A
Accounting managers
Managers who oversee the delivery of Client Advisory Services, ensuring that financial
and advisory services meet client needs and firm standards. They play a crucial role in
managing client relationships, supervising staff, and implementing strategic initiative.
and advisory services meet client needs and firm standards. They play a crucial role in
managing client relationships, supervising staff, and implementing strategic initiative.
Advanced audit tools
Sophisticated tools and methodologies built specifically to enhance the accuracy, efficiency and effectiveness of financial audits. This includes leveraging data analytics, artificial intelligence (AI), and automation to identify patterns, anomalies and potential risks in financial records.
Advanced technology
Innovative technologies that improve processes by increasing efficiency, accuracy, and overall quality. Examples include AI, robotic process automation, blockchain, data analytics, cloud computing, Internet of Things (IoT), virtual reality, and augmented reality.
Advisory services
A broad range of strategic and consultative services provided by firms across the CAS spectrum to help clients achieve their business goals.
AICPA
The national professional organization for CPAs in the US, providing the trust foundation for CPA.com.
Annual project clients
Clients who engage with the firm for specific, time-bound projects rather than
ongoing, recurring services. These projects typically have a defined scope, timeline,
and deliverables.
ongoing, recurring services. These projects typically have a defined scope, timeline,
and deliverables.
Annual services
Services that are specific, time-bound projects rather than ongoing, recurring services.
These projects typically have a defined scope, timeline, and deliverables.
These projects typically have a defined scope, timeline, and deliverables.
Appendix of services
A detailed list of the various services offered under a CAS engagement.
Application programming interface (API)
A software interface that enables different applications to communicate and share data seamlessly, supporting integration, real-time access, automation, and scalability across cloud-based systems.
Artificial intelligence (AI)
The application of machine learning and advanced algorithms to analyze large datasets, identify patterns, and detect anomalies, extending beyond simple automation of existing tools.
Assessment deliverables
The concrete results provided at the end of an evaluation process, such as detailed
reports, recommendations, and action plans that address the client’s accounting
needs and opportunities for improvement.
reports, recommendations, and action plans that address the client’s accounting
needs and opportunities for improvement.
Audit & Assurance (A&A)
Advanced software simulating human intelligence to automate complex tasks like tax research and data analysis.
Audit department
A division within a firm dedicated to conducting audits, which may include staff with various levels of expertise and backgrounds.
Audit efficiency
The degree to which audit processes minimize time, cost, and resource usage while maintaining quality, often achieved through technology and streamlined procedures.
Audit methodology
The systematic approach and procedures used by a firm to conduct audits, which may include proprietary or internally developed methods.
Audit practice revenue
The income generated from providing audit services, including gross revenue and net revenue after write-offs.
Audit quality
The ability of a firm to consistently perform engagements and issue accurate, independent reports in compliance with professional and legal standards, supported by a risk-driven system of quality management (SOQM).
Audit transformation
The comprehensive modernization of audit processes, methodologies, and technologies to improve quality, efficiency, and client service, while adapting to regulatory changes and fostering continuous improvement.
Audit transformation plan
A formal written plan developed by audit leadership to guide the transformation of audit practices, including the adoption of new processes, technologies and methodologies.
Audit transformation survey
A structured questionnaire designed to collect data on audit transformation practices, helping CPA firms understand industry trends and providing insights to guide modernization efforts.
B
Basic client needs assessment
The process for identifying and understanding the fundamental requirements and
expectations of a client, including their financial processes and current accounting
practices. Similar to a Light Assessment.
expectations of a client, including their financial processes and current accounting
practices. Similar to a Light Assessment.
BILL
A leading financial operations platform that automates accounts payable and receivable for accounting firms.
Billable hours
The hours worked by staff that can be billed to clients.
Billing (vs. pricing)
The process of invoicing and charging clients for the services rendered.
Billpay software
Software that automates the process of managing and paying bills, providing features
like paperless transactions, streamlined approvals, and real-time visibility into cash
flow.
like paperless transactions, streamlined approvals, and real-time visibility into cash
flow.
Blue J
An AI-powered tax research solution that uses generative AI to provide faster tax answers.
Bookkeeping
The systematic recording, organizing, and tracking of a company’s financial transactions.
Budget and forecasting software
Software that provides advanced planning capabilities, enabling firms to create
detailed financial models, perform scenario analysis, and generate accurate forecasts
to guide strategic decision-making.
detailed financial models, perform scenario analysis, and generate accurate forecasts
to guide strategic decision-making.
Bundled services
The practice of combining multiple advisory and accounting services into a single,
comprehensive package.
comprehensive package.
Business insights CAS
The actionable intelligence and strategic recommendations derived from analyzing a client’s financial and operational data that enables firms to help clients navigate complex business environments and make strategic decisions with confidence.
Business process outsourcing (BPO)
A process of delegating the back-office processes or non-core business functions
to a third-party service provider. Also called Outsourced Accounting or Outsourced
Accounting and Finance Function.
to a third-party service provider. Also called Outsourced Accounting or Outsourced
Accounting and Finance Function.
Buyer persona (defined client persona)
Semi-fictional representations of an ideal customer, used to understand potential
client motivations and behaviors.
client motivations and behaviors.
C
CAS 2.0®
The next iteration of client advisory services (CAS) practice, CAS 2.0® encourages
firms to approach the service line holistically and scale to higher-value advisory
engagements by focusing on four key pillars: leadership alignment, practice
development, technology integration, and operational excellence.
firms to approach the service line holistically and scale to higher-value advisory
engagements by focusing on four key pillars: leadership alignment, practice
development, technology integration, and operational excellence.
CAS business plan
A plan that articulates the strategy and decisions you are making for your CAS practice.
CAS champion
A professional who leads and advocates for the development and launch of Client Advisory Services (CAS) within an accounting firm.
CAS chart of accounts
A structured list of all the accounts used by a business to record financial
transactions, tailored specifically for Client Advisory Services (CAS). It helps in
organizing and standardizing financial data to facilitate accurate reporting and
advisory services.
transactions, tailored specifically for Client Advisory Services (CAS). It helps in
organizing and standardizing financial data to facilitate accurate reporting and
advisory services.
CAS Client Assessment
A structured process of evaluating all relevant aspects of the client’s accounting
operations, including processes, staffing, and future goals, into a report of
recommendations for the CAS practice and the client.
operations, including processes, staffing, and future goals, into a report of
recommendations for the CAS practice and the client.
CAS client levels
A way to categorize clients based on the complexity and scope of services they
require from a firm’s Client Advisory Services (CAS) practice. These levels help firms
tailor their advisory services to meet the specific needs and value of each client.
require from a firm’s Client Advisory Services (CAS) practice. These levels help firms
tailor their advisory services to meet the specific needs and value of each client.
CAS client scorecard
A tool used to evaluate and monitor the performance and satisfaction of clients within
a firm’s Client Advisory Services (CAS) practice. It helps firms track key metrics and
insights to enhance client relationships and service delivery.
a firm’s Client Advisory Services (CAS) practice. It helps firms track key metrics and
insights to enhance client relationships and service delivery.
CAS competencies
A range of skills and knowledge areas essential for delivering high-quality advisory
services. It can include areas like strategic insight, financial acumen, tech proficiency,
client relationship management, and operational efficiency.
services. It can include areas like strategic insight, financial acumen, tech proficiency,
client relationship management, and operational efficiency.
CAS margins
The profitability of CAS practices calculated by taking the CAS revenue, subtracting
the staff costs, and then dividing the result by the CAS revenue.
the staff costs, and then dividing the result by the CAS revenue.
CAS marketing
The promotion of Client Accounting Services by highlighting the benefits of
streamlined financial management, customized solutions, and expert support to
attract and retain business clients.
streamlined financial management, customized solutions, and expert support to
attract and retain business clients.
CAS marketing needs checklist
A tool used to define marketing needs before engaging with a marketing team.
CAS marketing toolkit
A set of tools and resources developed to help CAS practices create a consistent
marketing message and improve their marketing efforts.
marketing message and improve their marketing efforts.
CAS metrics
Quantitative measures used to evaluate the performance and effectiveness of Client
Advisory Services (CAS) practices. These metrics typically include data on practice
structure, services offered, revenue, staffing, and technology utilization.
Advisory Services (CAS) practices. These metrics typically include data on practice
structure, services offered, revenue, staffing, and technology utilization.
CAS mission statement
An outline of the strategic goals and value propositions of a firm’s Client Advisory
Services (CAS) practice. It serves as a guiding document that communicates the
firm’s commitment to delivering high-quality advisory services and the specific
benefits clients can expect.
Services (CAS) practice. It serves as a guiding document that communicates the
firm’s commitment to delivering high-quality advisory services and the specific
benefits clients can expect.
CAS operational excellence pillar
Planned standardization and improvement in process and methodology, including client management, staff roles and responsibilities, staff upskilling, and process documentation.
CAS performance metrics
Metrics used to measure the success and effectiveness of CAS services, including
timeliness of due dates, revenue per client, and NPS score.
timeliness of due dates, revenue per client, and NPS score.
CAS performance metrics matrix
A tool used to track and report CAS performance metrics.
CAS practice development pillar
Decisions for practice management, including defining services, strategies for pricing, staffing and client management, and marketing and sales.
CAS practice transformation journey
The process of evolving a CAS practice through strategic planning, technology
implementation, and client assessments.
implementation, and client assessments.
CAS roundtables
Scheduled meetings for CAS leaders to discuss and share their experiences and
strategies.
strategies.
CAS soft skills
The interpersonal and communication skills essential for professionals in Client
Advisory Services (CAS). These skills include effective communication, problem-
solving, empathy, and the ability to build strong client relationships.
Advisory Services (CAS). These skills include effective communication, problem-
solving, empathy, and the ability to build strong client relationships.
CAS spectrum of services
The various levels of CAS services starting at transactional-based reporting—or
financial CAS—and progressing toward insights-based advisory-level services–or
business insights CAS.
financial CAS—and progressing toward insights-based advisory-level services–or
business insights CAS.
CAS strategic plan
A comprehensive roadmap that outlines the long-term goals, strategies, and actions
for developing and enhancing a firm’s Client Advisory Services (CAS) practice. It
serves as a guide for making decisions about client engagement, talent acquisition,
technology investments, and service offerings.
for developing and enhancing a firm’s Client Advisory Services (CAS) practice. It
serves as a guide for making decisions about client engagement, talent acquisition,
technology investments, and service offerings.
CAS strategy & governance pillar
Considerations for practice structure, leadership, accountability and management that inform CAS as part of the firm strategy.
CAS success factors
Key elements that contribute to the success of a CAS practice, including internal and
external marketing channels, value-based selling, and KPIs.
external marketing channels, value-based selling, and KPIs.
CAS technical skills
The specialized knowledge and skills required to effectively deliver Client Advisory
Services (CAS). These skills include proficiency in accounting software, data analysis,
financial reporting, and the use of advanced technologies like cloud computing and AI.
Services (CAS). These skills include proficiency in accounting software, data analysis,
financial reporting, and the use of advanced technologies like cloud computing and AI.
CAS technology solutions pillar
Determinations regarding CAS technology innovation, including automation and AI, tech stack design, and implementation expertise.
CAS vision statement
A forward-looking statement that defines the long-term goals and aspirations of a
firm’s Client Advisory Services (CAS) practice. It outlines the desired future state and
strategic direction, guiding the firm’s efforts to deliver exceptional advisory services
and achieve sustained growth.
firm’s Client Advisory Services (CAS) practice. It outlines the desired future state and
strategic direction, guiding the firm’s efforts to deliver exceptional advisory services
and achieve sustained growth.
CFO finance
Comprehensive financial management and strategic advisory based on financial data provided to clients.
CFO level expertise
The advanced financial and strategic skills that a Chief Financial Officer (CFO) brings
to an organization, like strategic financial planning, financial analysis and reporting,
risk management, budgeting and forecasting, and operational efficiency.
to an organization, like strategic financial planning, financial analysis and reporting,
risk management, budgeting and forecasting, and operational efficiency.
Chargable CAS assessment
A detailed evaluation of a client’s accounting needs and processes, for which the
CPA firm charges a fee. This assessment aims to produce a detailed report of
recommendations with opportunities for service improvements and potential areas
for additional billable services.
CPA firm charges a fee. This assessment aims to produce a detailed report of
recommendations with opportunities for service improvements and potential areas
for additional billable services.
Client accounting
The foundational process of managing a client’s daily financial transactions and reporting.
Client advisory services (CAS)
A firm practice area designed to help clients outsource their accounting
and finance needs across a spectrum of financial, accounting and
advisory related services.
and finance needs across a spectrum of financial, accounting and
advisory related services.
Client assessment
A process used to evaluate a client’s needs, financial health, and business goals
within the context of Client Advisory Services (CAS). It helps firms tailor their advisory
services to provide the most relevant and impactful support to each client.
within the context of Client Advisory Services (CAS). It helps firms tailor their advisory
services to provide the most relevant and impactful support to each client.
Client assessment presentation
A structured overview of the completed assessment provided to share results about
the client’s financial health, needs, and goals, often including detailed analysis and
recommendations for improvement.
the client’s financial health, needs, and goals, often including detailed analysis and
recommendations for improvement.
Client collaboration
Leveraging cloud-based tools and platforms to facilitate real-time communication,
data sharing, and joint decision-making between firms and their clients.
data sharing, and joint decision-making between firms and their clients.
Client discovery
The process of understanding a client’s needs, challenges, and goals to provide
tailored solutions.
tailored solutions.
Client discovery checklist
A list of questions and information-gathering steps used to understand a new client’s
financial situation, business operations, and goals.
financial situation, business operations, and goals.
Client industry
The specific sectors or fields in which a firm’s clients operate.
Client niche
Clients defined by specific industries or by type of company, e.g. small startups or
mid-sized service providers.
mid-sized service providers.
Client nurture
The process of building and maintaining strong, long-term relationships with clients to
ensure satisfaction, support retention, and sell additional new services.
ensure satisfaction, support retention, and sell additional new services.
Client readiness
The extent to which a client is prepared for an audit, measured by the quality and accessibility of their data and systems.
Client verticals
The strategy of building specialized processes, tech stacks, and standardized reports
and dashboards around specific industries. While client niches can also refer to types
of companies, verticals specifically refers to specific industries, e.g. construction.
and dashboards around specific industries. While client niches can also refer to types
of companies, verticals specifically refers to specific industries, e.g. construction.
Cloud accounting
Cloud-based technologies that provide real-time financial data access, streamline
accounting processes, and enhance collaboration between firms and their clients.
accounting processes, and enhance collaboration between firms and their clients.
Competitive analysis
The process of understanding the strengths and weaknesses of market competitors
to build a more tailored approach that resonates with the audience.
to build a more tailored approach that resonates with the audience.
Continuous auditing
An audit approach involving frequent or real-time execution of audit tasks using automation and data analytics, enabling ongoing risk assessment and timely identification of anomalies.
Cost calculator
A tool used to estimate the costs associated with providing CAS to clients that then
helps firms determine the pricing for their services. The calculator considers factors
like time and resources, staffing costs, tech and tools, and profit margins.
helps firms determine the pricing for their services. The calculator considers factors
like time and resources, staffing costs, tech and tools, and profit margins.
Cross training
The practice of training staff members in multiple areas of expertise within the CAS
practice.
practice.
Culling of clients
The process of evaluating and selectively discontinuing relationships with clients who
are not aligned with a firm’s strategic goals or who may be unprofitable.
are not aligned with a firm’s strategic goals or who may be unprofitable.
Customer relationship management (CRM)
Software that integrates client relationship management with advisory services,
enabling firms to streamline client interactions, track engagements, and enhance
service delivery through centralized data and automated workflows.
enabling firms to streamline client interactions, track engagements, and enhance
service delivery through centralized data and automated workflows.
D
Dashboards and reporting
Dashboards that provide real-time, visual representations of key financial and
operational metrics, enabling firms to deliver actionable insights and strategic
recommendations to their clients.
operational metrics, enabling firms to deliver actionable insights and strategic
recommendations to their clients.
Data analytics
The process of examining data sets to draw conclusions and insights, often used in audits to identify trends, anomalies, and areas of risk.
Data driven
An audit approach that leverages data analytics and automation to analyze entire datasets, thus improving accuracy and risk assessment compared to traditional sampling methods.
Data ingestion
The process of collecting and importing data from client systems into a database or storage system for analysis, ensuring consistency and accessibility.
Data mining for analysis
Extracting and analyzing large sets of data to uncover patterns, trends, and insights
that can inform business decisions.
that can inform business decisions.
Data quality
The integrity, consistency, and accuracy of the data obtained from an audit client to promote reliable audit evidence, conclusions and client recommendations.
Data re-use
The practice of leveraging previously collected data for multiple engagements to improve efficiency and consistency, often supported by analytics and advanced technologies.
Dedicated staff
Team members who are fully focused on providing CAS services rather than splitting
their time between CAS and other practice areas.
their time between CAS and other practice areas.
Deliverable-based accountability
A metric that tracks the frequency with which staff meet their deliverable goals on time.
Deliverables
Specific outputs and services provided to clients designed to meet the clients’
financial and strategic needs.
financial and strategic needs.
Digitized data
Audit-related information stored electronically to improve efficiency, accuracy, and accessibility, enabling advanced analytics and secure integration across platforms.
Direct connection
A secure, real-time link between a firm’s audit tools and a client’s accounting software, facilitating automated data collection and continuous monitoring.
Discovery
A function of the sales/business development team completed during the sales
process that helps scope the CAS engagement by asking questions of prospective
client. It is completed during the sales process.
process that helps scope the CAS engagement by asking questions of prospective
client. It is completed during the sales process.
Document management
Using digital tools to organize, store, and manage client documents securely, ensuring
easy access and efficient collaboration.
easy access and efficient collaboration.
Dynamic
The ability to adapt audit procedures based on evolving information and context during the engagement.
Dynamic assurance solution (DAS)
Advanced software simulating human intelligence to automate complex tasks like tax research and data analysis.
E
Efficiency
Conducting an audit in a manner that minimizes time and resource expenditure while still achieving the audit objective.
End-to-end audit solution
An integrated system covering all stages of the audit lifecycle, including planning, risk assessment, data collection, analysis, reporting, and wrap-up, thus eliminating manual data transfers and fragmented workflows.
Enhanced data insights
The use of advanced technology to gain deeper, more accurate understanding of financial and operational information, often by analyzing large data sets, and then applying these understandings to support timely and precise audit conclusions.
Environmental, social, and governance (ESG)
An investing principle that prioritizes environmental issues, social issues, and corporate governance.
ERP technology
Integrated software systems that manage and automate core business processes,
such as accounting, procurement, project management, and supply chain operations.
such as accounting, procurement, project management, and supply chain operations.
Expense management
The processes and systems used to track, control, and optimize business expenses.
External CAS messaging
The communication strategy used to convey the value and benefits of Client
Accounting Services to potential clients, emphasizing expertise, efficiency, and
tailored solution.
Accounting Services to potential clients, emphasizing expertise, efficiency, and
tailored solution.
F
Financial CAS
Cloud-based financial services, providing monthly financial reporting and typical accounting services with monthly controller-level oversight, ideally delivered through a standardized dashboard of financial information.
Financial metrics
Key performance indicators (KPIs) used to measure the success and efficiency of
CAS services that help firms understand their financial health and identify areas for
improvement.
CAS services that help firms understand their financial health and identify areas for
improvement.
Financial operations
The comprehensive management of a client’s financial activities.
Flat rate/fixed fee billing
Rates set per project.
Forecasting
Predicting future financial outcomes based on historical data, current trends, and
expected future events to help businesses plan and make informed decisions.
expected future events to help businesses plan and make informed decisions.
Formal written performance expectations
Clearly documented standards and goals that outline the expected performance
levels for staff members including specific metrics, targets, and behaviors.
levels for staff members including specific metrics, targets, and behaviors.
FP&A (financial planning and analysis)
Strategic insights and guidance from accounting, finance, and operations that help
businesses plan for the future.
businesses plan for the future.
Fractional marketing services
Marketing services provided on a part-time or temporary basis by an external firm.
Fractional/outsourced CFO
High-level financial expertise and strategic guidance provided to businesses on a part-
time or contract basis.
time or contract basis.
Full-time equivalent (FTE)
A unit that is used to measure the number of full-time hours worked by all employees,
converted into the equivalent number of full-time employees.
converted into the equivalent number of full-time employees.
G
Gap analysis
Analysis that identifies discrepancies between a client’s current financial practices
and their desired state, helping firms pinpoint areas for improvement and develop
targeted strategies to bridge these gaps.
and their desired state, helping firms pinpoint areas for improvement and develop
targeted strategies to bridge these gaps.
General ledger software
General ledger software centralizes and automates the recording of all financial
transactions, providing a comprehensive and accurate financial overview.
transactions, providing a comprehensive and accurate financial overview.
Generative AI
A type of artificial intelligence that creates new content, such as text, images, or
videos, in response to prompts.
videos, in response to prompts.
Growth and expansion planning
Strategic initiatives to scale and enhance CAS services, including defining strategy
and metrics, standardizing processes and tech, business development planning, and
focusing on specialization.
and metrics, standardizing processes and tech, business development planning, and
focusing on specialization.
H
Hourly billing
Charging clients based on the hours spent on their projects at the rate of the person
doing the work.
doing the work.
Human capital
The skills, knowledge, and expertise of the professionals within a firm’s Client
Advisory Services (CAS) practice.
Advisory Services (CAS) practice.
Hybrid pricing
A mix and match of different pricing models based on the project and the client.
I
Ideal client profile (ICP)
A detailed description of the type of client that aligns best with a firm’s CAS practice.
Implementations
The process of setting up and integrating CAS solutions within a firm to enhance
service delivery and client satisfaction. This step occurs after onboarding.
service delivery and client satisfaction. This step occurs after onboarding.
Improved quality
Enhancing the reliability and effectiveness of the audit process while maintaining the fundamental objective of providing an opinion on whether the financial statements taken as a whole are fairly stated.
Incentive structure
The system of rewards and recognition designed to motivate and align the
performance of staff with the firm’s strategic goals.
performance of staff with the firm’s strategic goals.
Innovation
The strategic adoption of advanced technologies and methodologies to improve audit quality, efficiency, and client value.
J
Job estimating worksheet
A tool used to estimate the costs and resources required for a specific project or
service that helps firms plan and price their services accurately.
service that helps firms plan and price their services accurately.
K
Key performance indicator (KPI)
A measurable value that demonstrates how effectively a company is achieving its key
business objectives.
business objectives.
L
Lead generation
The process of attracting and converting strangers and prospects into someone who
has indicated interest in a company’s product or service.
has indicated interest in a company’s product or service.
Lead qualification
The process of evaluating potential clients to determine their suitability and readiness
for the services offered, ensuring they meet specific criteria for engagement.
for the services offered, ensuring they meet specific criteria for engagement.
Lead to service delivery
Management of the entire client engagement process, from initial lead generation
to the delivery of advisory services, using integrated tools and workflows to convert
potential clients into satisfied customers.
to the delivery of advisory services, using integrated tools and workflows to convert
potential clients into satisfied customers.
Lead to service delivery
Management of the entire client engagement process, from initial lead generation to
the delivery of advisory services, using integrated tools and workflows.
the delivery of advisory services, using integrated tools and workflows.
Light assessment
A preliminary evaluation that provides a high-level overview of a client’s financial
situation, identifying key areas of concern and opportunities for improvement without
delving into extensive detail. Similar to a Basic Needs Assessment.
situation, identifying key areas of concern and opportunities for improvement without
delving into extensive detail. Similar to a Basic Needs Assessment.
M
Marketing and sales funnel
A model that describes the journey a customer takes from awareness to purchase,
including stages such as lead generation, demand generation, and client nurture.
including stages such as lead generation, demand generation, and client nurture.
Marketing and sales playbook
A comprehensive guide that outlines strategies, processes, and best practices for
effectively attracting, engaging, and converting prospects into clients.
effectively attracting, engaging, and converting prospects into clients.
Master service agreement (MSA)
An agreement which outlines the terms and conditions governing the overall
relationship between a firm and its client, covering multiple advisory services
engagements.
relationship between a firm and its client, covering multiple advisory services
engagements.
Mature staffing model
An advanced framework for staffing Client Advisory Services (CAS) that ensures
the right mix of skills and roles to deliver high-quality advisory services. It involves
strategic hiring, continuous training, and aligning staff capabilities with the evolving
needs of clients.
the right mix of skills and roles to deliver high-quality advisory services. It involves
strategic hiring, continuous training, and aligning staff capabilities with the evolving
needs of clients.
Monthly services
Ongoing, consistent support to clients to help them manage their financial operations
and make informed business decisions.
and make informed business decisions.
N
Net client fees
The total revenue earned by a firm from its clients after deducting any write-offs or adjustments.
Net client fees per professional (NCFPP
A key performance metric that is calculated by dividing the total net client fees (or
net revenue) by the number of full-time equivalent (FTE) professional staff, including
equity partners.
net revenue) by the number of full-time equivalent (FTE) professional staff, including
equity partners.
Net promoter score (NPS)
A metric used to measure customer satisfaction and loyalty by asking clients how
likely they are to recommend a company’s services.
likely they are to recommend a company’s services.
New client onboarding
The structured process of integrating a new client into the firm’s CAS practice.
Niche specific software
Software that is tailored to meet the unique needs of specific industries or sectors,
providing specialized functionalities and workflows that enhance efficiency and
service delivery for firms focusing on particular market segments.
providing specialized functionalities and workflows that enhance efficiency and
service delivery for firms focusing on particular market segments.
Non-chargable assessment
See “basic needs assessment” or “light assessment.”
Non-financial metrics
Essential indicators that provide insights into various aspects of a business’s
operations beyond just financial performance and help in understanding the overall
health and efficiency of a business. These can include metrics like customer
satisfaction, employee engagement, and operational efficiency.
operations beyond just financial performance and help in understanding the overall
health and efficiency of a business. These can include metrics like customer
satisfaction, employee engagement, and operational efficiency.
O
Offboarding
The process of formally ending a client’s relationship with a firm, ensuring a
smooth transition and proper documentation. It involves finalizing outstanding
tasks, transferring knowledge, and maintaining professionalism to leave a positive
impression.
smooth transition and proper documentation. It involves finalizing outstanding
tasks, transferring knowledge, and maintaining professionalism to leave a positive
impression.
Offshoring
The practice of outsourcing certain business processes or services to professionals
in other countries.
in other countries.
Onboarding
The process of integrating new clients into a firm’s Client Advisory Services (CAS)
practice. It involves setting up systems, understanding client needs, and establishing
communication protocols to ensure a smooth and effective start to the advisory
relationship.
practice. It involves setting up systems, understanding client needs, and establishing
communication protocols to ensure a smooth and effective start to the advisory
relationship.
Onboarding procedure
The steps taken to integrate a new client into a firm’s services, including discovery,
assessment, and recommendations.
assessment, and recommendations.
Outsourced accounting
The practice of delegating accounting functions to an external service provider.
Outsourcing
The practice of delegating certain business processes or services to external
providers.
providers.
P
Partner in charge of accounting services
A senior professional responsible for overseeing and leading the Client Advisory
Services (CAS) practice within a firm. They ensure the delivery of high-quality
advisory services, manage client relationships, and drive strategic initiatives to grow
the CAS practice.
Services (CAS) practice within a firm. They ensure the delivery of high-quality
advisory services, manage client relationships, and drive strategic initiatives to grow
the CAS practice.
Payment processing
The systems and methods used to handle transactions between clients and service
providers.
providers.
Payroll and HCM software
Software that automates payroll processing and manages employee- (human capital)
related data, enhancing efficiency and compliance.
related data, enhancing efficiency and compliance.
Pipeline tracking
The process of monitoring and managing the stages of the sales process to forecast
revenue, identify growth opportunities, and maintain client engagement.
revenue, identify growth opportunities, and maintain client engagement.
Post- accounting business insights
Providing clients with strategic, advisory-level insights beyond traditional accounting
task.
task.
Practice growth
The expansion and development of a firm’s practice, typically measured by metrics
such as revenue increase, client acquisition, service diversification, and staff
development.
such as revenue increase, client acquisition, service diversification, and staff
development.
Pre-accounting
Automating the collection and categorization of financial data before it enters
the accounting system, streamlining processes like expense tracking and receipt
management.
the accounting system, streamlining processes like expense tracking and receipt
management.
Price (vs. value)
The specific fee or rate charged for CAS, which can be based on various pricing
models such as hourly billing, fixed fees, or value-based pricing.
models such as hourly billing, fixed fees, or value-based pricing.
Pricing (vs. billing)
The strategy and methodology used to set the fee for services to a client. It involves
determining how much to charge clients based on factors like the value provided,
market rates, and the firm’s goals.
determining how much to charge clients based on factors like the value provided,
market rates, and the firm’s goals.
Pricing calculator
A tool used to determine the appropriate pricing for CAS offerings and helps firms
estimate the fees and set prices that reflect the value of the services provided.
estimate the fees and set prices that reflect the value of the services provided.
Pricing strategy
A comprehensive approach that aligns the firm’s vision, client focus, team capabilities,
technology, and value proposition to deliver and price tailored and valuable advisory
services.
technology, and value proposition to deliver and price tailored and valuable advisory
services.
Process playbook
A document that outlines standardized procedures and best practices for delivering
Client Advisory Services, ensuring consistency, efficiency, and quality across
engagements.
Client Advisory Services, ensuring consistency, efficiency, and quality across
engagements.
Product portfolio brochure
A marketing document that showcases a company’s range of products, highlighting
features, benefits, and specifications to inform and attract potential customers.
features, benefits, and specifications to inform and attract potential customers.
Productization
The process of standardizing and packaging advisory services into repeatable,
scalable offerings that can be consistently delivered to clients.
scalable offerings that can be consistently delivered to clients.
Productization workbook
A structured guide that helps firms standardize and package their advisory services
into repeatable, scalable offerings.
into repeatable, scalable offerings.
Project services
Specialized, time-bound engagements that address specific client needs and are
distinct from ongoing, recurring services.
distinct from ongoing, recurring services.
R
Realization
A metric that measures the percentage of billed hours that are actually collected as revenue.
Recurring functions
The ongoing, repetitive tasks that are performed regularly to maintain the financial
health and operations of a client’s business.
health and operations of a client’s business.
Recurring revenue
The consistent and predictable income generated from ongoing services provided
to clients that typically involves charging clients on a regular basis for continuous
services.
to clients that typically involves charging clients on a regular basis for continuous
services.
Right-fit clients
Clients whose needs, values, and business goals align well with the Ideal Client Profile
defined by the CPA firm, ensuring a mutually beneficial and productive relationship.
defined by the CPA firm, ensuring a mutually beneficial and productive relationship.
Robust CAS assessment
A comprehensive evaluation of a client’s financial processes, systems, and data to
identify areas for improvement, ensure compliance, and enhance overall efficiency.
This assessment typically includes analyzing bookkeeping, payroll, financial reporting,
and technology integration, and is typically a chargeable engagement.
identify areas for improvement, ensure compliance, and enhance overall efficiency.
This assessment typically includes analyzing bookkeeping, payroll, financial reporting,
and technology integration, and is typically a chargeable engagement.
Roles and responsibilities matrix
A tool used to clearly outline the specific duties and accountabilities of each team
member within a Client Advisory Services (CAS) practice.
member within a Client Advisory Services (CAS) practice.
S
Sales engagement process
The series of interactions and activities between a sales team and potential clients
aimed at building relationships, understanding needs, and ultimately converting
prospects into customers.
aimed at building relationships, understanding needs, and ultimately converting
prospects into customers.
Sales qualified lead (SQL)
A lead that has been vetted by the sales team and deemed ready for direct sales
follow-up has moved into sales qualified opportunity phase.
follow-up has moved into sales qualified opportunity phase.
Scope creep
The unplanned expansion of a project’s scope beyond its initial parameters, often
leading to increased costs and delays.
leading to increased costs and delays.
Scoping assessment
See “Light assessment.”
Search engine optimization (SEO)
The practice of optimizing a website to rank higher in search engine results,
increasing visibility and traffic
increasing visibility and traffic
Serviceable available market (SAM)
The proportion of the market that fits your ICP.
Serviceable obtainable market (SOM)
The proportion of the market that is reachable.
Single services
Individual, standalone services offered to clients, rather than bundled or
comprehensive packages that are typically specific and targeted.
comprehensive packages that are typically specific and targeted.
Skills testing
The evaluation of the technical and soft skills required for professionals in Client
Advisory Services (CAS).
Advisory Services (CAS).
Special projects
Unique, non-recurring engagements that address specific client needs outside the
scope of regular ongoing service delivery.
scope of regular ongoing service delivery.
Spend management
The ability to view, control, and proactively manage a business’s cash flow in real-
time and in one centralized location, providing actionable insights and approachable
advisory services to key financial decision-makers.
time and in one centralized location, providing actionable insights and approachable
advisory services to key financial decision-makers.
Stand-alone CAS client assessment
An evaluation of a client’s accounting and financial processes, aimed at identifying
inefficiencies and opportunities for improvement. This assessment provides a
detailed analysis without integrating it into broader service offerings, focusing solely
on understanding the client’s specific accounting situation.
inefficiencies and opportunities for improvement. This assessment provides a
detailed analysis without integrating it into broader service offerings, focusing solely
on understanding the client’s specific accounting situation.
Standardized chart of accounts
A structured framework that organizes financial transactions into consistent
categories, facilitating accurate reporting and analysis.
categories, facilitating accurate reporting and analysis.
Standardized onboarding process
A standard set of steps that ensures that new clients are integrated into the firm’s
services in a consistent, organized, and timely manner.
services in a consistent, organized, and timely manner.
Standardized operating procedures (SOPs
Standardized procedures for functions like onboarding, ongoing service delivery, and
offboarding.
offboarding.
Standardized workflows
A way to ensure consistent, efficient, and scalable service delivery by embedding best
practices and processes into the firm’s operations.
practices and processes into the firm’s operations.
Statement of work (SOW)
An outline of the specific services to be provided, the scope of work, and the terms
and conditions agreed upon by the client and the firm.
and conditions agreed upon by the client and the firm.
Statistical tracking and reporting
The systematic collection, analysis, and presentation of data to monitor performance
and support decision-making.
and support decision-making.
Strategic marketing consulting
Advising businesses on high-level marketing strategies to enhance their competitive
positioning, drive growth, and achieve long-term objectives.
positioning, drive growth, and achieve long-term objectives.
Subscription pricing
A recurring revenue model where clients pay a regular fee for continuous access to
advisory services, fostering long-term relationships with predictable fee structures.
Addition tasks are charged at a predetermined rate.
advisory services, fostering long-term relationships with predictable fee structures.
Addition tasks are charged at a predetermined rate.
Subscription services
A pricing model where clients pay a regular, recurring fee (monthly, quarterly, or
annually) for a bundle of advisory and accounting services.
annually) for a bundle of advisory and accounting services.
SWOT analysis
An analysis of your CAS practice that looks at your strengths, weaknesses,
opportunities, and threats.
opportunities, and threats.
T
Tech skills self-assessment
A tool used by professionals to evaluate their technical competencies related to Client
Advisory Services (CAS). It helps identify strengths and areas for improvement in
using technology to deliver high-quality advisory services.
Advisory Services (CAS). It helps identify strengths and areas for improvement in
using technology to deliver high-quality advisory services.
Tech stack
The combination of software and technology tools used to deliver CAS efficiently and
effectively. It generally includes internal and external facing tools like core accounting
software, client relationship management systems, data analytics tools, workflow
automation, and industry specific solutions.
effectively. It generally includes internal and external facing tools like core accounting
software, client relationship management systems, data analytics tools, workflow
automation, and industry specific solutions.
Technology gap matrix
A matrix in Client Advisory Services (CAS) identifies the differences between the
current technology capabilities of a firm and the optimal technology needed to
support its CAS offering.
current technology capabilities of a firm and the optimal technology needed to
support its CAS offering.
Times and materials billing
Charging clients based on the actual time spent on their project and the materials
used in a method that combines hourly billing for labor with the cost of materials.
used in a method that combines hourly billing for labor with the cost of materials.
Total addressable market (TAM)
The size of the largest possible market.
Traditional audit approach
A checklist-driven methodology typically relying on sampling and substantive tests where equal or standard audit procedures are applied across most audit areas without being risk-driven.
Training
The structured programs and workshops designed to enhance the skills and
knowledge of CAS professionals.
knowledge of CAS professionals.
Transaction specialists
Professionals who manage and oversee transactional processes within a firm’s Client
Advisory Services (CAS) practice. They handle tasks such as accounts payable,
accounts receivable, and other financial transactions to ensure accuracy and
efficiency.
Advisory Services (CAS) practice. They handle tasks such as accounts payable,
accounts receivable, and other financial transactions to ensure accuracy and
efficiency.
Transactional accounting
The routine, day-to-day accounting tasks that involve recording and managing financial transactions.
Transformational audit technology
Innovative tools and systems that fundamentally change how audits are conducted by redefining methodologies, workflows, and outcomes beyond simple automation.
Trusted advisor business insights
Expert guidance and strategic advice to clients, to make informed decisions and achieve their business goals.
U
Upskilling
Enhancing the skills and capabilities of your team to better meet the evolving needs of
clients, including training on new technologies, improving advisory skills, and staying
updated with industry trends.
clients, including training on new technologies, improving advisory skills, and staying
updated with industry trends.
Utilization
The percentage of staff time spent on billable work compared to total available hours.
V
Value (vs. price)
The perceived benefits and results that clients gain from the services, such as
improved financial performance, strategic insights, and enhanced decision-making.
improved financial performance, strategic insights, and enhanced decision-making.
Value billing agreements
A pricing strategy where fees are based on the perceived value of the services provided to the client, rather than the time spent delivering those services.
Value pricing (value billing)
A pricing strategy where fees are based on the perceived value of the services
provided to the client, rather than the time spent delivering those services.
provided to the client, rather than the time spent delivering those services.
Value-based selling
A sales approach that focuses on customer needs, challenges, and goals rather than
just product features, emphasizing delivering outcomes rather than outputs.
just product features, emphasizing delivering outcomes rather than outputs.
Vendor scorecard
A tool used to evaluate and monitor the performance of vendors based on key metrics
and criteria.
and criteria.
Vertical specific solutions
Tailored advisory services and technology solutions designed to meet the unique
needs and challenges of specific industries.
needs and challenges of specific industries.
Virtual CFO
A financial expert who provides high-level financial management and strategic advice
to businesses on a part-time or remote basis. They help with budgeting, forecasting,
financial planning, and other CFO duties without the need for a full-time, in-house
CFO.
to businesses on a part-time or remote basis. They help with budgeting, forecasting,
financial planning, and other CFO duties without the need for a full-time, in-house
CFO.
Virtual controller
A professional who provides remote financial management services, including
overseeing accounting operations, financial reporting, and budgeting. They help
businesses maintain accurate financial records and ensure compliance without the
need for an on-site controller.
overseeing accounting operations, financial reporting, and budgeting. They help
businesses maintain accurate financial records and ensure compliance without the
need for an on-site controller.
