april2022 - 28

FEATURE
The
Most
Important
Questions
By Jeannie Ruesch and Kane Polakoff
ALTHOUGH CLIENT ACCOUNTING SERVICES (CAS) has existed for years, it is
now one of the fastest-growing and most profitable practice areas within the
accounting profession. CAS practitioners reported a median growth rate of
20% in 2021, and CAS outpaced other practice areas by a significant margin.
But what does it take to successfully offer CAS services in a digital-first
environment?
This question has emerged repeatedly
during my conversations with customers who
are busy automating financial workflows and
interested in learning what works and what
doesn't as they build their CAS practices. And
while CAS is still a growing field, there are
established experts who do it particularly
well. Among those experts is Kane Polakoff,
who launched the UHY Advisors CAS practice
in 2019. When I asked him to reveal the
secret formula to successful CAS growth, he
was quick to answer, " people, process and
technology. "
Together, Kane and I identified six key questions
that firms should consider when it comes
to their CAS practice. Our shared knowledge of
this specialized practice area and what it takes
to launch one can save you from reinventing
the wheel-or getting caught up in it.
WHAT THREE STRATEGIES
SHOULD I FOCUS ON
BEFORE LAUNCHING A
CAS PRACTICE?
* Put People Front and Center.
Technology is undoubtedly
helping accounting firms reach
new heights, but people will always be at the
center of your practice. Getting everyone on
board at an early stage will ensure smoother
sailing later, so make sure senior leaders across
each department are aware of the value CAS
offers. Then, choose a dedicated CAS practice
leader who can focus on building a new service
area without distractions. Delegating the project
to a partner with other responsibilities almost
guarantees CAS won't get the attention it needs.
Once a CAS practice leader is in place, invest in
building a strong team around that leader. The
28 APRIL 2022 ■ www.CPAPracticeAdvisor.com
right people with a background in accounting
and a passion for technology can make all
the difference.
* Emphasize Process. It can be easy to run with
a new idea, but first, double-check that you are
running in the right direction. A detailed plan
for introducing and integrating CAS is crucial to
securing success further down the road. Take the
time to plot out how CAS will function within
your firm on a day-to-day basis and as part of a
larger organization. Then, identify a few clients
with whom you can experiment and tweak the
initial offering. Once you find an operational
sweet spot, introduce CAS to other clients and
continue to evaluate and improve the offering
* Leverage Technology. Automat ion and
AI-enabled systems have reinvigorated the
accounting profession in recent years as firms
turn to technology to streamline processes. A
fully integrated tech stack is essential to any
CAS practice, particularly since clients are now
demanding easily accessible analytics and business
insights. Automated accounting software
can also save valuable time as your practice gets
up and running. For example, accounts payable
(AP) and accounts receivable (AR) automation
eliminate manual tasks like entering invoices
by hand or chasing after signatures.
to Ask When Building a
CAS Practice
http://www.CPAPracticeAdvisor.com
april2022

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