Client Advisory Services (CAS) practices have reported a median growth rate of 20%, according to a new survey by CPA.com and the American Institute of CPAs (AICPA).
The report collected data from fiscal year 2019 and the early part of 2020, reflecting the onset of the pandemic.
The survey also indicated CAS practices are profitable, with median profit margins of 34% for all firms and 47% for “top performers”.
CAS firms have also managed remote work well during the pandemic, particularly firms which have embraced the move to digital.
Meanwhile, some 96% of CAS firms helped clients apply for “forgivable loans” through the Small Business Administration’s Payroll Protection Program (PPP) and other relief programs.
In addition, more than half (55%) of firms also said that their revenue was up because of the work that came out of the pandemic
Erik Asgeirsson, president and CEO, CPA.com, said: “Client Advisory Services have become an increasingly strategic component of CPA firms’ offerings, and this was never more clear than during the pandemic.
“Looking forward, we see new opportunities in business forecasting, business funding and other categories that will drive growth and provide greater value for clients.”