Client Advisory Services or CAS is the NEW modern version of accounting – and is one of the best options for high-level accounting services out there. CAS goes beyond the traditional limits of accounting and involves digging deeper into your finances and business performance to make educated decisions regarding all aspects of how your business is currently performing and how you can improve your performance in the future.
There is definitely a time and place for client accounting services and not all businesses will feel that it suits their business structure. For example, if you’re a CEO of a fortune 500, you might be better off hiring an in-house finance department. If you’re the CEO of a $5 million business, CAS is just the thing you need to guide you from $5 million to $10 million and beyond.
That’s not to say that CAS is only for businesses making $5 million, the benefit of CAS is that it’s catered to the needs of your company – whether that’s a six, seven, or eight figure business.
With every investment a business makes, it’s important to note the benefits – and when it comes to investing in accounting, it’s hard to see how you’ll see profit instead of loss, no matter how necessary the task is. With CAS, you get to work towards your goals and utilize the services you need – including reports, business and financial advice, and more.
Let’s break down the four main reasons why your business needs CAS:
CAS is a service that goes beyond simple reports, with client advisory services you get up to date reporting and advice based on your cash flow and trends. While CAS is typically done through a virtual firm, you’re still able to contact an accountant to ask for advice or assistance on big (and small) business decisions. You can get advice on investments, leasing vs. owning, and more.
Many businesses approach their finances with the misconception that hiring an accountant in-house is the best way to go. While it can be a great option, many businesses would benefit more from hiring a virtual accountant to manage their books. Virtual accounting and bookkeeping firms can adapt quickly to the changes in your business – particularly during periods of rapid growth. You’ll be able to efficiently maintain and manage your accounts without having to hire a part-time or full-time accountant in-house.
With CAS, you get to focus on your business and doing what you do best without stressing about your finances. Your CAS team will take your accounting off your hands and keep you up to date on all the latest developments through on-time reports, taxes, and more. There’s no need to micromanage, struggle with hiring/firing, and making hard financial decisions alone.
CAS is a service that adapts with your business. From under $1M in revenue up to $15M in revenue, less than 10 full time employees to 25 full time employees – you’ll have a team that is able to support you. Additionally, you’ll have an accounting system set-up to keep everything in one place and for easy access, no matter your size.
If you would like to learn more about client advisory services and if your business is best suited for it, connect with the ModVentures team today.