Where to Find Profits in Client Accounting Services
Five proven methods.
By Hitendra Patil
Client Accounting Services: The Definitive Success Guide
By Hitendra Patil
Client Accounting Services: The Definitive Success Guide Here’s what you’re looking for: Hitendra Patil
Hesitant About CAS? You’re Not Alone
Fortunately, there are 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.
Fortunately, the CPA Trendlines 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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Before we discuss those, let us also look at the results of the CAS survey that identified how many firms of different sizes are offering and not offering CAS. The following figures show how many percent of survey respondents said they offer CAS and don’t and what are their firm sizes:
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Thirteen Questions to Evaluate Prospects for Client Accounting Services
And why you should show your highest priced package first.
By Hitendra Patil
Client Accounting Services: The Definitive Success Guide
Will your existing clients or prospects buy higher-priced and more services from you? If you ask them to, will they feel put off? 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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Pitching relevant services to clients and prospects is nearly a fine art. It is fraught with the risk of coming across as is you have only your own interest in mind. At the same time, clients and prospects may not even know that you offer such services or that they need those services. You can lose such opportunities even before you explore those with your clients/prospects.
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Tell Clients the Cost of Saying No to CAS
It’s an upgrade pitch, so they have to see the value.
By Hitendra Patil
Client Accounting Services: The Definitive Success Guide
When you pitch client accounting services 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, in your emails, engagement letters and sales brochures/materials.
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CAS is not a sales pitch to your existing clients. It is a value pitch, an upgrade pitch.
You need to show them, measurably, what they are currently spending to get the end-to-end accounting done, including overhead, review and management cost, the opportunity cost of losing core business focus while attending to the accounting processes, etc. Then compare that with the total cost of your CAS offering. Ensure to explain the distinct CAS advantages that you will deliver when you do their work with professional accounting processes and experience.
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Make Sure Your Firm Understands the Value of CAS
Your partners will apply their expertise to generate insights and advice that your clients will value more.
By Hitendra Patil
Client Accounting Services: The Definitive Success Guide
Unless you become the “CAS champion” or make someone accountable to be one, your client accounting services practice will not take off the starting blocks.
MORE: Save 75% with One Banking Change | You, a Virtual CFO? Why Not? | Who Is Ready for Client Accounting Services? | Wants? Needs? CAS Helps Fill Both | Automation Can Be Exciting in Client Accounting Services | Eight Steps for Better Client Accounting Services | Do You Have the Client Accounting Services Mindset? | Four Ingredients to Your CAS ‘Why’ | CAS Clients Are ‘Stickier’
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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 and prospects. For this post, I will assume that your CAS champ absolutely “gets it.”
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