Updated: Aug 14, 2020
Growth in any organization or small business should certainly be celebrated. But along with newfound growth comes a number of accounting and financial related challenges facing many business owners and organization leaders. From scaling internal accounting functions to attaining accurate and real time business data in order to strategize properly, these new yet exciting obstacles are just that - new obstacles for your organization or business to overcome. Instead of adding another item on your already lengthy to-do list, you may want to consider working with a client accounting and advisory services (CAAS) firm. CAAS firms leverage cloud-based technology to allow organizations and small businesses to outsource a portion, if not all, of their accounting and finance functions. Check out our list below of the top five benefits of working with a client accounting and advisory services firm:
Maximize Your Time
You only have 24 hours in a day. Maximizing your time as a business leader is vital. With a CAAS firm you are able to outsource the administrative tasks that, while important, may not be considered the highest use of your time. Outsourcing allows you to dedicate more time to your core mission while letting the experts manage tasks like payroll, cash management and budgeting. Think about what you could do with an additional 10 hours a week!
Customization and Flexibility
While there is a great deal of accounting and finance software offered on the market today, these programs don’t offer much on the side of customization. They may not fully address all of your organization’s financial and accounting needs without having you accrue additional fees. CAAS firms utilize cloud-based technology applications and processes that make the most practical sense for each business on an individualized basis. As your organization grows, a CAAS firm can provide flexibility in terms of the services they provide you. Maybe as a start-up, you needed assistance with payroll processing and now that business is booming you need help with KPI analysis and forecasting. A good CAAS firm provides its clients with the ability to keep the services they need and upgrade or change other services to align with their business goals.
Cybersecurity and technology-based equipment thefts are common concerns amongst any organization or business. The threat of losing important data or having sensitive information stolen by cybercriminals comes with many repercussions, repercussions that you, as a business owner, would like to avoid. Utilizing the cloud-based technology employed by most CAAS firms provides business owners and leaders with a sense of reassurance. The accounting platforms used are updated regularly to ensure they are operating on the most up to date cyber security software. In addition, all of your information is stored in the cloud so your data can still be accessed if you become a victim of equipment theft. The ability to securely store your sensitive information is vital to your success.
Capital Investment Not Required
You read that correctly. Working with a CAAS firm offers many benefits including that services are typically pay as you go or subscription-based. What does that mean for you? There’s no need for an upfront capital investment from your business. Along the same lines, businesses have minimal start-up costs and predictable ongoing operating expenses when partnering with a CAAS firm because of how streamlined the cloud computing set-up is. There’s even less of a concern regarding upfront costs for training because most CAAS firms provide staff training to ensure a seamless transition to the new platform.
Remote Working Capabilities
With typical desktop-based accounting software in order to access your accounting records, you need to be in the office or working at a designated computer. When utilizing a cloud based accounting system, as long as you have an internet connection you can access the accounting system from any computer, laptop or smartphone. It’s important to promote remote working capabilities amongst teams, especially in these unprecedented times.
At the end of the day, partnering with a CAAS services firm will enable you to focus on what matters most – your clients. And they’ll thank you for it. For more information on client accounting and advisory services and what’s right for you and your organization, please contact us.