Thursday, August 9th, 2018

Outsourced Accounting

“Knowledge is of no value unless you put it into practice.” – Anton Chekhov

CPA firms are seeing amazing growth in the area of outsourced accounting services. It not only is of immediate value to clients, it also provides the accountant with the ability (and information) to become even more of a trusted advisor.

Recently, Bill.com released the results of a survey they did regarding the use of outsourced accounting services. They have furnished a report on their findings – What Businesses Really Think of Client Accounting Services. You can download the report here.

In the introduction, Bill.com founder, Rene Lacerte, notes:

We are a nation of outsourcers.

In our personal lives, we outsource both simple and complex tasks—everything from grocery shopping to planning for retirement. We aren’t lazy or incapable, but we know that if we let the experts handle these tasks, they will be done right and allow us time to focus on what matters most. Outsourcing reinforces our priorities.

Businesses, too, are well acquainted with outsourcing. Disciplines ranging from IT to customer support to HR have all found their ways to hire experienced professionals outside of the corporate structure. Now, outsourcing all accounting is gaining traction.

The accounting profession has talked about client accounting advisory services (CAS) for a decade, speculating on the best ways a firm can solicit and handle all of a company’s accounting and finance department needs. For accountants, holding the reins to the company’s financial performance gives them unparalleled insight into the business and the ability to surpass a transactional state in favor of strategic advice and planning. It creates the platform for impactful contributions.

While accountants understand the benefits of CAS, what do businesses think about outsourcing their accounting? If you’re considering starting or expanding your CAS practice, it is good insight to have before you begin.

In this survey with CPA.com, we asked more than 1,700 small and medium-size businesses to share their opinions on outsourcing accounting. The results are summarized in the following pages. Respondents told us how much they’re outsourcing today, what they’d like to outsource, what they appreciate about it, and how it benefits their customers.

The survey data underscores just how important CAS can be to both firms and their business clients and how it will continue to grow and gain even greater value in the accounting world.

  • "Love all, trust a few, do wrong to none."
  • William Shakespeare

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