We can marvel at great engineering achievements like massive bridges and skyscrapers, but when it comes to building a CAS practice, the same principles apply. It all breaks down into tasks.
In starting something like a CAS practice, our goals may seem just as daunting or near impossible as they do in thinking about creating some of the greatest structures on the planet. But when you break your practice’s creation into smaller, simple tasks, you will be able to better see how you can achieve it.
For those who have plans or are in the midst of building a CAS practice, your assignment is to break it down into five simple tasks. These are tasks that are achievable and maybe you can even accomplish one with a day:
1. Identify clients’ needs.
2. Build process and frameworks.
3. Set up a recurring reporting rhythm.
4. Assess clients’ business infrastructure and financial health.
5. Develop financial forecasts and projections
If you’ve actively participated in accounting events over the last couple of months, you’d certainly have noticed the buzz around CAS. Yet, practical advice on implementing CAS — particularly for startups with limited resources — seems to be scarce.
Don’t worry, though. If you’re already on the CAS journey, you’re a step ahead — 30% ahead of your competition, in fact. This article aims to fill that void by offering.
Establishing a thriving CAS practice is far from an impossible dream. It took me 13 years to transition from offering basic accounting services to becoming a fractional CFO, but these five steps should help both budding and established CAS practitioners move much faster:
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