Creating value with outsourced financial management

Organizations can help accelerate growth with finance outsourcing such as Client Advisory Services. Find a team with the right industry, accounting, and technology experience.

How do businesses stay agile, innovative, and focused on their strategic goals when fluctuations in the economy, geopolitical risk, and changes in the competitive landscape are causing them to continuously re-evaluate how they approach the market and organize themselves operationally? As companies find themselves experiencing rapid growth or unexpected downsizing, they are exploring options to navigate scaling up or down while continuing to manage day-to-day operations effectively and efficiently without interruption.

Spiking demand for finance function outsourcing

Developing a plan of action around your organization’s day-to-day accounting, year-end audits, and especially with regards to business advisory and consulting services, continues to be of great interest among executives.

Within the scope of Managed Service Offerings (MSO), the finance function has taken new prominence as a way to leverage innovative technologies, gain efficiencies, and manage costs. Often referred to as Client Advisory Services (CAS), many providers have moved beyond basic bookkeeping, payroll, and invoicing to meet the demand by CEOs, CFOs, and controllers seeking a more comprehensive accounting solution. CohnReznick’s CAS practice focuses on a more progressive partner approach, offering business advisory, FP&A, and technology solutions.

Innovation at scale

The right platforms can help your organization standardize processes, optimize current tech stack, and scale back-office operations to help meet your business’ needs and deadlines, as well as promote operational efficiency; all while offering the ability to scale as needed and plan for the future of your business.

This is not just a technology decision but is truly a business decision. Many organizations find it challenging to prioritize investments while keeping up with technology advancements, regulatory changes, and staffing turnover and training. CAS is much more than bookkeeping; it’s understanding and identifying your pain points and providing solutions.

Identifying the right CAS provider

Exploring the following questions will help guide your organization in selecting a provider who can offer full-service accounting, finance, and advisory services to meet your needs today and in the future:

  • Technology: A CAS provider should have the depth and breadth of experience with the platforms that they recommend.
    • Are team members certified in the applications they are implementing and optimizing?
    • What is the strength of their relationships with the vendors they recommend?
    • Have they developed onboarding and training plans for a “train the trainer” program?
  • Industry experience: While it’s important to work with a CAS team that can provide core services, a strong team will also understand the nuances of your industry.
    • Do they understand the regulatory and reporting requirements of your industry?
    • Do they have in-depth knowledge of the requirements, timelines, and deadlines of your sector?
    • Are team members from the industry or involved in industry associations?
  • CAS and client focus:
    • Are they staying abreast of CAS developments by participating in board associations and working groups, and attending or presenting at industry conferences?
    • How do they stay at the forefront of technology in the CAS space in order to share the most up-to-date and innovative resources with their clients?
    • How do they demonstrate client service and what processes are in place to foster a continuous strong relationship?

The right team will offer elevated client services, an experienced team, a focus on technology, industry insight, and a genuine desire to support your business’ growth.

Working with your CAS provider

Any outsourcing or co-sourcing provider becomes a true extension of your in-house team. A CAS team should take a deep dive into your organization’s back office. The data and insights tell a story that will help inform your decisions and drive your business forward. This relationship should be structured around continuous collaboration and the ability to bring in complementary teams to assist your organization efficiently, leaving no surprises and offering clear and open communication so everyone is on the same page.

An understanding and recognition that each situation, each business, is unique increases everyone’s chances of success. A business’s needs, strengths, and challenges are specific to the organization and aligning with the right people, processes, and technology are paramount.


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Kane Polakoff headshot

Kane Polakoff

Principal, Client Advisory Services (CAS)

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This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.