Posted By admin
December 22, 2020 | 4-minute read (749 words)
Perhaps your company has an accountant who handles your taxes, or maybe you contract with a financial advisor who assists you in projecting future income. But have you ever considered combining those operations into one organization that allows you to take care of all your financial needs at once?
That’s where Client Accounting Services (CAS) may be able to help you. CAS is a full-service accounting business that can help other companies with the entire life cycle of their financial needs. CAS provides businesses with cloud-based software, automated technology and affordable accounting guidance from remote teams of accounting experts. These accounting experts know the needs of different companies, and therefore they can deliver the best possible services and fulfill their every need.
Most CAS providers can offer different types of services to their clients, such as basic bookkeeping, advanced management reporting and advisory services. These services can add value to your business and help you grow quickly. Check out how CAS services operate so you can determine whether your business would benefit from partnering with one.
Basic Accounting Services
Most CAS providers perform a wide variety of activities necessary for running a business efficiently, including:
- Managing accounts payables
- Collecting receivables
- Payroll and transaction processing
- Cash flow management
- Financial statement preparation
- Maintaining payroll and tax compliance
- Bill payment
- Periodic tax payments (sales tax/payroll tax/income tax/tax planning)
Companies that use manual checks and debit or credit cards as their payment methods need significant time for transaction data entry responsibilities. CAS providers download the bank, credit card and debit card transactions in the electronic forms right into their accounting systems, thus reducing the data entry work required.
An experienced CAS firm can provide you with financial reporting and real-time cash flow forecasting by integrating financial data with accounting technologies. CAS leverages automation and advanced accounting software features to deliver management reporting and financial intelligence, such as KPI (key performance indicator) dashboards.
A business owner should look for a CAS firm that can provide different accounting software, such as Microsoft Dynamics 365, Sage, NetSuite or enterprise resource planning (ERP) for making their business processes efficient.
Business Advisory Services
A specialized CAS firm can review companies' financial performance and provide input on strategies to improve business profit margins. It can also help businesses make informed financial decisions and manage cash flow. Higher-end advisory firms and outsourced CFO services are particularly effective and impactful when they emerge from CAS. These firms can provide you with key insights and financial reports, along with the accounting team’s guidance, to make data-driven business decisions.
Benefits of Partnering with a CAS Firm
Most businesses find that using an experienced CAS firm is preferable to managing an in-house accounting department. Here are a few major benefits of partnering with a CAS firm.
- A CAS company can perform your accounting functions better and more accurately in less time. This makes outsourced accounting services a highly profitable option.
- CAS providers leverage technologies to make your firm more efficient and productive while delivering high-value services accurately.
- A CAS firm can update your transactions daily/weekly and produce financial statements monthly or quarterly, thus reducing the tax season crunch. These time savings translate into cost savings, thus boosting profit margins.
- You can receive profit and loss insights and financial analytics faster with CAS, so you can use the updated information to make your business decisions.
- If you want to pay vendor bills or reorder inventory items yourself using accounting software, you can work collaboratively with your CAS firm through cloud technology, thus minimizing accounting errors.
- A CAS firm can help you achieve greater compliance and keep your books accurate.
- The CAS provides businesses with an experienced accounting team working together 24/7. The team can understand your financial needs and challenges to optimize your financial processes and procedures.
- A CAS firm regularly invests in technology and customized software integrations to help you save money.
- By providing advanced technology and integrated financial systems, combined with timely, accurate bookkeeping and accounting services, a CAS firm can offer reliable month-end closings and financial reporting.
- A CAS business can provide companies with higher operational efficiencies while keeping their data safe and secure.
If you’re looking for a business to handle most of your company’s financial functions accurately and efficiently, a CAS may very well be able to help you. Keep in mind, however, that the success of your partnership with a CAS firm depends on its experience, as well as open communication in both directions between your company and theirs.