Monday, January 14th, 2019

CAS – Client Accounting Services

“Success is not final; failure is not fatal: It is the courage to continue that counts.” – Winston Churchill

I have been talking to my clients a lot recently about CAS (Client Accounting Services). To me, for many firms, it is something that they should pursue. Even many of the Top 100 firms are using it and capitalizing on a growing and profitable opportunity.

Smaller firms seem to be less enthusiastic. For most smaller firms, it does require a digital transformation, elevating technology into a much broader role. Jim Boomer of Boomer Consulting, in a recent article, describes digital transformation:

Digital transformation

First is digital transformation. Moving up the continuum of value from transactional and compliance work to performance and strategic services requires elevating technology a much broader role. We must automate “low or no value” steps in the processes to improve the client experience.

Technology is the foundation of your firm’s ability to move up the continuum of value. So start assessing and evaluating available technologies and considering how your existing clients can benefit from new technologies.

No single software will have all the features to meet the needs of every client. Start with a primary, comprehensive accounting software and then use other add-on solutions that integrate with your main accounting software. This will provide the efficiency gains of automation.

If you want your firm to move from compliance to advisory services, Boomer also warns that your business model must also change. You need to address things like:

  • Value pricing
  • Marketing
  • Staffing
  • Client interaction

Read Jim Boomer’s informative article here.

 

  • "It is better to fail in originality than to succeed in imitation."
  • Herman Melville

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