In recent years accounting has developed past brick and mortar traditional financial services, instead, CAS, or client accounting services, have begun to overtake this old-school accounting. CAS creates a fluid alternative to the rigid traditional accounting, leading to attracting more start-ups, developing businesses, and businesses breaking into their 1M – 5M range.
CAS aims to keep clients are the hearts of their accounting services, leading to higher sastifaction and a business advisory role in addition to their typical financial roles.
CAS or client accounting services is a form of accounting/financial service that aims to help clients with financial business decisions and provide the best possible accounting services to their clients. It’s common in CAS models to see accounts advising their clients on business purchases, spending, investments, and even general business advice depending on the experience of the accounting firm.
CAS firms typically provide their services virtually, making it easier to acquire for small businesses and non-profit oranizations. CAS can also involve themselves more – or less – in your business as needed, allow you to fluctuate along with the growth.
Traditional accounting services typically involve a single accountant at a local brick-and-mortar location with a range of expertise. Their services may include processing transactions, AP, AR, bookkeeping, bill payments, payroll and tax compliance, reviewing financial performance, etc. Most of the services are often provided after-the-fact in a give and take manner. You provide the stats/backend information, they develop your financial reports after receiving said information.
CAS includes all of that, but with the benefit of having experts to handle different aspects of your financial backend. CAS accountants also give financial reports in realtime to allow you to make quicker decisions based on your projections. And, since CAS is offered by virtual firms, you will have access to experts as needed – and not on a 24/7 payroll which is not feasible for start-ups, non-profits, and small businesses.
A common misconception about CAS (client accounting services) is that it is limited to small businesses, start-ups, or businesses that are just organizing or starting to organize their finances. That’s not true. The benefit of CAS is that it is a reliable option for all businesses, no matter what stage of development their business is in.
One of the first steps in hiring a virtual accounting department and getting started with CAS is analyzing where you are currently and what steps your new financial department needs to take to get your backend organized. This could include cleaning up your current systems, or developing a NEW systems that functions uniquely for your business and business’s needs.
If you believe that CAS is exactly what you need in your business, contact ModVentures today for more information.