This report examines how the definition of client advisory services (CAS) is evolving within the profession, along with how firms are implementing new strategies to place advisory services front and center.
NEW YORK, Aug. 2, 2023 /PRNewswire-PRWeb/ -- Accounting Today, Arizent's essential resource for public accountants, has published its annual Advisory Services research report for 2023. Sponsored by Intuit, the findings reveal that as CAS grows across all kinds of firms and its definition evolves, leaders in the profession are starting to identify both challenges and best practices.
The research shows that CAS has gained immense popularity; 50% of accounting firms now offer these services to their clients. While CAS is more common at larger organizations than smaller ones, these practices account for 30% or more of annual revenue for more than a quarter of all firms.
In terms of best practices, many firms are hiring dedicated CAS staff to communicate more efficiently with their clients. More than half of all firms already have a designated team, and when broken down by size, 78% of larger organizations report having one.
"However you define CAS, it's clearly a massive success," Dan Hood, Editor-in-Chief of Accounting Today, says. "As a developing offering, the ability and willingness for firms to change and update their service offerings is essential for their mid- and long-term success."
Despite these promising opportunities, CAS poses new challenges to the accounting profession. For example, 55% of participants cite figuring out their pricing strategies as their largest obstacle with these services. CAS is typically a monthly subscription product, leaving accountants uncertain about how to quantify these offerings without driving away cost-conscious clients.
Even as CAS becomes a core service of the accounting profession, it is
changing its focus from handling back-office functions to deepening
client relationships with business-critical advice and insights.
To read more about the challenges, opportunities and best practices firms are identifying, download the full report here: https://www.accountingtoday.com/research-report/from-accounting-to-advisory-the-evolution-of-cas
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
[email protected]
M 207-807-4806
Research Methodology
This report is based on a research survey conducted online by Arizent/Accounting Today during May 2023 with 559 respondents from the accounting community. To qualify, participants had to be employed by a CPA, accounting or tax firm.
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
About Accounting Today
Accounting Today is the leading information resource for public accountants – serving the community of professionals who provide tax preparation, bookkeeping, auditing, financial planning, and business advisory and consulting services to individuals and small businesses. Accounting Today is sharply focused on the industry's most important concerns, including tax law, accounting standards, technology, audit and assurance, and wealth management. Its analysis and breaking news, opinion and expert advice, and practical business-building ideas enable partners, principals and practitioners to make informed decisions about their business and the clients they serve.
About Intuit
Intuit is the global technology platform that helps consumers and small businesses overcome their most important financial challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.
To learn more about how QuickBooks supports Accountants, visit: https://quickbooks.intuit.com/accountants/.
Media Contact
Janet King, Arizent, 212-803-8500, janet.king@arizent.com
SOURCE Arizent
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