• Double-digit growth trend of CAS continues to outpace growth in the profession
• Significant increase in net client fees per professional (NCFPP)
• Median reported CAS revenue rose 61% over 2022

NEW YORK (Dec. 9, 2024) – Client advisory services (CAS) is poised to continue its impressive trajectory as the fastest growing service area in public accounting, according to the newly released 2024 CPA.com & AICPA PCPS Client Advisory Services Benchmark Survey report. The survey polled more than 200 U.S. firms with CAS offerings and collected data from the 2023 calendar year.

CAS practices that participated in the survey reported a median growth rate of 17% and are highly optimistic about the continued opportunity of the practice area. Respondents projected 15% continued growth in the current year and an impressive 99% projected median growth for their firms over the next three years. Additionally, median CAS net client fees per professional (NCFPP) rose to $156,250 for all respondents, an increase of 29% over the 2022 survey.

The growth in key metrics is likely attributed to firms doing more CAS engagements, rather than tax cleanup or annual project work, and taking steps to standardize processes and “right price” work with fixed-fee strategies that are billed on a recurring basis. The survey also indicated firm practices are shifting to maximize value for clients and staff and support continued growth.

Key insights include:

1. CAS growth continues to be significant and outpaces the profession’s overall growth. Respondents reported an increase in CAS revenue growth that was stronger than their firm’s overall reported median growth.
2. Firms can increase revenue by expanding their higher-level service offerings. Firms that generate significant revenue from CFO or higher-level business insights advisory services earned more than 30% higher monthly recurring revenue.
3. Defined strategy and planning are key to a successful and profitable CAS practice. Practices with a formal CAS business plan report nearly $10,000 more in median average annual client revenue. They’re also more strategic about staffing and have a clear, firmwide understanding of services and ideal client profiles.
4. Defined client niches are key to promoting standardization and efficiency and, ultimately, increasing profitability. Practices where more than half their revenue comes from defined industry niches report 38% higher median CAS revenue and 51% higher net revenue per client than all respondents.
5. Adaptability and agility are key to staffing in CAS. Nearly four-fifths (78%) of practices have dedicated staff working only in CAS. Additionally, ongoing training and flexible staffing solutions are important to achieve operational excellence and maximize growth.
6. Better strategy and investment around technology means better productivity, efficiency and staff satisfaction. About half of CAS practices (51%) are continually investing in technology, and those practices report higher total CAS revenue and average client revenue. They also report serving 50% more clients (100 versus 67) than all respondents.
7. Pricing in the CAS space has shifted away from pure time and materials billing. CAS practices continue to lead the way in rethinking billing with only 10% of respondents still employing hourly billing as the primary pricing method.

“Firms are continuing to double-down on client advisory services (CAS) as a key growth area, but there’s still so much more potential for those that take an intentional and strategic approach to building and scaling their CAS practices," said Kimberly Blascoe, CPA, Senior Director of CAS Professional Services, CPA.com. “By continuing to shift from financial CAS (transactional to controller services) to higher-level business insights CAS (based on financial and non-financial insights), firms will create more value for clients and be well positioned for ongoing success.”

CPA.com will hold a free webinar Thursday, Jan. 30 at 1 p.m. ET to highlight key insights from the survey and offer practical strategies for firms to strengthen and develop their CAS capabilities. To support firms on their CAS journey, CPA.com offers a portfolio of learning resources including whitepapers, firm self-assessments, self-guided toolkits, virtual and in-person workshops, guided coaching cohorts, consulting engagements and much more. Through its award-winning CAS 2.0^® Coaching Program and the Digital CPA conference, CPA.com has built and is cultivating a thriving CAS community where firms have access to like-minded CAS practitioners and leaders.

To learn more, please visit cpa.com/client-advisory-services.

Methodology

The CAS Benchmark Survey was conducted online from May to July 2024 and includes data from calendar year 2023 for the 206 CAS practices who self-selected to participate in the survey. Besides general results, the survey analyzes the performance of top CAS practices, defined as those with the highest net client fees per professional (NCFPP).

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the Association of International Certified Professional Accountants, and AICPA & CIMA

The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 689,000 AICPA and CIMA members, students and engaged professionals in 196 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.

New features support auditors in delivering more efficient, higher quality financial statement audits

New York, NY (Dec. 2, 2024) - As firm adoption of the Dynamic Audit Solution (DAS) continues to accelerate, new planning features and expanded industry content have been added to the most recent release of the transformative audit solution that further supports firms in enhancing the efficiency, quality and client value of financial statement audits.

DAS, which is part of OnPoint, a comprehensive suite of applications built on the Caseware Cloud platform, is the only fully integrated, end-to-end, cloud- based audit solution on the market. It is powered by a transformative methodology developed by the AICPA and in partnership with audit professionals from leading firms. DAS features guided workflows and real- time collaboration to support an enhanced auditor and client experience through a risk-focused, data-driven approach.

Many firms in the T100 are now on a path to full migration of DAS and feedback has been overwhelmingly positive. Firms are highlighting key benefits including enhanced efficiency and quality, staff engagement and upskilling opportunities, and valuable implementation training and support throughout the process. The firms have cited the flexibility of the platform, which can either be used ‘out of the box’ without the need for internal methodology maintenance or as a customized solution, allowing firms to author their own content into the platform.

After an extensive market evaluation, Withum, a top 100 firm, selected DAS to replace its legacy audit methodology. “We’re using DAS out of the box,” said Kevin McElgunn, CPA, partner at Withum. “One of the things that was always inefficient was creating our own work papers and practice aids which we then need to update every year. We’d have to look at what’s changing and determine if it’s still applicable. DAS’s methodology and standardization eliminate the inconsistencies that come with individual preference and the need for maintenance.”

Capability Enhancements

The latest DAS release includes key features that address the needs of auditors active in OnPoint today, while at the same time building out key foundational elements to allow for even more enhanced technologies in the coming months. Highlights of this release include:

• Newly supported industries. Newly added industries include technology, real estate, dealerships, depository and lending institutions, investment companies, and insurance. Tailored content by industry eliminates irrelevant procedures and supports auditors with tools aligned to unique industry requirements.
• Central Planning. Central planning eliminates redundancy and optimizes workflows for audits that involve multiple engagements by allowing risk assessments and responses to risks to be managed from a central entity. This feature also allows enables auditors the flexibility to modify elements of the individual entities to further streamline workflows.
• Testing. This release also upgrades the journal entry testing tool, making it simpler to work with existing tests, create new custom tests for specific needs and to link tests to specific risks.

The continued release of robust industry content and advanced capabilities sets DAS apart as the accounting profession’s most advanced and only fully integrated, end-to-end audit solution.

Other Key Features

Other key benefits of DAS cited by adopting firms include: single audit and group audit support, strong linkage to standards, and financial statement and sampling modules. Integration with Caseware Taxflow streamlines functionality between tax and assurance engagements, and Caseware’s digital assistant, AiDA, uses built-in research capabilities to cite standards, summarize documents, and more, in a secure platform.

In addition to DAS’s robust capabilities, CPA.com effectively supports firm adoption readiness, providing comprehensive implementation consulting, training and migration services to support firms through the entire audit transformation journey.

“The Dynamic Audit Solution is a powerful tool with unique capabilities unlike any other on the market,” said Erik Asgeirsson, president and CEO, CPA.com. “Firms using DAS today have recognized the significant improvements in efficiency, effectiveness and client value that the tool offers, as well as the benefits it can provide in attracting the next generation of talent.”

LEARN MORE

For more information on DAS for your firm, contact us at cpa.com/das- inquiries.

You can also access additional resources, including user testimonials, by visiting the DAS Resource Center.

Artificial Intelligence, Talent Development and Practice Transformation Strategies Frame Premier Event for Progressive Accounting Professionals

NEW YORK (Sept. 6, 2024) – In today’s rapidly evolving landscape of technology and innovation, staying ahead is essential for accounting and finance professionals. The Digital CPA (DCPA) Conference^® offers the innovative insights and connections that CPAs and firm leaders need to drive the transformation of their practice areas and position for future success through the latest technology and cutting-edge strategies. strategies.

DCPA 2024, hosted by CPA.com and AICPA & CIMA, will take place at the Hyatt Regency in Denver Dec. 8-11, 2024, and live online.

The theme of this year’s conference is "Pathways to Possibilities". In addition to the robust client advisory services (CAS) content that DCPA has long been known for, this year’s agenda will continue to expand the audit track to offer the same caliber of insights and strategies for our growing audit community.

The three-day program also features sessions focused on trends in artificial intelligence, cybersecurity, offshoring, change management and more, and offers the opportunity to earn up to 22 CPE credits.

Featured keynote speakers will set the stage around today’s business and technology environment and frame the focus of the conference. They include:

• Alex Dorr , VP, People Evolution, Reality-Based Leadership, will provide insights into leadership strategies designed to maximize employee productivity and value. Alex will also lead a roundtable exercise aimed at identifying practical tools and techniques to drive meaningful change within teams.
• Allie K. Miller, CEO of Open Machine and Fortune 500 AI Advisor, will share strategies for individuals, teams and businesses to master the AI age.
• Erik Asgeirsson, president and CEO, CPA.com, will lead a discussion with Barry Melancon , president and CEO, AICPA, and other practice and technology visionaries on the state of the profession and how firms are embracing transformative technologies, strategies and services to continue to thrive now and into the future.

There will also be a special AICPA Town Hall episode airing live from DCPA featuring discussions on the talent pipeline, operational risk management strategies and the latest technical and DC updates.

Attendees will also have the chance to participate in several roundtable discussions with peers and like-minded professionals to discuss real world challenges and opportunities.

"In a time where technology and strategic foresight are reshaping accounting and finance, the progressive firms of the Digital CPA community are forging the future through innovation and adaptability," said Asgeirsson. "The DCPA Conference is a catalyst that brings together the most inspiring and forward-thinking leaders across CAS, audit and tax to exchange ideas, insights and strategies to enable firmwide transformation and position themselves and the profession for ongoing success.”

The event continues to sell out each year, and record numbers are expected once again for the live and virtual event. Practitioners who register before Sept. 30 can save with early-bird pricing and discounted registration fees.

Visit digitalcpa.com for more details on the event and access on-demand and upcoming webcasts aimed at extending the conversation beyond DCPA. You can also get a sneak peek into conversations with conference speakers on the Digital CPA Podcast, available on all major platforms.

Media access: Reporters who would like press credentials to attend the event can contact Sonia Bauer, Sonia.Bauer@hq.cpa.com. Online access to sessions is also available.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the Association of International Certified Professional Accountants, and AICPA & CIMA

The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 698,000 AICPA and CIMA members, students and engaged professionals in 188 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.

Early-stage companies are invited to apply for the AICPA and CPA.com program by Nov. 30

NEW YORK (Aug. 6, 2024) – The American Institute of CPAs (AICPA) and CPA.com are accepting applications for the 2025 Startup Accelerator program, which supports the growth of early-stage companies worldwide to help advance the accounting and finance profession. Startup companies focused on accounting, tax, fintech, regulatory technology, or educational solutions that leverage emerging technologies for accounting and finance teams are encouraged to apply.

Selected applicants will receive access to strategic advice and business insights from program advisory board members, AICPA and CPA.com leaders, and experts with extensive experience across entrepreneurship, technology startups, accounting and finance. Participants will also receive a $25,000 grant and exposure at top events hosted by the AICPA & CIMA and CPA.com.

“The guidance and feedback from the AICPA and CPA.com's advisors, specialists, employees and customers has been invaluable in refining our product, messaging and go-to-market strategies for the US,” said Brendan Roberts, CEO of Aider, a member of the 2024 cohort. “We have formed friendships with the talented cohort of fellow accelerators, and the collaborative environment has accelerated our progress and opened partnerships. I highly recommend this program to any startup looking to scale and succeed in accounting and finance.”

Applications for the 2025 accelerator program are open until Nov. 30, 2024. The chosen cohort will be featured next summer at AICPA & CIMA ENGAGE, the largest U.S.-based conference for CPAs, and at the Digital CPA conference later in the year.

“Technology is the great equalizer that can empower firms and finance teams of all sizes to elevate the quality and value of services delivered,” said Erik Asgeirsson, president and CEO, CPA.com. “We’re excited to welcome the next wave of innovative solutions partners into the 2025 Startup Accelerator program as part of our efforts to enable how finance and accounting teams embrace transformational technologies and strategies to position for ongoing success.”

To be eligible for consideration, companies must meet the following criteria:

• Focus on accounting, tax, fintech, regulatory technology or educational solutions
• Leverage innovative technology such as artificial intelligence in their solution
• A functional product with active users
• Be at seed or pre-Series A stage (some exceptions may apply)

For additional information about the program, please reach out to Vendela Hale at vendela.hale@hq.cpa.com. CPA.com and the AICPA are also hosting a webinar Oct. 3, 2024 at 1 p.m. ET with the startup companies representing the 2024 cohort to discuss emerging technologies and their impact on the accounting profession.

To apply for the 2025 cohort, please visit the accelerator program page at accelerator.cpa.com.

About CPA.com
CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners. A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

About the Association of International Certified Professional Accountants, and AICPA & CIMA
The Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA, advances the global accounting and finance profession through its work on behalf of 698,000 AICPA and CIMA members, students and engaged professionals in 188 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license and specialized credentials, professional education and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable and resilient future.

The American Institute of CPAs (AICPA), the world’s largest member association representing the CPA profession, sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It also develops and grades the Uniform CPA Examination and builds the pipeline of future talent for the public accounting profession.

The Chartered Institute of Management Accountants (CIMA) is the world’s leading and largest professional body of management accountants. CIMA works closely with employers and sponsors leading-edge research, constantly updating its professional qualification and professional experience requirements to ensure it remains the employer’s choice when recruiting financially trained business leaders.

Firm adoption of transformational platform has grown more than 25% since May as significant enhancements roll out.

New York, NY (July 23, 2024) – CPA.com announced today that firm usage of the Dynamic Audit Solution (DAS) has grown by more than 25% in the last 60 days as new capabilities and industry content further support firms in enhancing the efficiency, quality and client value of their financial statement audits through a risk-focused, data-driven approach.

DAS is part of OnPoint, a comprehensive cloud-based suite of applications built on the Caseware Cloud platform that brings together embedded methodology, engagement management, automated financial statements, data analytics and client collaboration into a single integrated package. Firm adoption of OnPoint, which also includes OnPoint EBP, OnPoint PCR and OnPoint Audit, has been growing steadily with more than 200 firms now using one or more applications.

Powered by a transformative methodology developed by the AICPA, in partnership with audit professionals from leading firms, DAS is the only comprehensive, end-to-end, cloud-based solution on the market built by auditors, for auditors. Firms are actively using DAS today to complete financial statement audits, and the solution is poised for sharp acceleration. Users of the platform continue to recognize DAS as a transformative differentiator in the market, highlighting the value it provides in enhancing the efficiency, quality and client value of audits. DAS features guided workflows, real-time collaboration, and a fully integrated methodology from start to finish to support an enhanced auditor and client experience.

FIRM USAGE

Since its commercial launch in June 2023, DAS adoption has accelerated, and the platform is available for immediate deployment to firms of all sizes. Currently:

• 80% of the firms in the original DAS consortium are either evaluating, planning adoption, or adopting the solution.
• Multiple Top 25 firms are now on the path to full firm migration to DAS by the end of 2025.
• The majority of Top 100 firms outside of the original DAS consortium are also currently evaluating the solution.
• The comprehensive change management and planning tools and services available through CPA.com are being very well-received by firms and helping to drive successful transitions.
• DAS is available to firms of all sizes, and many smaller firms are also evaluating or adopting the solution.
• 3,000+ engagements have been completed through the platform to date.
• There are 5,000+ active licensed seats on the platform (more than 25% increase since May 2024).

CAPABILITY ENHANCEMENTS

Additionally, new features, functionality and content continue to be added to DAS to enhance capabilities and user experience. The most recent release in June 2024 implemented significant enhancements including, but not limited to:

• New industry content. New industry content is being added regularly. Just added were Healthcare for Non-Profit and Commercial Entities, and HUD for Healthcare. This addition enables firms to perform end-to-end audits that incorporate data analytics, financial statements, disclosure checklists, materiality benchmarks, risk indicators and ratio analysis unique to performing audits of healthcare entities.
• Group audit capabilities. The platform now supports multi-level hierarchies and simplifies internal consolidations to make complex audits easier. Additional group audit automations will be released in early 2025.
• Improved user experience. Exciting new enhancements include expansion of the risk library and sampling capabilities, as well as streamlined workflow processes and navigation improvements.

FIRM FEEDBACK

User feedback of the platform has been overwhelmingly positive and offers valuable insights into their unique experiences and benefits of using the platform.

According to Kevin McElgunn, partner at Withum, “Data ingestion, linkage of work papers, seamless data integration, and real-time communication and collaboration tools allow our staff and team members to be able to problem solve and critically think through issues, which creates a more effective and efficient audit.”

Other key themes we hear from firms include:

• Drives audit quality: DAS guides auditors through best practices, automates complex tasks, and flags potential inconsistencies. This helps firms produce high-quality audits, even with less experienced staff.
• Built-in learning and efficiency: DAS features on-screen guidance and prompts, acting as a virtual 'experienced auditor' to guide staff. This speeds up the audit process while simultaneously training the team.
• Powerful automation and diagnostics: DAS automates risk assessment, sampling and other complex areas. It uses built-in diagnostics to catch errors and guide auditors, ensuring thoroughness and accuracy.
• Adapts to firms and industries: DAS is customizable, enabling firms with resources and capabilities to tailor it to their specific needs and industry focuses, making it suitable for a wide range of audit practices. However, DAS also provides a high element of standardization for firms that want to ensure a firmwide discipline and consistency that helps improve audit quality.
• Comprehensive and interconnected: DAS provides in-depth audit guidance that is fully integrated, ensuring that information is consistent and reusable throughout the audit process, thereby reducing errors and enhancing efficiency.
• Implementation support: CPA.com’s robust professional services offerings for implementation training, data migration and change management set firms up for a successful transition to DAS.

LEARN MORE
For more information on DAS for your firm, contact us at cpa.com/das-inquiries.

CPA.com can help firms assess firm readiness and offers comprehensive implementation consulting, training and data and migration services to prepare for a technology-driven shift.

You can also access additional resources, including user testimonials, by visiting the DAS Resource Center.

About CPA.com
CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus. The company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners. A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.