Enhance CAS with Accounting Automation

As accountants, you know the days of simply balancing books and filing taxes are over. Clients lean on you for financial advice, which is why the 2024 CAS Benchmark Survey reports the median growth rate for CAS services was 17% in 2024. 

This isn’t a passing trend. The survey, which drew more than 200 respondents, projected CAS-related revenue to double over the next three years. Adjusting to this new model is difficult if your firm continues to use a manual, time-consuming AR (accounts receivable) process. 

Enter accounting automation. 

No, it won’t replace you or members of your team. Rather, it will enable you to devote more time to clients, run your firm with greater efficiency, and ensure the data provided to customers is accurate and up to date. 

This article explains how automating your AR helps you better serve clients and gives them the level of service they expect from today’s accountants. 

More time 

Operating a manual AR process means you and your team have to create and send invoices, match them to payments, and remind clients payments are due. These tasks take long to complete, as does chasing down payments that are overdue. 

AR automation covers it all, beginning with the creation and distribution of payment-ready e-invoices. It also automatically reconciles invoices to payments, and some platforms even process payments for cards and ACH. The busy, repetitive work is done with accuracy and speed, leaving more time to devote to CAS and your customers. 

QuickBooks reports companies spend 14 hours a week chasing late payments. AR automation allows you to set up workflows that automatically send reminders and alerts to whomever, whenever, and how often you choose. Getting paid faster accelerates cash flow and saves the time you lose running down delinquent clients. 

Accurate data 

It’s difficult to give clients sound advice if they’re presenting you with outdated or incorrect information. A manual AR process is prone to mistakes and spread across different spreadsheets and systems. It’s inefficient and disorganized, making it impossible to manage cash flow or predict customer behavior. 

Turning your clients on to AR automation not only gets them paid faster but also streamlines their entire collections process into a single cloud-based platform. Invoices and balances are updated automatically and in real-time, providing a concise and accurate picture of a client’s cash flow. You’ll know immediately which invoices are outstanding and which have been paid, and which customers are paying your clients on time or are routinely overdue.  

Invoice-payment matching is done instantly, eliminating mistakes and the risk of falsely inflating DSO (Days Sales Outstanding) by missing payments already received. And DSO is simple to watch because some AR platforms feature dashboards that update that and other metrics instantly.  Access to this data simplifies cash flow management - PYMNTS reports 59% of companies link poor cash flow management to a manual AR process – and enables you to give clients sound financial advice that spurs growth. 

A step ahead of the competition 

AR automation works. PYMNTS Intelligence research reports it can help companies reduce collection times by 67% and 77% of CFOs said it improves invoice tracking. However, most companies are reluctant to adopt AR automation because they don’t believe they have the resources or bandwidth to do so. 

AR automation was created by fintech experts – but it was made for everyone, from accountants to owners of small marketing firms. It’s easy to integrate and even easier to use. But because so many companies are hesitant, adopting AR automation places you a step ahead of those too fearful to do it. 

Accounting automation enables you to provide CAS services that other firms can’t match. By turning your clients on to it, you’re giving them access to tools that accelerate collections, reduce DSO, and strengthen cash flow.  

Leave a slow and manual AR process to your – and your clients’ - competitors. 

Conclusion 

Clients are leaning on accountants now more than ever. They may know how to manufacture, sell, and transport products – but they look to you when it comes to making key financial decisions that can shape the future of their company.  

AR automation provides accountants with the time, data, and insight to offer a level of CAS services clients won’t find anywhere else – especially since so many companies are still hesitant to use accounting automation. 

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