How Client Advisory Services Make You Indispensable

The Role of Technology in CAS

The right technology is key in making the transition into client accounting advisory services smooth for your firm. Accounting firms can implement technology to spearhead this shift:

• Use cloud-based accounting practice management tools and the metrics they provide to identify current clients that could most benefit from these services.
• Automate client financial data monitoring and workflows with precision to support accurate forecasting, benchmarking, and budgeting – without increasing your manual workload.
• Seamlessly track tasks and projects from start to completion to keep your firm in sync with every step of client work.

It's critical to have a strong toolkit when you expand into client accounting services at the advisory level – otherwise, it could overwhelm your team. Focusing on tools with automation capabilities is key to free up the time you'll need for high-level CAS.

Mango Practice Management is how accounting firms seamlessly expand into client advisory services. Automate workflows, get real-time data insights, and unlock the freedom to deliver your clients a new level of value. See our tools in action – book a demo now.

How CAS Helps Accounting Firms Deliver More Value

Client advisory services can be hugely beneficial for your accounting firm, setting you up to deliver more value by:

1. Increasing revenue with specialization and value-based pricing
2. Strengthening client relationships year-round
3. Offering tailored services that secure a competitive advantage

When you can meet the evolving business needs of your clients, your firm becomes indispensable and delivers a higher level of service (with the profitability to match).

Increasing Revenue Potential

Firms that offer client advisory services can significantly increase their profit potential with the ability to broaden service offerings, capture a larger market share, and command higher fees through value-based pricing models. Many firms report substantial revenue growth after adopting CAS, making it a vital part of long-term sustainability.

Strengthening Client Relationships

Client advisory services foster continuous engagement and proactive communication. Instead of periodic interactions around tax time, CAS allows firms to stay connected with clients year-round. When you can address challenges as they arise, offer timely advice, and adjust strategies based on real-time financial reporting, you hold the position of a trusted advisor who is invested in your client's success.

Securing a Competitive Advantage

Clients are increasingly seeking firms that can provide proactive and tailored advisory services. This demand for specialized expertise positions firms offering CAS as leaders in the industry. By delivering comprehensive solution that includes strategic planning, industry benchmarking, and financial insights, you stand out from your competitors.

Smart practice management and automation tools give you an additional edge. When you can automate routine tasks and focus on strategic advisory roles, you'll free up time to focus on providing top-tier service.

3 Practical Steps to Integrate CAS into Your Firm

Broadening client accounting services to the advisory level requires strategic planning. Walk through the steps to integrating client advisory services into your firm below, from developing a sound business plan to choosing the right technology.

1. Develop a Business Plan

Your CAS business strategy should outline detailed value-based pricing strategies, not hourly billing, to reflect the additional value provided. Be sure to include staffing requirements to ensure you have the necessary resources to deliver high-quality services as you transition.

Key performance indicators (KPIs) are another essential component of developing your business plan. These metrics help measure the success of CAS implementation at different stages and provide insights into areas that may require improvement down the road. A well-developed business plan guides the implementation process and sets the foundation for long-term success.

2. Train and Upskill Staff

Enhance your advisory capabilities by ensuring you and your team can utilize technology effectively, accurately forecast and analyze detailed financial insights, deliver specialized services your clients may need, and practice proactive communication.

Continuous education and professional development programs are essential for staff to deliver high-value client advisory services in specialized areas such as mergers and acquisitions, financial planning, and risk management. These programs should focus on developing both technical and soft skills necessary for effective client interactions.