The CPA.com 2018 CAS Benchmarking Report identifies Professional Services, Small Business and Nonprofit as the top niche specialties among Client Accounting Services (CAS) providers. It’s no surprise that “professional services” is one of the top industry niche specialities among #CAS firms. Who, more than other certified professionals, understand the value the services of THE trusted advisors bring to attorneys, engineers, physicians and other professional services providers.
While not a traditional “niche”, small and closely held businesses are a mainstay in accounting practices. While there’s no clear definition of what constitutes a “small business”, #CPAs certainly have an opportunity to expand the scope of their client relationship far beyond the traditional compliance and tax advisory services they offer. Providing business growth, exit planning, M &A and other consulting services can have even greater value if your firm is providing controllership and CFO advisory services in addition to the compliance work.
Since nonprofits represent a large portion of assurance service line revenues, it’s no surprise that they also represent one of the largest niche specialtes for CAS practitioners. As with assurance practices, CAS practitioners should be selective about which NFPs they choose to engage. Nonprofits have a well-deserved reputation for being low-margin. While some of that is self-inflicted, with CAS practies specifically, practice leaders, business developers and marketer must focus on value-add, high-value, proactive consultimg services and the value they deliver versus internal staffing.
Have questions about growing revenue or profitability in your CAS practice? Follow this link to schedule a call.
The Accidental Treasurer 