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PRACTICE MANAGEMENT

‘We believe that to provide built similar dashboards and set similar KPIs for
clients within the same industry, without having to
the service how it needs recreate them from scratch each time. That, he said,
helps keep costs down.

to be provided, and to be 8. Educate clients on CAS and its value
Many clients aren’t aware of what services CPA
a true adviser, we need firms can offer them beyond bookkeeping and
compliance, and how these services can boost their
businesses. “So many of them come to you saying, ‘I
to be ingrained in need bookkeeping,’” Lazarone said. “But often they
need a lot more than that.”
Yeager recommends talking to the client about
[a client’s] business.’ their needs, and he cautions not to assume that
clients will know what they need from you, because
sometimes they don’t. Asking questions such as
Scott Lazarone, CPA, partner at Faulk & Winkler in Baton Rouge, La. “What are you trying to accomplish?” or “What are
your pain points?” can “evolve into more value for
you and the client,” he said.
Firms should also educate staff on the value
it’s a sign that you “just need to kindly not move proposition of CAS — what it is and what it is not,
forward,” she said. Merhib said. Staff should be able to differentiate
Lazarone’s firm has found that clients who are (and articulate) CAS from traditional accounting
too fee-sensitive usually aren’t right for its CAS services, as well as set proper expectations with cli-
practice. “We believe that to provide the service ents about the value it can bring them. One benefit
how it needs to be provided, and to be a true of doing so, he said, is they will then be more likely
adviser, we need to be ingrained in [a client’s] to identify potential CAS clients and refer them to
business. In order to do that, we’re not going to the CAS practice.
have the lowest fees” they’ll find, he said. His firm
is transparent about this with prospects. “We’re LOOKING TO THE FUTURE
very honest with them and tell them that we’re not This is an opportune time to ramp up the ad-
the cheapest but we believe we provide a better visory services your firm offers, Allen said. The
service,” he said. COVID-19 pandemic taught CPA firms and
Clients who aren’t looking for true advisory clients alike that they could work successfully
services aren’t right for his firm either, Lazarone remotely and made both more comfortable with
said. “If they’re adamant that they only need book- the cloud technology upon which CAS relies.
keeping, and they’re not looking for a true partner And, as Miller pointed out, during a tight labor
in their business, that’s when we know it’s not a market, clients who struggle to hire in-house
good fit,” he said. finance staff may find a ready solution in out-
sourced accounting.
7. Focus on a few main niches In the future, Allen, Lazarone, Miller, and
Concentrating on a limited number of niches or Yeager all said that they see their practices moving
verticals will allow your staff to develop expertise in the direction of offering more true advisory
in those areas, something that’s harder to do if services. “This practice area for our firm, and I
they work with a wide variety of clients. When you think for many firms, is the next wave of where the
home in on a niche, you build confidence in that profession is headed,” Allen said.
area. “Those are the areas we know we’re good at,” “There is tremendous opportunity for firms in
Allen said. “We can provide the most advice to CAS,” Merhib said. “As the service line continues
those clients because we have other clients who do to evolve from a focus on compliance and the
the same thing.” processing of historical, transactional data to
When you work within a niche, you can also providing next-level anticipatory advisory services
replicate processes that work for multiple clients and business insights to clients, we anticipate CAS
across that niche. Miller said that his staff has growth will only continue.” ■

14 | Journal of Accountancy April 2022