Will 2021 Be Your Cash-Flow Year?

Your CAS offering must include a cash-flow management component.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

If 2020 put businesses in financial ICU, 2021 will be a year of rehabilitation. Before one gets there, the road to recovery is often long and arduous.

MORE: The Technology Stack You Need for CAS | Top Five CAS Killers and How to Overcome Them | 21 Ways to Adjust Your Practice in 2021 | How to Become an Outsourced/Virtual CFO | The Services That CAS Clients Want | Six Reasons CAS Is King
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Business owners who are masters of their craft are not necessarily the experts of accounting and financial management. That is your expertise, professional accountants.
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The Technology Stack You Need for CAS

5 key points in making your choices.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

Your firm’s current processes/procedures adapted to your current technology stack, or vice versa. Trying to fit 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: Top Five CAS Killers and How to Overcome Them | Identifying the Right Clients for CAS | CAS Is, First, a Communication Challenge | Which of Your Existing Clients Are CAS-fit? | The Services That CAS Clients Need | Who’s Afraid of Client Accounting Services?
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CAS does not need a technological transformation

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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Top Five CAS Killers and How to Overcome Them

Industrial metal number 5How many of these are you telling yourself?

By Hitendra Patil
The Definitive Success Guide to Client Accounting Services

Why fall in 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: Identifying the Right Clients for CAS | Communicating CAS to Clients and Prospects | 21 Ways to Adjust Your Practice in 2021 | Which of Your Existing Clients Are CAS-fit? | The 8-Step Method for Launching Client Accounting Services | How to Develop the CAS Mindset | Client Accounting Services: The Definitive Guide
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Fortunately, the CPATrendlines 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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Identifying the Right Clients for CAS

An organization chart in a ball shapeShow your highest-priced package first.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

Will your existing clients or prospects buy higher-priced and more services from you? If you ask them to, will they feel put off?

MORE: Communicating CAS to Clients and Prospects | 21 Ways to Adjust Your Practice in 2021 | The Services That CAS Clients Want | Six Reasons CAS Is King | How to Develop the CAS Mindset
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If you do not ask, will you leave real money on the table? If you do not tell them about more services your firm is capable of providing, will they switch to another accounting firm simply because they were not aware of your other services?
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Communicating CAS to Clients and Prospects

Senior businessman and another businessman talkingShow them what they’ll be missing if they say no.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

When you pitch CAS to your existing clients and new prospects, your communication and messaging changes quite a lot. It is no more packages, hourly rates and standard deliverables mentioned on your website and in your emails, engagement letters and sales brochures/materials.

MORE: 21 Ways to Adjust Your Practice in 2021 | CAS Is, First, a Communication Challenge | 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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Communicating CAS to Your Existing Clients

CAS is NOT a sales pitch to your existing clients. It is a value pitch, an upgrade pitch.
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21 Ways to Adjust Your Practice in 2021

Calendar pages turning2020 is over. Now what?

By Hitendra Patil
The Definitive Success Guide to Client Accounting Services

Did you feel the distinct feeling of one year ending and the next year starting? Not from the calendar change point of view, but that psychological feeling that you generally get when a year is over? If not, don’t worry; you may not be alone.

MORE: How to Communicate the Value of CAS | How to Become an Outsourced/Virtual CFO | The Services That CAS Clients Want | Six Reasons CAS Is King | How to Develop the CAS Mindset
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It is natural to feel that the 2020 experience will continue, at least for some time in 2021. It is not unusual if you feel uncertain for now. It is okay to think that you cannot estimate when things will start turning around for the better.
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CAS Is, First, a Communication Challenge

Businessman explaining something on laptop to another manAre your clients happy? Have you told your staff?

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

Unless you become the “CAS champion” or make someone accountable to be one, your CAS practice will not take off the starting blocks.

MORE: 21 Ways to Adjust Your Practice in 2021 | How to Communicate the Value of CAS | Don’t Wear a Mask | The 8-Step Method for Launching Client Accounting Services | What CAS Is … and Is Not
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And the single biggest initial challenge for the CAS champ is how to communicate the value of CAS to the firm’s future fortune to every stakeholder – be it partners, staff, clients or prospects. For this post, I will assume that your CAS champ absolutely “gets it.”
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How to Communicate the Value of CAS

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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How to Become an Outsourced/Virtual CFO

notepad with word "hire" crossed out and "outsource" written in underneathAnd 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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