Client Accounting Services (CAS) – refers to fully outsourced accounting and financial services that accounting firms provide to their clients. Accounting firms employ professionals with specialized knowledge in different areas such as tax planning, financial management, estate planning, investment planning, retirement planning, and other services tailored to the client’s individual needs. The services offered by CPA firms usually go beyond traditional accounting services to provide its high-net-worth clients with discretion, convenience, and access to team experts. The CPA firm’s professionals are better equipped to advise its clients when handling the whole suite of accounting.
CAS services provide significant benefits to high-net-worth clients. Here are some advantages:
- Cost & time effectiveness – having an in-house employee requires time to find the right hire, training time, and providing vacation and benefits. On the other hand, outsourcing accounting means you are working with a professional team for the cost of one full-time in-house employee. There is no interruption in the work and no employee turnover.
- Specialized Services: CPA firms offer various services, including outsourced accounting, tax planning, estate planning, investment planning, and retirement planning. This approach helps HNW families manage their financial affairs comprehensively and meet their long-term financial goals.
- Improved Efficiency and Productivity: Having a dedicated team focusing wholeheartedly on the task. It means faster turnarounds, reduced errors, and improved productivity all around.
- Scalability: HNW families’ financial needs can change over time. CAS team adapts to these changes, providing flexible and scalable services.
- Advanced Technology: CPA firms have access to the most innovative accounting software and technology, which improves efficiency and enhances reporting capabilities. It allows real-time reporting without having to invest in setting up an internal accounting department.
- Security and Confidentiality: It is always a priority for a CPA firm to have the highest security and protection of the client’s sensitive financial information.
- Stress-Free: Delegating all accounting tasks to experts reduces stress associated with complex financial matters, allowing HNW clients to concentrate on other issues and enjoy their lives.
In summary, Client Accounting Services (CAS) provide HNW families with access to the highest expertise, scalability, cost savings, and a comprehensive approach to managing their wealth. It is essential to engage a reputable CPA firm that you can trust for the long term.