The COVID-19 pandemic has made many people virtual workers, accountants included. Business owners have discovered that high-performing employees can still deliver to clients or customers remotely by turning dining room tables into desks. Discovered That High-Performing You might be an accountant and are considering offering your services on a virtual basis. Maybe you want a better work/life balance, or the ability to use your breaks to walk your dog while working remotely. Virtual accounting is, therefore, exactly what it sounds like: The provision of accounting services online rather than in a physical location where clients visit you. The best part? You can offer the same services to your clients as traditional firms at a lower cost because you are able to save money on overhead costs.
How a Virtual Accounting Firm Works Discovered That High-Performing
Virtual accounting firms work online so it doesn’t really matter where you are. All you need is a computer and internet access. You can have your “remote office” anywhere you like, including your backyard or at your favourite café table. You want to work in a place that’s free from distractions and allows you to concentrate. Moreover, employees’ work hours can be tracked using time tracking software. Virtual accountants can communicate with clients online instead of in person.
Communication with clients while working virtually
Virtual accountants can communicate with clients online or over the phone. These online channels include email and video calls over platforms like Microsoft Team. You and your client can have virtual meetings using video cameras. This will enable you to communicate with each other via the internet. It will also help to maintain trust between accountants-clients. Virtual accountants-to-be, you must have video conferencing software installed on your personal computer. A lot of this software can be downloaded for free.
Collaboration with clients in accounting virtually
Cloud accounting software is the answer. You may be wondering, “What is cloud accounting?” Cloud accounting is a way to keep your business’ books online and connect with your clients. Xero lets you give clients real-time access and allows you to collaborate on files without even having to be in the exact same zip code. Cloud-based software can be accessed via a monthly subscription. It can be accessed from any device using an app or a browser that is connected to the internet. You don’t need to install or run the application on your desktop computer. Pretty cool, huh?
Both you and your clients will be able to eliminate the need for physical copies of files.
But how about data security?
Cloud accounting also offers data security, so virtual accountants can be confident that their confidential information will not be disclosed to anyone. The cloud stores encrypted data that can be backed up at multiple locations. Only those with the software login information have access to the data. You can also control the access level. Even if someone steals your computer or floods it, nobody can access your data. No correct login, no data access. Your business continuity will not be affected if you have an internet connection. Goodbye downtime.
Who uses virtual accountants?
Virtual CPAs or virtual accountants can be used by anyone who has an accountant in a physical location. They can also be used for bookkeeping and other online bookkeeping services such as financial reporting, tax services, or any other type of service. A virtual accounting firm is a cost-effective option for individuals and businesses. They only pay for the work that they require. This is a cost-effective option for businesses that don’t have the resources to hire a staff accountant but still need help balancing their books or may only need additional assistance during tax season.
The only difference between traditional and virtual accounting firms is their location. Virtual accountants operate their businesses from an online address, while traditional firms have a physical address. Virtual accountants can be reached from any location and any device with the help of certain software such as cloud accounting software and video conferencing software. Data security is ensured by encryption and backup.