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Top 9 Challenges Within Client Accounting Services (CAS) / Outsourced Accounting (OA) Teams [Survey Data]

Posted by Joshua Feinberg on Nov 13, 2019 8:50:00 AM
Joshua Feinberg
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In Vic .ai’s recent survey of Client Accounting Services and Outsourced Accounting firms, we looked at the overall findings from the participant’s responses.

In this article, you’ll learn about crucial qualitative findings uncovered during the survey’s question about what participants find most challenging.

The following is an excerpt from our report, The State of Client Accounting Services and Outsourced Accounting.

What do you find most challenging about providing CAS/OA?

Participants revealed a series of answers with the most frequently heard words, including:

  • Clients (#1 most important word; mentioned fourteen times)
  • Technology (#2 most important word; mentioned four times)
  • A seven-way tie followed for third place (each mentioned three times):
    • Finding
    • Keeping
    • Pricing
    • Process
    • Service
    • Timely
    • Understand

At the macro level, a few of the more interesting responses about what’s most challenging about providing CAS/OA included these nine areas:

Change

Education

  • “Client understanding and buy-in”
  • “Educating clients that generally don't understand the accounting processes
  • “Educating the market on the service”
  • “Teaching clients about it”
  • “Training the customer to use”

Expectations

  • “Client acquisition”
  • “Client expectations”
  • “Different business model than the rest of the firm - difficult to get leadership to adapt”
  • “Having everyone understand the work we perform, and more importantly, the work we don't perform. We are not a dumping ground for work that no one else wants to do.”
  • “Managing client expectations properly”
  • “Meeting client demands”

Labor

  • “Accounting labor shortage”
  • “Finding qualified and experienced staff (low unemployment in our area)”
  • “Finding talented people”
  • “Team member fit”

Pricing

  • “Attaching appropriate value to the services provided“
  • “Billing and pricing”
  • “Competitive pricing in a rural environment”
  • “Pricing”

Process

  • “Onboarding”
  • “Onboarding new clients - the process”
  • “Scalability”
  • “Standardizing the process”
  • “Workflow”

Responsiveness

  • “Client responding to questions in a timely manner”
  • “Client responsiveness to requests
  • “Customer cooperation”
  • “Getting timely info from clients”
  • “Getting timely information from clients”

Scope

  • “Scope creep and maintaining profit margins on all clients”
  • “Scoping the engagement to get to the right fixed fee”

Technology

  • “Anticipating if our current tech stack will keep up with AI and automation”
  • “Broken integration”
  • “Developing a technology stack to service different client industries”
  • “Simple solutions that technology has not yet provided”
  • “Technology decisions”

 

In this article, you’ve learned about crucial qualitative findings uncovered during the survey’s question about what participants find most challenging. 

How does this survey data compare with your client account services or outsourced accounting firm? Tell us more in the section for comments below.

To learn the answers to all 30 questions asked in the survey, download your free copy of The State of Client Accounting Services and Outsourced Accounting.

Download your free copy of The State of Client Accounting Services and Outsourced Accounting.

Topics: State of Client Accounting Services

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