Back in the day, when Mom and Pop first opened their storefront, Pop hauled the boxes while Mom kept the books. As the store prospered and expanded, Mom got too busy taking orders and sourcing merchandise to stay on top of the paperwork. It was time to hire help. A bookkeeper joined the business and meticulously recorded sales, invoices, purchases, bills, receipts, and other business transactions. Soon there were several bookkeepers on staff dealing with a cash flow rising to nearly $1 million a year.
When Mom and Pop retired to Florida, their son took over and increased operations, hired additional staff, expanded the product line, and upgraded the business’ IT systems. He needed financial statements, tax advice and payroll services. The business was scaling up, but still could not support a full-time financial management team. It was time to outsource, and he wisely chose an accounting firm that offered Client Accounting and Advisory Services (CAAS) to step in and support the business.
Small businesses with revenues of less than $1 million a year can often get by with a talented staff of bookkeepers who manage day-to-day financial records. They record income and expenses, categorize them, and create workable financial statements that keep the business owner up to date on the health of the business. They allow the business owner to delegate the fundamental operations and do what he does best – plan, strategize, connect with clients, and expand.
When operations intensify, it’s time to bring in the big guns. But often, a growing business can’t yet afford to maintain an executive staff. Client Accounting and Advisory Services (CAS) is an outsourcing solution that provides essential executive-level financial functions without the burden of hiring and managing in-house leadership.
CAAS offers core bookkeeping services that typically include financial reporting, payroll processing, cash flow management, budgeting, and compliance support. While these functions may be addressed by a proficient bookkeeping staff, CAAS can go a step above by helping a business streamline its financial processes and improve efficiency. CAAS can supply strategic guidance financial forecasting, risk assessment, tax strategy, and performance benchmarking to help businesses make informed decisions. At its highest level, CAAS can supply controllership or CFO and wealth management services.
More business means more data – ranging from financial metrics like profits and cash flow to customer purchasing patterns, inventory records, supply chain logistics, and compliance documentation. To manage this complex data, a business needs a team of professionals – several pairs of eyes and ears – to ensure data integrity, accuracy, and security. Leveraging the skills of CAAS team of financial and accounting experts can ensure this standard of assurance.
As businesses grow, their financial needs become more complex. Client Accounting and Advisory Services (CAAS) can provide expert financial support without the cost of a full-time team, allowing business owners to confidently focus on expansion.
This material has been prepared for informational purposes only and is not intended to provide or be relied upon for legal or tax advice. If you have any specific legal or tax questions regarding this content or related issues, please consult with your professional legal or tax advisor.
