Client Advisory Services (CAS) means more to businesses and their clients ─ it's the new wave of advisory services that businesses need. Ride the wave with us… we’ll show you how!
You’re probably already providing some form of advisory service to your clients, so adding a few more steps to your process should be simple and will allow you to construct more value for your clients and practice.
What is the purpose of client advisory services?
The reason our clients seek out advisory services is that clients are often incapable of performing certain tasks on their own. Whether they are tasks that are beyond the clients’ capabilities, or that they simply don’t have time for, advisory services typically include value-added services. Keep in mind that value is different for everyone.
Unlike large advisory firms, we have the skill to tailor our advice and opinions to the specific needs of our client’s unique situations. We in accounting have seen businesses succeed and fail, and we can help our clients in one or more specific situations by providing our expertise and guidance.
Setting the framework for advisory services.
There are several types of advisory services that provide different values for small business owners.
Small businesses are increasingly looking for our assistance. As accountants are often a trusted source, it’s only natural that they also provide advice, and in reality, many accountants are doing this without an official “CAS” title anyway.
Small business owners can feel exposed and vulnerable when sharing financial information because they do not fully understand their numbers. Good advisory starts with trust and understanding. A good CAS is able to use the numbers they already have access to, listen and gather as much information as possible to help their clients. Once you have analyzed all the information, trust your gut when giving advice.
Don't wait to let your clients look to strangers on the internet for answers, because it is scary how quickly they can be misled and even led away by someone else's free advice.
Client advisory services’ role in accounting.
What are accounting advisory services exactly?
It is important to keep in mind that you are part of your client’s team and that your role is to develop strategies to help them grow their business.
As a team member, you can specialize in one or utilize a variety of strategies and technologies, which can be adapted to meet the individual client's needs. These can include cash flow forecasting, making forecasts and conducting budget reviews (and much more).
With the use of modern technology, collaboration and advice are possible. We are fortunate to have a modern toolbox at our disposal. Our clients have real-time bank feeds, a shared online workspace between accountants and business owners, and access to real-time data and forecasts.
Stacks of paper are no longer required to handle clients’ day-to-day business; technology can help us (and our clients) succeed!
As discussed previously, integration into our platform is important, as well as one of our most valuable tools. Dryrun makes it easy to integrate your client's accounting software directly into our backend dashboard (QBO, Xero, Sage Intacct, PipeDrive).
Your client may not be a tech-savvy and may not even realize that the technology exists to make their business decisions and accounting endeavours easier. This is where your CAS comes into play.
Today’s accountant is much more than just a number cruncher. As the expert on your client’s finances and business processes, you are uniquely positioned to completely transform their business operations.
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