Building the Premier Accounting Firm Future-Proof Your Firm: Embrace CAS & AI Now w/ Deneen Dias
Welcome to another episode of Building the Premier Accounting Firm. Today, Roger Knecht and Deneen Dias discuss the evolution of accounting, focusing on Client Advisory Services (CAS) and the strategic shift from traditional bookkeeping to high-value advisory. Learn how your firm can embrace technology, particularly AI, to scale operations, enhance client relationships, and drive recurring revenue.
In This Episode:00:00 Welcome & Guest Introduction 02:11 Deneen's Journey into Accounting 04:08 Defining Client Advisory Services (CAS) 08:08 CAS 1.0 vs. CAS 2.0 & Challenges 12:24 Building Confidence in Advisory Roles 16:21 Growth and Pillars of CAS 19:33 Pricing Strategies for CAS 24:34 AI's Role in Advisory Services 27:52 Leveraging Existing AI Tools 33:13 Gratitude and Infinite Ties 34:25 Podcast Summary and Resources 38:39 Final Thoughts and Call to Action
Key Takeaways:-
Define Client Advisory Services (CAS) as moving beyond transactional work to real-time data analysis and strategic client advice.
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Shift your firm's offerings to value-based CAS, leveraging recurring revenue models to increase profitability.
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Implement a tiered pricing structure for CAS, such as the "biking, driving, flying" analogy, to guide clients through different service levels.
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Utilize existing technology platforms to integrate AI for automating transactional tasks and enhancing advisory capabilities.
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Upskill your team's soft skills and business acumen to confidently deliver CFO and advisory services.
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"Clients are hungry for advisory. They don't want someone to just do their taxes or prepare their financials. They want someone that can talk to them about their business, can talk to them about the numbers." — Deneen Dias
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"CAS is the fastest growing new revenue source for traditional firms. We've seen audit is flat. Tax has about 5% growth. And CAS, for the firms focusing on it, have 20% to 30% growth." — Deneen Dias
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"The tech stack that you're using now, build.com, spending a lot of money, bringing a lot of AI… get to know the vendors… Make sure you're taking advantage of all of the new things that they're bringing to you already." — Deneen Dias
Deneen Dias, a leader with 17 years in accounting technology, shares her journey from helping firms adopt cloud accounting in 2008 to co-founding Infinite Ties, a community for CAS professionals. Her deep experience highlights the accounting profession's ongoing evolution, emphasizing the current push towards advisory services and the integration of AI. She provides practical strategies for firms to overcome resistance to change, package new services, and build confidence within their teams.
Conclusion:
Thank you for joining us for another episode of Building the Premier Accounting Firm with Roger Knecht. For more information on how you can establish your own accounting firm and take control of your time and income, call 435-344-2060 or schedule an appointment to connect with Roger's team here.
Sponsors:
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Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth.
Offers:
Check out Infinite Ties, a thriving membership community built exclusively for CAS professionals who are shaping the future of advisory services.
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"Red to BLACK in 30 days – A small business accountant's guide to QUICK turnarounds" – This is a how-to guide on how to turn around a struggling business into a more sustainable model. Each chapter focuses on a crucial aspect of the turnaround process - from cash flow management to strategies for improving revenue. This book will teach you everything you need to become a turnaround expert for small businesses.
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"Your Strategic Accountant" - Understand the 3 Core Accounting Services (CAS - Client Accounting Services) you should offer as you run your business. Help your clients understand which numbers they need to know to make more informed business decisions.
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"Your Profit & Growth Expert" - Your business is an asset. You should know its value and understand how to maximize it. Beginning with the end in mind helps you work ON your business to build a company you can leave so that it can continue to exist in your absence or build wealth as you retire and enjoy the time, freedom, and life you want and deserve.
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Remember this, Accounting Success IS Universal.
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