Beefing up your firm’s Client Advisory Services is a priority for most accountants as they kick-off 2021, but it’s easier said than done. Client Advisory Services (CAS) are a buzzy approach to add additional value to existing clients and broaden the appeal of your firm to a wider variety of potential clients. But what do CAS really consist of?
CAS are at the intersection of financial strategy, business consulting, and technology. Practically speaking for accountants who are already deeply embedded in their clients’ payroll runs and general ledger, this means investing in process automation expertise and growth advising.
In our upcoming webinar, we’ll explore the topics that will define Client Advisory Services in 2021, how to broach those conversations with your clients, and the expertise you’ll need to be a trusted advisor.
Make sure to join our webinar "Client Advisory trends every accountant should know about in 2021" on February 10, 2021. You can register here.
Remote work’s long term impact on business operations
Though the pandemic will eventually end, remote work is going away anytime soon. Gartner research shows that nearly half of employers intend to allow employees to continue work remotely full time in the future. This has implications for every part of the logistics of employee lifecycle, not to mention the challenges of building an engaging employee experience.
Remote work has disrupted the basic mechanics of employee onboarding—like document collection and verification, device management, and app management. This opens the door to compliance risks and offers a negative experience in an employee’s first days. The opportunity for employees to work anywhere has meant that many employees have moved to states where their employer has not previously filed state income taxes. This creates time consuming work for you and your clients, and if withholdings aren’t adjusted in time, surprisingly large tax bills for employees. Remote offboarding provides ample opportunity for a disgruntled employee to retain access to sensitive information.
These risks are surmountable, and many technologies exist to facilitate a permanent transition to the realities of remote work. They also provide an opportunity for you to broach more strategic conversations with your clients.
The technology landscape powering process automation
Companies are increasingly turning to “all-in-one” HR systems to improve accuracy, ease of use, and to unlock more powerful reporting. Clients should invest in a system for core functionality like payroll and benefit administration that automates basic administrative tasks. Any client that is likely to grow should use technology that offers the enterprise-grade features so they don’t need to transition as their business becomes more complex. This includes automated multi-state taxation compliance, seamless and accurate general ledger integrations, and robust approval and permissioning structures for administrators
Your client’s core system should also be able to integrate with other vendors so that your client can take advantage of best-in-breed technology across their business. Keep an eye out for systems that will adapt to any type of business, including supporting hourly, contract, or international employees. Finally, recommend tools that allow for custom reporting based on both HR and payroll data. This will empower you to provide ongoing strategic advice, positioning you as growth advisor for your client’s long-term business goals.
Your role as a growth advisor
Serving as a growth advisor enables you to align yourself with the goals of businesses across any industry. Your financial reporting responsibilities provide the opportunity to begin to translate the financial realities of your clients business into the different business strategies available to them.
Of course, the advice you can offer will vary based on the specifics of each of your clients’ businesses. A good place to start is identifying creative cost savings approaches like reducing the organization’s benefit costs through a PEO or identifying technologies to automate manual processes so your client can grow their business without linearly increasing their headcount.
For more ideas, join us in our webinar to connect with industry peers about how they are expanding Client Advisory Services in their accounting practices.
Make sure to join our webinar "Client Advisory trends every accountant should know about in 2021" on February 10, 2021. You can register here.