With the rise of offshoring, more small and medium sized US CPA firms have successfully improved their operating margin during the current war for talent. Offshoring, as the Big Four firms have found for decades, improves firm efficiencies—when managed properly. One of the challenges of outsourcing is that firm managers Read more…
Over the past year, I’ve had an increasing number of conversations with the leaders of Client Accounting Services practices who are contemplating an offshore solution to reduce costs and address the consequences of the “Great Resignation”. I’ve discovered there are many misconceptions about the notion of offshoring, and many firms Read more…
Utilization in professional services is not always well understood, despite it’s being a vital metric. When applied correctly, it’s especially useful in measuring the productivity of teams and individuals. What’s more, when leveraged well, it can help you improve your margins. When utilization isn’t understood or applied correctly, it can Read more…
You’ve seen it all before. Some CAS practices think there is a magical solution to address their capacity needs. They offshore their operations but do it with a healthy fear that bedding in a new system will be time-consuming and disruptive. Sometimes those fears are realized. These firms can end Read more…
CAS practices like yours are constantly on the lookout for ways to optimize and improve their business. Recent surveys show that fewer than half of surveyed CAS practices are satisfied with their operations. You might be familiar with some or all of the following issues: You struggle with lack of Read more…
According to recent surveys, one of the leading challenges facing CAS practices in CPA firms in 2021 is staffing. You go through the time-consuming process of hiring new accountants, but the task of retaining these in-demand workers soon becomes clear. The new war for talent is challenging many firms due Read more…
Many small to medium CPA firms are taking advantage of the opportunity to offshore their back-office workflow. These firms are finding that Knowledge Process Outsourcing (KPO) workforce solutions give them the platform to concentrate on other areas of their business while their practices still grow. By combining human assets with Read more…
The average starting salary for accounting undergrads this year is projected to be $58,508, up from $52,734 in 2020. That 10.9% increase is quite the jump over last year when the average starting salary was expected to increase by only 0.4% for the class of 2020. This brings tremendous pressure Read more…
Successful implementation of a Client Advisory Practice requires a shift for many accounting firms. The industry has historically maintained a responsive “service” mindset, where firms have demonstrated value by responding to client requests. CAS requires a more proactive partnership mindset, where firms demonstrate value by helping their clients identify their Read more…
While Client Advisory Services (CAS) offer significant revenue opportunities, there are challenges to a successful implementation. Client Satisfaction Only about 15% of firms say they are “very satisfied” with the financial and operational performance of their client accounting services, and 40 percent are merely “satisfied.” Pricing Many firms are trying Read more…