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.
Findings of the survey:
- 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.
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.
“Firms are continuing to double-down on client advisory services 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, 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.”
To learn more, visit cpa.com/client-advisory-services.
