Market Overview

Nearly 80 Percent of Companies That Outsource Accounting Are Likely to Refer Their Accountants, According to New Survey From Bill.com and CPA.com

Share:

The 2018 Client Accounting Services (CAS) Survey shows outsourced
accounting yields greater client satisfaction

A new survey finds that businesses using an accounting firm's client
advisory services (CAS) report higher profits and greater financial
insights. These clients are more satisfied with their accounting firms,
with nearly 80 percent likely to provide firm referrals. The study,
conducted by Bill.com, the leading business payments company, and
CPA.com, an AICPA company empowering CPAs for the digital age, reveals
that companies can perform better when they outsource their accounting.

The 2018
Client Accounting Services (CAS) Survey
, conducted by Bill.com with
support from CPA.com, analyzed the responses of more than 1,700
companies to determine their opinion of CAS and how accounting services
affect their businesses. Also called business process outsourcing or
client accounting advisory services, CAS represents outsourced
accounting, finance and back-office support, including AP, AR, payroll,
virtual CFO services and the technologies that support them.

Findings include:

  • Eighty percent of CAS clients say they have more time to focus on
    their business.
  • Seventy-nine percent of companies that outsource accounting say they
    would refer their accountants. Sixty-eight percent report that
    accounting is easier and more efficient, thanks to CAS.
  • Half of the CAS clients say they worry less about mistakes.
  • Roughly 30 percent of companies outsourcing accounting have received
    advice from their accounting firms that has helped them increase
    profit. The same percentage also feels more prepared to make business
    decisions.

"Outsourcing helps accounting firms grow their positions as trusted
financial advisors, while clients gain the tools they need to be
successful – better financial insight, more time and expert guidance
toward their goals. With these types of results, it's not surprising
that CAS clients will more often refer their accountants," commented
René Lacerte, CEO and founder of Bill.com.

Entry points for CAS

The survey pinpoints the accounting services businesses are most
interested in outsourcing. One in five respondents say they are
interested in outsourcing AP, AR and general ledger management.

"Accountants interested in building CAS realize that automating bill
management is a key component. This is where most firms start when they
begin building an outsourcing practice," said Michael Cerami, vice
president of marketing and business development for CPA.com.

How technology enhances CAS results

Tech-savvy companies discover more success overall when it comes to
accounting. Thirty-three percent that welcome technology recommendations
from accountants say they have increased revenue and/or profit compared
to 15 percent of those that do not. Likewise, 28 percent say they have
greater financial insight versus 8 percent for those that aren't open to
new technologies.

When technology combines with CAS, companies multiply their benefits.
For businesses that use CAS, pay a set monthly fee for services and
welcome technology recommendations, 44 percent say they have greater
financial insight.

A full complimentary report of the study results is available
here
.

An infographic covering the survey results is available
here
.

About Bill.com

Bill.com is the leading business payments network with three million
members processing over $52 billion per year in payment volume. Bill.com
helps businesses connect and do business by saving them more than 50
percent of the time typically spent on financial back-office operations.
Bill.com partners with four of the top 10 largest U.S. banks, more than
half of the top 100 accounting firms, major accounting software
providers including Intuit and Xero and is the preferred provider of
digital payments solutions for CPA.com, the technology arm of the
American Institute of CPAs (AICPA).

View Comments and Join the Discussion!