If you’re looking to expand your accounting firm’s services (or hire an accounting firm to do these services), these are the ones you should consider. They encompass everything from basic bookkeeping services to more advanced analyses and advisory. We explore the typical client accounting services offered by accounting firms below.

What Are Client Accounting Services?

Client accounting services (CAS) refer to accounting services outsourced by business owners to accounting firms. These client advisory services and outsourced accounting services support businesses in a myriad of ways. Businesses will often seek out client accounting services to:
  • Receive more cost-efficient support and service. It costs more to hire a dedicated accounting team than to outsource the work. Outsourced accounting may save money over time, no matter the service.
  • Avoid mistakes. A small business owner may not be up-to-date on compliance. They may also make minor mistakes that have major repercussions. Utilizing outsourced accounting services ensures that their finances are in good hands.
  • They receive valuable insights (with some service offerings). CAS can be instrumental in helping business owners understand their financial situation and strategize using current financial data and financial forecasts.
Whether you’re an accounting firm looking to expand into CAS or you’re wishing to offer more accounting services to business clients, the market is ripe with opportunity. Here are the 12 common client accounting services offered by accounting firms.

12 Typical Client Account Services

1. Bookkeeping

Bookkeeping is an essential financial service that every business owner will require. Bookkeepers and accountants are tasked with tracking every financial transaction within a business. This includes, but is not limited to client invoices, sales, utility bills, and more. This plays a crucial role in allowing business owners to track their financial health. Then, they can make more informed business decisions. Bookkeeping can be one of the more time-consuming CAS for accountants. Navigating between multiple platforms, uploading documents, and beyond can slow your business down. Keeper allows you to streamline your operations and save time for advisory. How? Keeper is the leading QuickBooks and Xero-integrated bookkeeping practice management software. With Keeper, you can:
  • Automate expense categorization and reconciliation
  • Upload and track receipts with ease
  • Track and prepare 1099s
  • Generate comprehensive reports in just a few clicks
  • Communicate directly with clients
  • Manage projects and tasks with team members
Change the way you approach financial services like bookkeeping with Keeper.

2. Tax Preparation and Planning

As an accounting firm that offers CAS, tax preparation and planning is a solid addition. CAS like tax preparation ensure that business owners’ taxes are being filed flawlessly in accordance with state and federal law. They help business owners find the most tax savings to save more once tax season rolls around. These client advisory services ultimately help businesses preserve more of their wealth. Tax preparation and planning are offered by many CPAs and larger accounting firms.

3. Payroll Management

Business finances feature a complex interplay of various elements. One such element is payroll. Payroll management is often easier for business owners to offload. This is especially true if they’re responsible for a larger workforce. Accounting firms that offer payroll management are responsible for accounting tasks like:
  • Tracking and calculating wages
  • Making sure that the right amount of taxes is being deducted and paying taxes
  • Disbursing payments on time
  • Keeping detailed and regularly updated records
  • Reviewing employee benefit plans
  • And so on
Payroll management ensures that a business’s workforce is being properly compensated. It also guarantees that all compensation is being properly managed and accounted for.

4. Accounts Payable

Most businesses rely on vendors and suppliers to support their operations. In this case, they’ll enlist the help of accounting firms offering CAS to track accounts payable. Recording accounts payable requires accountants to:
  • Track all business expenses and related invoices
  • Record outstanding debts on a company’s balance sheet
  • Verify that outstanding debts match current financial records
  • Process payments so that no outstanding debts remain
  • Dispute any issues that may exist within financial records with suppliers or vendors
Accounts payable services are offered alongside their counterpart: accounts receivable.

5. Accounts Receivable

When you’re tracking accounts receivable, you’re recording outstanding debts that need to be paid to the company you’re offering CAS for. As with accounts payable, you need to track and record outstanding debts. Accounts receivable can offer numerous insights into the efficiency of payment collection. With consistent payment data, you can help businesses determine:
  • How long it’s taking them to get paid
  • Where inefficiencies exist in their current payment system
  • If there are frauds or errors that are impacting financial information and records
  • And more related to cash flow management
  • This service will ensure companies are getting paid and that all debts are accounted for.

6. Financial Statement Preparation

Your role as an accountant goes beyond tracking finances for tax reporting. Let's imagine that a business needs documentation to demonstrate financial performance to shareholders. Maybe they're looking to apply for more funding. In either case, they’ll need financial statements prepared ahead of these activities. That’s where an accounting firm comes in. This service leverages existing financial data to produce reports like income statements, balance sheets, cash flow statements, and other crucial documentation to illustrate a company’s financial health.

7. Cash Flow Forecasting

Staying on top of finances is essential for businesses that want to know their financial health now. But many businesses are constantly looking to the future. CAS, like cash flow forecasting, gives businesses the insights they need to estimate their financial health in the future. In the case of positive forecasts, this can help them invest in new products, scale their business, and enlist the help of new talent. In the case of less promising forecasts, they still receive support. They can make financial planning decisions that will help them remain profitable. This service will help businesses anticipate what moves they need to make next. It will also ensure client satisfaction moving forward.

8. Accounting Advisory and Consulting

An accounting professional is more than someone who tracks expenses and produces reports. An accounting firm will often act as a guide for the businesses they offer client accounting services to. Accounting advisory and consulting is a good example. Client accounting advisory services typically go hand-in-hand with other services mentioned here. This includes accounting work like tax planning, cash flow forecasts, and wealth management. Put simply, you offer them the advice they need in order to navigate the business landscape with ease. This may include everything from changes in their finances to changes in laws that could affect them.

9. Controller Services

Controller services are simply a different name to refer to outsourced financial support. Some controller services may be as simple as providing basic bookkeeping and accounting help. This is especially true if smaller businesses are seeking out controller services. Other businesses may need more extensive support. This could entail complex accounting processes like managing mergers and acquisitions or overseeing investor relations. As an accounting firm, you determine what level of support and which service you can provide.

10. Virtual CFO Services

A CFO is in charge of overseeing an entire financial department within a company. Their role is to ensure that all financial operations are running smoothly. They also provide valuable guidance and strategic insights that drive an organization forward. As you can see, a lot of this is what’s listed here in this guide. Many accounting firms will offer CAS like virtual CFO services. They stand in as professionals for organizations. Many will enlist the help of a fractional CFO when they don’t need a full-time CFO in the business. You provide the service, and they benefit from your valuable insights and guidance.

11. Business Valuation

Business valuation serves to help businesses determine how much their company is worth. This can be instrumental during mergers and acquisitions or if someone is selling a business. It also plays a role in shareholder disputes. Accounting firms can offer CAS like business valuation to support business owners with the above. This outsourced accounting service may not be as in-demand as others. However, it’s still requested and important to the business community at large

12. Wealth Management

Businesses need to be savvy with their resources to grow effectively. That’s where client advisory services like wealth management come in. Accountants can guide businesses on what to do with their wealth to consistently improve their finance. With the right support and investment insights, companies will continue to reach new heights. If your accounting firm knows how to manage wealth, you could offer this service. It can be a valuable addition that will support each large potential client.

Streamline Your CAS with Keeper

As an accounting practice, you understand that time is money. Integrating new solutions into your strategy that help you save time and engage in bookkeeping and CAS more efficiently is essential. Keeper helps you streamline your client accounting services so that you can save time for advisory. With Keeper, you can:
  • Speed up your month-end close.
  • Take advantage of pay-per-client, month-to-month subscriptions that support your needs.
  • Utilize our project management system and client portals to streamline financial tasks, communicate seamlessly with your team and your clients, and maintain a positive client relationship.
  • Integrate with bookkeeping/accounting software like Quickbooks Online, Xero, and other tools through Zapier.
  • Easily upload and manage receipts digitally.
  • Request, update, and export 1099s.
  • Generate custom management reports quickly and easily.
  • Get the support you need to run your practice more efficiently.
Discover how Keeper can streamline your CAS and support your accounting firm. Book a demo today.