Starting with CAS: Using client accounting advisory services to feed your firm

how to use data to do advisory services for accounting clients

Artificial intelligence, automation, cloud-based technology, and real-time financial systems are changing how accountants, CPAs, and financial professionals work. But while technology can provide increased speed, efficiency, and detail, it can never replace the human touch. Wiss’s experienced advisors combine technical know-how with the ability to analyze data, communicate clearly, and think outside the box to find new ways to support your business strategy.

how to use data to do advisory services for accounting clients

Blake Oliver referenced chat-based customer service companies, many of whom have developed their own support databases and systems that list pre-canned responses based on customer need, with agents able to select the one appropriate to the situation. Avalara surveyed the influencers on their opinion and usage of generative AI, and 53% said they are currently using the technology for generating generic text for marketing, internal communications, policies and other functions. Other top functions they are using AI for include data analysis, scheduling and art. About a third said they are not currently using the technology but are exploring it.


To avoid scope creep and help shine a spotlight on your advisory expertise, carefully define your menu of services. Advisory services and your financial acumen are what set you apart from every other firm. Also consider creating packages of bundled services to supersize your compliance services with more planning and advisory services. Bundled services can help transition annual compliance engagements into monthly or quarterly advisory engagements, where you can communicate your advisory expertise. Many firms helped their clients survive and thrive during the pandemic, not with tax preparation or audits, but by helping them secure capital and providing general business advice. However, if you charged by the hour for these services or lumped them into the cost of your compliance services, you missed a big opportunity.

Synder’s technology offers CAS clients much needed support and confidence in what they do. The software is perfect for e-commerce and SaaS businesses, and has a lot to offer to accountants and marketing agencies looking to extend their services. If you start out small and outsource only basic accounting to your CAS firm at first, chances are that your needs will become more complex in time and you’ll end up needing outsourced CFO and controller services. Experienced professionals evolve with their clients – if the client’s needs change, their client accounting services will change as well. If you want to see growth in your firm, don’t fall back into “I’m too busy.” You don’t have to give up providing the services your clients need, but you do need to start providing services they want and value. Compliance and advisory together will set your firm and your clients up for success.

US SEC overhauls rules for $20 trillion private fund industry

“I joked that our clients just had to be nice, be compliant, and pay our bill.” Without deep knowledge of an industry, CPAs won’t be able to provide the types of business insights CAS demands. To be an effective adviser, a CPA might need to become intimately familiar with a given sector’s processes, risk factors, customer types, KPIs, regulatory environment, and so on. CPAs who work with doctors, for instance, need to know about billing and Medicare, while those who work with restaurants need to know about food trends, delivery costs, and state laws regarding tipping.

How do you provide service to clients?

  1. Treat customers with respect.
  2. Provide prompt assistance.
  3. Find solutions that actually meet customer needs.
  4. Communicate clearly and concisely.
  5. Be honest when things go wrong.
  6. Focus on customer satisfaction and a sense of care.
  7. Have a positive attitude.
  8. Educate your team members about your business.

These services are centered around providing your clients with proactive, forward-looking guidance and advice. This differs from traditional compliance work in that tax returns and related activities report on what happened in the past. Spend time mentoring talent on red flags that may be in the data, so they take the information to a senior colleague, manager, or partner for further analysis. And given the urgent need for qualified professionals, many tax & accounting firms throughout the industry currently don’t have the time to allow each team member to gain all that experience over time. Relatedly, accounting professionals will also need to understand how to use data visualization strategies and programs to translate all that data into insights for clients and company leaders. Accounting professionals with these skills can use predictive analytics and forecasting to strategically advise clients or organizations.

How to Set Up and Use Chart of Accounts in QuickBooks for Efficient Financial Management

Exceed client expectations by partnering with industry-leading Human Capital Management experts offering solutions in HR, payroll, 401(k) planning and more. Let the Paychex Partner Program help your firm offer higher value services while strengthening your client relationships. The big thing I’m into right now is how accounting firms can develop passive income streams. I learned a lot about developing my own scalable coaching offering (as mentioned above) that combines coaching, community and online courses and I’m seeing a ton of smart, creative firms doing similar things at the moment. I know it’s scalable because I offered a model very similar to this in my online coaching program designed for accounting firms.

  • Building on our reputation for quality and reliability, our team is led by specialist partners and experienced financial leaders who will personally be involved in all aspects of your work and will be your main points of contact.
  • These days, the cloud offers businesses a way to access their data from anywhere and at any time, a boon in an increasingly remote world.
  • As Docyt’s AI technology automates data entry and other repetitive bookkeeping tasks, you’ll find yourself with a treasure trove of time.
  • Thanks to the AI-powered knowledge and expertise at your fingertips, you’ll stay miles ahead of the competition and provide customized recommendations that give your firm a competitive edge.
  • Use our data analytics and advanced visualization and reporting solutions to transform your company’s decision-making.

So, let’s break down what accounting advisory services really are, what they mean to your firm, and what they can do for your clients. The problem she realized was that a lot of the services being offered were not being well understood by her clients. So she developed an online course priced at $495 called Not Rocket Finance accounting advisory services to help them get up to speed on accounting issues and financial reporting along with others matters so that she can then upsell them on to her virtual CFO services. Practice Forward offers tools and customized coaching designed to enhance your accounting firm’s advisory services and strengthen client relationships.

Main Menu v2 – Company

Blake Oliver noted in the roundtable’s accompanying chat discussion that the U.S. Hood added that such an activity analysis could be useful in other areas, such as determining the areas that an individual needs to focus more on, in terms of work processes or personal life goals. In the survey of round table participants, nearly half of them believe generative AI tools will be used on a daily basis by most people in firms within the next 1-2 years.

Marcum is among the first national accounting and advisory firms to establish a practice dedicated to serving the PEO industry. From development stage startups to revenue-generating accelerated public company filers, Marcum has the breadth of experience to deal with the challenges companies face. Marcum offers industry expertise and a commitment to provide a wide array of services within the financial institution industry.


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