisher

By Hitendra Patil

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 ON ENTREPRENEURIAL STRATEGIES: Top 4 Personality Traits of Successful Accountants | Client Accounting Services Poised to Surge in Post-Corona World | 20 Ways to Grow Your Firm in 2020 | 3,771 Accountants Help Uncover CAS Success Secrets | A.I. vs. Auditors | Automation Makes It Easier for Accountants to Offer Cybersecurity | The What, Why and How of Artificial Intelligence for Accountants | Six Never-Before Opportunities for the Accounting Profession
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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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Top 4 Personality Traits of Successful Accountants

Two partners celebrating business success outsideDo you agree?

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

For years, I have been interacting with accounting firm owners and partners day in, day out from firms of all sizes, all over the country, and catering to a wide variety of industries and professions.

MORE ON ENTREPRENEURIAL STRATEGY: Client Accounting Services Poised to Surge in Post-Corona World | 20 Ways to Grow Your Firm in 2020 | 3,771 Accountants Help Uncover CAS Success Secrets | A.I. vs. Auditors | How to Be Ready for Real Artificial Intelligence | How Accountants Can Ride the Artificial Intelligence Wave | Blockchain: What You Need to Know Now
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Some have been in practice for several years. Some are just starting. But all of them are seeking success at the top of their agenda.
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Client Accounting Services Poised to Surge in Post-Corona World

Seven Covid-driven deliverables clients need today.

Six-Minute Survey:
What’s your opinion of Client Accounting Services?
Yes. We’re doing it.
No. BUT we’re CONSIDERING it.
No. And we’re NOT considering it.
No. We’ve tried it and dropped it.
Huh? What’s “Client Accounting Services?”

By Hitendra Patil

Coronavirus caught the entire world totally unprepared for its aftermath. The impact on economies is unfathomable. Accounting firms are not immune to this unprecedented situation.

More on CLIENT ACCOUNTING SERVICES:  20 Ways to Grow Your Firm in 2020 | ‘Found Money’ Delights Clients  |  Is Client Accounting Services Overhyped? | 3,771 Accountants Help Uncover CAS Success Secrets

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But, “same as last year” or “as always” will not work for accountants in the immediate and distant future. If you haven’t yet done so, it is time to start thinking about how are you going to overcome the crisis, and even thrive in the near future and beyond. Especially important is to think about how client accounting services (CAS) will emerge as a much-required and more valuable than ever service accountants can provide.

What are accountants doing now?

So, other than helping clients obtain small business loans and apply for Paycheck Protection Program (PPP) benefits, what are accountants doing now? Based on daily conversations with accountants over the last six to eight weeks, here are some core focus areas of accountants: READ MORE →

3,771 Accountants Help Uncover CAS Success Secrets

Small firms find a new revenue stream.

By Hitendra Patil

Fresh insights are emerging from CPA Trendlines’ new survey, “Client Accounting Services: Trends, Issues & Opportunities.”

Join the 8-minute survey. Get the answers. You will receive, for free, the topline executive summary of the survey findings, just for participating in this survey.

It is possibly one of the largest CAS surveys ever, with 3,771 (and counting) accountants responding to the survey.

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A.I. vs. Auditors

Artist concept of an AI-based neuronHow human-centric artificial intelligence will help.

By Hitendra R. Patil and Eli Fathi

Artificial intelligence is set to transform many professions. As AI shifts from news and hype, it will significantly change how people work in their jobs.

MORE: How to Be Ready for Real Artificial Intelligence | How Accountants Can Ride the Artificial Intelligence Wave | Automation Makes It Easier for Accountants to Offer Cybersecurity | The Why, What and How of Cybersecurity for Accountants  | Blockchain: What You Need to Know Now | The What, Why and How of Artificial Intelligence for Accountants | The Client of the Future | The Rise of the Robot Accountant: Opportunity or Threat?
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The internet and cloud technologies transformed the workplace. Similarly, AI will refine, reshape and even replace many of the tasks we do every day.
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How to Be Ready for Real Artificial Intelligence

What to know before investing in new technology.

By Hitendra Patil and Eli Fathi

To use AI or not?

That is the question for accounting and audit firms looking toward the future. There is a lot of fear, uncertainty, and doubt regarding the availability, adoption and use of artificial intelligence-based systems. There is even some misleading information within the broader community of accounting and audit tools.

MORE ON ENTREPRENEURIAL STRATEGY: How Accountants Can Ride the Artificial Intelligence Wave | The Client of the Future | The Rise of the Robot Accountant: Opportunity or Threat?
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A wide range of claims and news can be found online, from AI “not being ready” for accounting, to questioning the benefits of artificial intelligence. Vendors stating their solutions are AI-enabled may be adding to the confusion. READ MORE →

How Accountants Can Ride the Artificial Intelligence Wave

Let machines crunch the data. You provide the insight.

By Hitendra R. Patil and Eli Fathi

You are already riding the AI wave to some extent because, most likely, your car has some AI built into it. You ride it to work. How about riding artificial intelligence at and in your work?

MORE ON ENTREPRENEURIAL STRATEGY: Automation Makes It Easier for Accountants to Offer Cybersecurity | The Why, What and How of Cybersecurity for Accountants  | The Client of the Future | Urgently Required: A New Definition of Accounting | Is Blockchain a Cloud Killer? | How to Beat Automation in Accounting | 3 Reasons Small Firms Stay Small | The New Needs of People at Accounting Firms | 4 Pillars of Future Firm Foundation | Do You Want a Practice … or a Business? | 3 Apps to Automate Business Networking
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In today’s economic environment, it’s not enough to offer services in the same way that it’s always been done and hope that business will thrive. Many accounting firms are embracing new technology, such as robotic process automation, cloud-based analytics and dashboards to offer a competitive edge but the industry has come to a crossroads. While these computer-assisted and rules-based tools are considered the norm, AI and machine learning solutions are driving the leading edge.
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