Operating a business is demanding. Whether you are a small business or a large corporation, you need to successfully address many demands like bill payments, employee management, and long-term growth. Therefore, it is vital to have an accurate and reliable accounting and financial reporting process to assist you.
Fortunately, the development of an efficient services model called client accounting services offers automated technology and affordable accounting guidance to help your business grow.
The services offered by a client accounting services (CAS) provider may vary but often include:
- Write-ups or after-the-fact financial statement preparation
- Transaction processing, bill payment, and bookkeeping
- Payroll/payroll compliance
- Periodic tax payments/compliance and,
- Outsourced CFO and (or) controller services
What makes Client Accounting Services different from traditional outsourcing?
We can consider CAS a step beyond traditional outsourced accounting and advisory services. Under CAS, a remote team of experts (from a firm that offers CAS) works as an integral part of your company and has a deeper understanding of your business.
Firms offer client accounting services in several varieties based on your business needs. Some handle only transactional services, while others help you with all your accounting needs, including transactional, compliance, performance, and strategic services. These services come along with a host of added benefits. Here are some of them.
8 benefits of client accounting services
• Lower costs
While most business owners acknowledge the need for an experienced accounting professional on their team, the cost of hiring a full-time employee for financial reporting may not be feasible for everyone.
When you hire an employee, you are not only paying salary and benefits like health insurance, retirement plans, and paid-off time but are also dealing with FICA, unemployment, and other taxes. Not to mention the added expenses of onboarding, training, and providing office space and equipment.
Outsourcing your accounting tasks to a CAS provider allows you to pay only for the specific services you need when you need them. You can further cut costs by outsourcing an offshore team, usually from India.
• Experienced professionals who offer scalable services
Accounting experts possess a customer-first mindset and take what they do very seriously. Hence, businesses can avail of quality accounting, bookkeeping, and outsourced controller services without breaking a sweat.
The client accounting services model also offers substantial scalability. As your business grows and your financial requirements change, an expert client accounting services provider will alter their services to meet your business demands and offer better flexibility.
• Actionable insights for smarter decisions
You may make most business decisions based on basic observations and instinct, but having numbers on your side is a great way to back up your resolutions. A CAS provider gives you access to well-maintained and accurate business records that offer actionable insights, which are more likely to help you succeed.
CAS accountants understand your company inside and out. They can also offer an individualistic perspective on accounting practices and growth barriers and help you make informed decisions to overcome them.
• Technology at your fingertips
One of the benefits of working with a firm that offers client accounting services is access to the latest accounting software, automation practices, and technology changes that can enhance your business. Your CAS provider identifies short-term and long-term technology solutions, improving your operations.
The team you work with may be software specialists proficient in advanced software features like Intuit QuickBooks ®, Microsoft Dynamics 365, Sage, or NetSuite. Or, they may be generalists who can perform basic accounting tasks on any software.
• Saves precious time
Accounting and bookkeeping can derail your attention from what’s more important to your business, especially if it is not your cup of tea. Outsourcing your accounting with CAS allows you more time to focus on customer relationships, business development, and employee retention. A survey conducted among 1,700 companies that outsource accounting showed that CAS saves time on overall business operations.
With the right people, systems, and processes at your disposal, you can optimize capital, maximize profits, manage investments, and create business expansion models as efficiently and quickly as possible.
• Decreases the risk of fraud
Regrettably, fraud is one of the unavoidable occurrences every business faces. An average of 6 fraud crimes were reported in 5000 companies globally in 2020. These included various small, medium, and large-scale companies.
By leveraging client accounting services, you obtain an increased level of internal control. With several eyes on the books and qualified professionals holding the positions of senior accountants and accounting managers, you can reduce the chance of fraud. Of course, no one can guarantee zero-fraud business operations. But, with experts taking care of your books, it will be easier to spot any discrepancies.
• Keeps you financially compliant
All businesses must adhere to the financial compliances set down by fiscal authorities. Through experience and constant monitoring, accounting experts keep you up to date on the various financial regulations across industries.
They assist you with their extensive knowledge and ensure your business financial records are fully compliant with regulatory laws. Through this, they also make sure you are ready for the tax season and can make the best out of tax deductions.
• Gives you a dedicated team of experts
Working with a CAS firm, you have a dedicated team working together day in and day out to manage your financial growth. As the accountants become an integral part of your company:
- They get exposed to your business’s core values and culture
- They can conduct their tasks with closer supervision and
- They have more opportunities to train and grow with your company
As a result, you gain higher performance and retention for your business. Customized financial reports also help you understand what drives your business performance and support profitable decisions.
Accounting is more than simply punching numbers. It is a critical factor for every company’s growth and is crucial for executing successful business strategies. If you are ready to relieve yourself from the burden of managing intricate details of the accounting process, CapActix can help.
We outsource unique and efficient accounting and finance services, helping your business grow at scale. To find out more about how we can support your financial needs, contact us at +1 201-778-0509 or reach out at [email protected].