here’s what you’re looking for: hitendra patil

client accounting services

use what-why-what to structure cas insights

woman examining document

it will make setting your processes easier.

by hitendra patil
client accounting services: the definitive success guide

we know the outcomes that are important from the client perspective can, and should, define your firm’s cas processes.

but how do you create your firm’s cas-specific processes? where should you begin? how would you know what to change and what to add to your processes?

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it is both difficult and easy to create your firm’s cas processes. it will be difficult, not impossible, to ask if you do not have reasonably deep insights into what your clients need and want. it will be easy if you have periodic interactions with your clients.
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client accounting services

help businesses grow with weekly cas reports

hand holding pen pointing at tablet

 

traditional reports fall short. here’s how to do better.

by hitendra patil
client accounting services: the definitive success guide

if you are wondering whether client accounting services needs a different set of reports, you are in the right place. at the same time, it may be confusing how you can produce reports that are different than those your software provides out of the box.

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cas is about the outcomes of your work, from the clients’ perspective. cas outcomes are useful, insightful, and advise clients in ways that routine, traditional reports cannot deliver. the outcomes you provide from your cas offering need to relentlessly focus on the relevance, usability and importance from your clients’ point of view. one of my ex-clients, an experienced and expert cpa from san diego – who had mostly high-net-worth individuals with multiple businesses as his clients – told me, “after 19 years in practice, i realized that small to medium business entrepreneurs are not really concerned with managing their balance sheets. it is the job of the accountant.”
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client accounting services

six differences with cas processes

help your clients run their businesses better.

by hitendra patil
client accounting services: the definitive success guide

let us focus on cas-specific processes that can give you competitive advantages. this is not about the technicalities of accounting processes. as a professional accountant, you already know the accounting fundamentals required to create your processes for each of the segments of the services you provide.

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are client accounting services processes different than what you have been doing till now? yes, and no.
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client accounting services

align your processes with your goals

two women shaking hands across a table

nine ways to measure client experience.

by hitendra patil
client accounting services: the definitive success guide

if you were to define how your firm is different in three sentences, what would those three sentences be?

write them down. read those the next day and judge for yourself if your competitors can say the same three sentences to differentiate their firms. if yes, you will see why this is a significant challenge for your firm’s growth aspirations.

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the classic equation of “people, process and technology” defining differentiation from the competition is somewhat flawed in accounting. by its very nature, accounting is about doing exceptionally well-defined work that follows clear laws and regulations. most firms have employees certified in similar lines of education and specialization. technology solutions for accountants are highly mature now.
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client accounting services

how cas is more than bookkeeping

young businesswoman speaking with client

get paid for what you’re probably already providing.

by hitendra patil
the definitive success guide to client accounting services

q: i am new to exploring client accounting services. i see many cas firms offer bookkeeping. however, they are still using cas engagements primarily for bookkeeping. can i move forward and leverage cas for higher-value-added business advisory services? any advice you can share? 

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a: books are the foundation from which you can derive insights and advice. bookkeeping is a process that prepares you for higher-level, higher-value advisory work. bookkeeping and outsourced accounting services are components of a full-scale cas practice.
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pro member exclusive

the accounting comeback: why the profession is bouncing back stronger

drawing of four people walking up arrow that extends out of computer screen

the profession is gearing up despite the perceived threats of artificial intelligence and outsourcing.

by hitendra patil
client accounting services: the definitive success guide

the accounting profession is securing its future and growing its numbers.

in december 2022, an article in the wall street journal made headlines, stating that over 300,000 auditors and accountants in the u.s. had left the profession. people were all but ready to take stock.

more: twelve years and out: seasoned accountants join the exodus | jobs outlook: strong and steady growth in hiring and earnings for u.s. accountants | student accounting enrollment shows third year of recovery | cornerstone
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after the pandemic’s great resignation wreaked havoc on so many businesses, people were shocked, at least for a second, when this numbers-relevant story broke. it turned out the shock continued well beyond.

at the same time, the number of students majoring in accounting kept dwindling, resulting in a double whammy. accounting has come under scrutiny since then. from an increase in outsourcing/offshoring, the threat of artificial intelligence and a rapidly changing employment market, accounting has been in the hot seat, but not a good one.
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client accounting services

is it time to outsource?

businessman holding up magnifying glass

twelve ways to tell.

by hitendra patil
client accounting services: the definitive success guide

when you are the key person to make things happen at your firm, you want to invest as much time in “business development” (not just marketing and sales) as humanly possible. your firm’s growth will make you feel that producing and delivering your services is an essential core business function for you, but some of it is not. freeing up yourself to spend more time focusing on the things that add value to your practice, and help set it apart from the competition is an essential differentiating growth strategy you will ever deploy. the same principle applies to your experienced, talented staff.

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you will build your client accounting services practice on newer, cloud, collaborative technologies. it will help you automate many routine functions and optimize your operating costs. but you still need competent people to manage, nurture and strengthen your client services and advisory functions.
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client accounting services

how to match your tech to your cas clients

and why it’s worthwhile.

by hitendra patil
client accounting services: the definitive success guide

client accounting services essentially requires an ability for your firm to be able to best serve the needs of all your clients. in other words, your firm’s technology stack, services, processes and pricing packages need to cater to businesses of different sizes, turnovers, as well as various levels of tech-savvyness of the business owners and their employees. in yet other words, your firm should have the ability to do part of the accounting work or all the work your clients offload to your firm.

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in such cases, you want the technology stack to be as standardized as possible to avoid costly, error-prone and time-consuming need to deal with a variety of software. at the same time, when clients do part of the work, you must seek to implement collaborative technology on the cloud to eliminate duplication of data entry and mailing/emailing information back and forth between your firm and clients. this will, most likely, require you to convince your clients of the benefits of common, collaborative, cloud technology platform, and more likely than not, train the clients onto newer technologies. but the experience of hundreds of firms shows that the payoff far outweighs the cost of such efforts.
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client accounting services

five steps to choosing your cas technology stack

cloud computer network

your current cloud use plays a role.

by hitendra patil
client accounting services: the definitive success guide

your firm’s current processes/procedures adapted to your current technology stack, or vice versa. trying to “fit in” client accounting services into your existing technology stack may become a challenge for you – not just from a procedural point of view but also from a profitability point of view. if your current technology stack is still more of desktop software, it could be nearly impossible for you to offer cas as profitably as potentially possible with non-desktop solutions.

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before you start thinking, “oh gosh, this is going to be a hugely expensive technological overhaul of my firm,” stop. cas does need you to adapt to an optimal technology mix, but it does not mean you just throw away your current technology and bring in entirely new technology. cas does not need a technological transformation of your firm. depending upon your existing technology stack, it may only require some reorganization, integration and adjustment.
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client accounting services

five ways to make cas staffing easier

number 5 drawn in sand

even solos can provide it. here’s how.

by hitendra patil
client accounting services: the definitive success guide

when we asked firms what is stopping you from offering client accounting services, their top response was that they don’t have the staffing.

the #1 cas killer that emerged from the cas survey results is, unfortunately, also the most misconceived perception. it is a myth.

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the cas survey results showed that even solo practitioners offer cas. the number of firms that provide cas is significantly higher than those that do not offer cas for firms of all sizes. cas firms provide about twice the number of services compared to non-cas firms. “staffing shortage” or “lack of relevantly competent staff” are not the reasons why you should not offer cas. let us see why.
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client accounting services

tell clients how cas would help them

businesspeople having a meeting over coffee sitting together at a table discussing a document, young man and two middle-aged women present

six steps to take.

by hitendra patil
client accounting services: the definitive success guide

what is stopping you from offering client accounting services? maybe your clients aren’t asking for it. no matter. unless you are providing only tax return preparation services only to individuals, you can, and should, make sure your clients learn about the many benefits of cas.

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i sent a quick one-question poll to randomly selected people. i had no clue if such people bought any services from accountants. the question was simple: “what word comes to your mind when you hear the word ‘accountant‘?”
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client accounting services

hesitant about cas? you’re not alone

smiling businessman

fortunately, there are solutions.

by hitendra patil
client accounting services: the definitive success guide

why fall into the same trap that other firms have fallen into during their client accounting services journey? if you know what those traps are, you will save significant money and time in establishing your cas practice.

fortunately, the 卡塔尔世界杯常规比赛时间 cas survey identified which are the top five cas killers, for firms of different sizes, that the accounting profession has experienced.

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before we discuss those, let us also look at the results of the cas survey that identified how many firms of different sizes are offering and not offering cas. the following figures show how many percent of survey respondents said they offer cas and don’t and what are their firm sizes:
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