When we talk about Client Accounting Services (CAS), what we’re really talking about is providing an experienced team to help you with day-to-day accounting in order to free you up to run your business. CAS is often referred to as outsourced accounting or controllership accounting.
The way technology has evolved has allowed us to serve our clients more efficiently and more completely. We can have real time information about your accounts, payments and cash flows, more than we ever did in the past. This lets us give you very current information on how your business is doing.
People often feel that the investment into client accounting services is too much for their company to make on a month-to-month basis, but consider the cost of not knowing how your business is performing. If you can’t be certain of your payables or cash flow, when you need to invest in new equipment or make a decision as to what salary you can extend to a new employee, you have to take a step back to run all the numbers. If you invest in putting a CAS system in place, you would be able to make these decisions in a more informed manner.
Another thing we often run into when a company has not enlisted client accounting services throughout the year, is that we spend a lot of time at the end of the year fixing issues. If we had been able to remain involved all year long, we could have addressed these issues along the way and made recommendations to minimize your year-end tax burden.
Even companies with someone within the company keeping their books can benefit from this service because it’s something that can be customized to what you need. In this situation, we come along side your existing staff to help train them and provide oversight – similar to an outsourced CFO. CAS can augment your accounting department and help you only where you need it.
We worked with a business owner in the trades who couldn’t seem to keep on top of his billing. This resulted in monthly cash flow crunches and inaccuracies in his books. He was relying on notes to bill clients written on small slips of paper that he would find months later. We were able to come in and streamline his process. Now his customers sign off on the job and payment is processed before he leaves the job site.
Client accounting services is an investment every business owner should make for their business and it really is a service that can be tailored to what your business needs.
Contact us if you have questions about Client Service Accounting and how it can help your specific situation.
About the Author: Tom Terry, CPA, joined MFB in 1993 and became partner in 2003. His areas of expertise at the firm is in Estate and Trust Planning and Administration, as well as small business services Contact Tom at firstname.lastname@example.org.