Client Advisory Services (CAS) is the fastest growing area of consulting in public accounting. Building the right team to start or expand a CAS practice can be challenging, especially given the pressures CPA firms are under in general on staffing. But a blend of strategies, such as automation, expanded hiring and flexible work opportunities, can help practice leaders meet their goals and keep team members happy.
CPA.com and the American Institute of CPAs’ Private Companies Practice Section (AICPA PCPS) recently put out our latest CAS Benchmark Survey, which offers insight into the challenges firms face in this fast-growing service line, as well as best practices from top-performing practices. The topline results – a 20% growth rate and profit margins for top performers that outpace traditional practice areas – underscore the opportunities in CAS, which we define as a practice area in which firms advise clients across a spectrum of financial and accounting related decisions, with the goal to deliver higher value and deepen the trusted advisor relationship. When it comes to talent development, the survey’s insights fall into three main categories...read more