Client Accounting Services Can Transform Your Business – Here’s How
Whether you have a well-established business or you’re launching a new startup, having the right systems and processes in place is essential to both day-to-day operational efficiency and long-term growth and success.
Many companies run into serious problems because they rely on a part-time bookkeeper who can’t keep up with accounting tasks or doesn’t have the expertise to manage them properly. This approach often results in late payments, inaccurate financial statements, compliance issues, and poor cash flow, all of which can have a direct impact on the financial health of the organization.
Here’s the good news – client accounting services (CAS) allows you to cost-effectively outsource accounting functions and prevent these issues from happening to begin with.
What Is CAS?
Client accounting services, or CAS, is a service model that enables businesses to outsource all or a portion of accounting services to a third-party accounting firm.
At Prager Metis, the CAS team can either complement your in-house accounting team or serve as a fully outsourced accounting department. Modern, cloud-based accounting software is used to enter data, monitor activity, and generate reports and statements.
These outsourced service packages can include cash flow management, accounts payable and receivable, bill payment, payroll, tax preparation and payments, projections, compliance, controller and CFO advisory services, and strategic analysis, planning, and process improvement.
The team at Prager Metis works on flat monthly retainer-based pricing structure that depends on the budgeted time schedule and the software or tools used. All costs are systematically calculated and stated in the proposal that is provided to the potential client.
Why Outsourced CAS Makes Sense for Businesses
Most importantly, CAS represents a proactive step that you can take to prevent problems and reduce risk instead of reacting to problems as they happen, which is far more expensive, time-
consuming, and resource intensive. Prager Metis can also identify opportunities that support organizational growth.
Here are six ways businesses benefit from the outsourced client accounting model –
1. Productivity. CAS allows you to focus on core competencies, revenue-producing initiatives, and customer service instead of accounting tasks.
2. Cost-efficiency. Pay for only the services you need and eliminate the costs involved with hiring and training an employee and paying a salary and benefits. Prager Metis also streamlines the process for preparing tax returns because we will have already entered all information required into the software platform.
3. Flexibility. If you have a busy time of year or are experiencing business growth, simply contact Prager Metis to update your agreement. Add or remove services as needed instead of adding and reducing staff.
4. Access to expertise. More than an individual bookkeeper, Prager Metis allows you to tap into the knowledge of a full team of accounting professionals, who will provide day-to-day services and monitor your financials. When you partner with Prager Metis, you’ll essentially receive bookkeeping and accounting services for one monthly fee.
5. Compliance. Prager Metis will help you implement best practices for bookkeeping and accounting to ensure compliance and reduce the risk of penalties and fines.
6. Strategic advantages. CAS isn’t just about day-to-day accounting and financials. The Prager Metis CAS team has the experience to help you reduce costs, increase cash flow, create more accurate forecasts, improve internal controls, extract valuable insights from your reports and data, and implement strategies to achieve your goals.
What to Look for in a CAS Provider
The quality of CAS is only as solid as the CAS provider. It’s important to choose a reputable accounting firm that’s capable of meeting your objectives.
While more accounting firms are offering CAS, many don’t offer the full scope of services that Prager Metis does. When vetting CAS providers, find out what specific services they offer and make sure they’re using modern software that can be integrated with your systems.
Experience matters and is key to a successful project. Look for a CAS provider that has experience in your industry, understands the accounting requirements of your company, and has the experience and training to answer your questions. The Prager Metis CAS team has partnered with organizations in a wide range of industries and offers the expertise and resources to satisfy compliance requirements and meet your specific goals.
CAS involves sensitive financial information which is why it is important to ensure your CAS provider is equipped to offer the highest level of security and fraud prevention. Prager Metis has robust risk management systems and quality control protocols in place, and our software is capable of detecting suspicious activity and generating automated alerts. As an added level of security and assurance, a Prager Metis partner provides their expert oversight over all CAS functions and processes.
In summary, CAS delivers tremendous value to businesses, both operationally and strategically.
With greater acceptance of remote working and outsourcing, a shortage of available talent, and a never-ending quest to maximize efficiency and productivity, the ability to outsource accounting and financial services has become very appealing. CAS could very well become the preferred service delivery model in the not-too-distant future.
If you’d like to discuss how your organization can benefit from outsourcing all or a portion of your accounting functions to the Prager Metis CAS team, call Hayley Mayer at 516-921-8900 extension 10511 or email hmayer@pragermetis.com.
