BY Michael Poveda
According to the UHY 2022 Middle Market Trends Survey, over 20 percent of business owners have explored the option of outsourcing their accounting function and given today’s challenging business environment, that percentage is expected to grow.
Today’s business owners have their hands full just focusing on sustaining and growing their businesses, with little time to focus on their businesses’ accounting operations, despite that function’s importance. In fact, according to a survey by SCORE, a small business mentoring organization, a full 40 percent of small business owners say bookkeeping and taxes are the single worst part of owning a business.
Yet, it is data from the accounting operations that should lay the foundation for important business decisions. Given that and given that few companies have full accounting capabilities in-house, outsourcing their businesses’ accounting functions is increasingly more attractive to business decision makers.
That is where Client Accounting Advisory Services (CAAS) comes in. CAAS allows a business to outsource its finance, back-office and accounting operations. It is a service offered by many accounting firms. It has benefits beyond outsourcing those activities.
Since CAAS gives the accountant involvement in all data, transactions, trends, monitoring, capturing and analysis of the business’ financial activities, the accountant is in a unique position to provide informed advice on all business decisions and intelligent input on risk/reward situations.