The client advisory services (CAS) environment is changing so quickly, it can be hard to keep up. Not only are individual practices evolving rapidly as they grow and learn more about what their clients need, but so is the technology that serves as the foundation of CAS.
As a CAS practitioner, that means you need to constantly monitor these changes, keeping your eyes open to new possibilities and developments as they unfold. But with so many changes, how do you know which to pay the most attention to that will have the biggest impact on your practice and clients?
I’ve had countless conversations with CAS practitioners and technology providers about what’s going on in the field over the past few months, including a recent discussion with Nicole Ksiazek, CPA, Sage Intacct Accountants Program Senior Partner Executive. Here are two if the most significant opportunities that often rise to the top.
Industry-oriented verticalization
Industry verticalization is where CAS practices choose to orient services and business development efforts around specific industry verticals or micro-verticals. These verticals are aligned with the firm’s strategic ambitions, its people’s skills and experiences, and its market opportunities. This niche approach is proving to be one of the most powerful and effective ways for CAS practices to focus their efforts to achieve long-term, sustainable growth. In fact, CPA.com’s most recent CAS Benchmark Survey found that 77% of respondents indicated that their CAS practices choose to specialize in one or more industries rather than not specializing by industry, and doing so gives them an advantage.
A focused approach allows firms to develop and deliver deeper industry-specific expertise. It can also help them achieve greater focus in their technology investments, evaluating solutions through the lens of their target industries and adopting them accordingly. This helps them become more effective—not just in how they use technology, but in their ability to provide trusted advice to clients. The result: more value and a bigger impact for clients, faster.
Artificial intelligence
Is there any list of critical business trends today that doesn’t include AI? It’s everywhere. But if you’re already feeling burned out by the topic, don’t be. It requires our attention, because it holds tremendous potential for CAS practices. In fact, it’s already benefitting firms that are using it to solve actual problems, not just tinkering following data security best practices.
For example, CAS practices are overflowing with all kinds of client data, only a fraction of which they may actually be using at any given moment. And for CAS practitioners, their workloads are equally overflowing. This is one of many practical scenarios for deploying AI, which can scan through massive amounts of data to surface useful patterns, anomalies and findings for human review according to parameters established by practitioners. AI holds the potential to help CAS practitioners solve a tremendous range of problems, from simple to complex, much faster.
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Stay a step ahead with the Sage Intacct Accountants Program
Regardless of where your firm is on its CAS journey today, it can benefit from the experiences of others who have already been there, done that. After all, CAS is the fastest growing service line for firms, and some successful, established CAS practices have been up and running for years and have sophisticated, mature business models and operations. Along the way, these firms, their technology partners, and CPA.com have cultivated a deep body of knowledge about what works (and what doesn’t), from practice structure and processes to technology adoption, new business development, talent models, and a whole lot more.
CPA.com and Sage, a provider of industry-leading technology that is used by leading CAS practices, have channeled years of practical, hands-on CAS experiences and insights into the Sage Intacct Accountants Program (SIAP). It’s a program that provides qualified firms with the advanced technology, deep industry expertise, and practice innovation insights they need to deliver on their CAS growth strategies. The program offers access to an accountant console as well as a host of advanced resources, tools, education and support for participating firms. SIAP provides a comprehensive foundation for firms for supporting critical aspects of their CAS practices. To learn more about SIAP, including how to join the program, start by visiting cpa.com/sage.
Kimberly K. Blascoe, CPA, leads CPA.com’s CAS 2.0 practice transformation programs, focusing on helping firms establish and grow optimized CAS practices through consulting, practice development and training offerings. Prior to joining CPA.com, Kim spent more than 30 years in public accounting, which included leading the CAS practice for a Top 20 firm.
