Key Insights from the 2024 CPA.com & AICPA PCPS CAS Benchmark Survey: Strategies for Sustained Growth
NEW YORK, 9 December 2024 – The 2024 Client Advisory Services (CAS) Reference Survey, conducted by CPA.com and the PIPA Private Business Practices Section (PPPS), reveals a significant growth in CAS practices, exceeding the expanded accounting profession. This comprehensive report provides essential information on the factors that led to this expansion and provides policy advice to companies seeking to improve their CAS offers.
According to the survey, CAS practices have grown considerably, exceeding the overall growth rate of the accounting profession. This trend highlights the growing demand for advisory services that go beyond traditional accounting functions, highlighting the evolving role of accountants as strategic business advisors.
Companies are encouraged to diversify their service portfolio by integrating high-level offerings such as strategic planning, financial forecasting and business advice. In line with the findings of the survey, practices in these areas indicate that revenue flows have increased and client relationships have been strengthened, with a focus on the value of comprehensive advisory services.
The survey highlights the importance of a well-defined strategy and careful planning to establish an effective and cost-effective CAS practice. Firms with clear objectives and structured plans are better placed to navigate the complexity of ACS delivery, ensuring consistent growth and customer satisfaction.
Specialisation in specific customer niches increases efficiency and profitability. By focusing on specific industries or market segments, companies can develop in-depth expertise, streamline processes and provide solutions tailored to the specific needs of customers, thereby improving operational and financial performance.
Adaptability and agility are essential to staffing management in the context of CAS practices. Because of the dynamic nature of the advisory services, companies need to be flexible in their staffing practices, including investing in continuous professional development and using diverse talent groups to effectively meet the changing needs of clients.
Strategic investment in technology is linked to increased productivity, efficiency and employee satisfaction. The survey indicates that firms that focus on technological advances are experiencing more flexible operations and improved employee morale, as modern tools provide more efficient workflows and improve service delivery.
Price models in EAS have moved from traditional time and hardware billing to more value-based approaches. This reflects a broader industry trend towards price structures that align with the value provided to customers, promote transparency and strengthen customer relations.
In conclusion, the 2024 CAS baseline survey provides valuable insights on the current state and future trajectory of CAS practices. Companies that cover strategic planning, service diversification, niche specialization, technology investment and adaptable staffing are well positioned to take advantage of the growing demand for advisory services, ensure sustained growth and enhance client value.
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