Is your firm looking for new opportunities to win C-level clients with Client Advisory Services (CAS)? Having the right spend management solution can open the door to them!
Taking a tiered approach to building and expanding advisory relationships with C-level financial executives can be a profitable way to grow your practice. The key to this strategy is your firm’s ability to seamlessly automate expense data collection, reporting and analysis so you can provide insights and strategies to help CFOs, finance managers and corporate financial teams manage spending on a day-to-day basis. Once you have this foundation in place, you can evolve your relationships to be a strategic advisor at the highest level of an organization.
Join us for How to Leverage Spend Management Solutions to Create C-Level CAS Opportunities on July 22 at noon. You can register here.
Outsourced expense management services is a growing niche for accounting firms. Now is the ideal time to carve out a niche for your firm in the growing outsourced expense management market. Market research shows that over 40% of businesses still manage expense reporting manually and nearly half of them do not know how much it costs them to process a single expense report. You can extrapolate from this data that many C-level executives do not have insight into other key expense areas in their organizations either—creating the perfect value added CAS opportunity for your firm to be a trusted adviser offering insights and strategies to manage, monitor and analyze spending at every level of a business.
Evaluating expense management technology solutions is the first step. Given the revenue generation potential in the spend management market for your firm, it’s important to have a solid plan for leveraging it. This begins with putting the technology in place to make expense management seamless for both you and your clients.
A comprehensive spend management solution such as Divvy, which integrates with QuickBooks® Online and NetSuite, is essential to make your CAS spend management services seamless between your firm and your clients’ accounting systems, eliminating manual work while adding robust reporting capabilities to support your CAS engagements.
In addition, the spend management solution you choose should also offer existing and new clients the flexibility and convenience of mobile spend management to capture receipts and to ensure that users of the system are compliant—this is especially important in the age of COVID when many businesses have shifted to a remote work model. Having a comprehensive, cloud-based expense management system including an advanced mobile app, frees your firm staff from having to spend time tracking down missing documentation, adding even more efficiency to your spend management workflow while also elevating the client experience.
Providing CAS in the expense management niche is a win-win for your firm and your clients. Grandview Research reports that for the majority of businesses (regardless of their size), using outsourced expense management services provides significant ROI. This is due to the fact that many organizations have little or no insight into their spending, handle expense management manually and have no mechanism in place to access accurate reporting. This is where your firm can shine and profit by providing the technology that will help create a better expense management system in conjunction with the financial insights and analysis to identify potential areas of concern and a strategic plan to address them. It’s a win-win for you and your clients.
Join us for How to Leverage Spend Management Solutions to Create C-Level CAS Opportunities on July 22 at noon. You can register here.
This webinar will explore the practical tools and processes you can use to grow your advisory services and a recurring revenue stream with spend management tactics and tools. In 60 minutes you’ll learn the keys to creating a successful expense management service niche for your practice. In addition, we’ll cover how to market expense management solutions to C-level clients and where to find qualified prospects for your firm’s CAS offerings.