Remote staffing has seen a significant rise in the last year. Even before the COVID-19 pandemic hit the world, accounting firms had recognised the benefits of remote working, empowering their accounting staff and promoting performance and efficiency.
Rapid technological advancements have made remote accounting easily achievable. The increasing expectations of accounting firms to achieve maximum profit from the existing business model have brought them to remote staffing.
Let us explore how remote staffing may benefit your accounting practice.
1. Access To Talent Across The Globe
An accounting firm cannot expand the range of its services by offering only basic accounting services such as bookkeeping, tax audit, or invoice generation. Expansion and growth will need value-added services to be added to your offerings to clients. You will need talented and experienced accounting professionals in your firm to help you execute such vital projects.
Remote staffing will allow you to find capable, expert professionals worldwide instead of being restricted to the local talent pool. Remote staffing has made it possible for startups and small firms to afford to hire and import overseas talent.
2. Reduced Salary Costs
Hiring and retention of trained, experienced, and skilled staff is expensive, with excellent benefits and incentives, further training costs and motivational packages needed. With remote staff, you won’t be legally compelled to provide additional facilities to remote staff. Your accounting firm can save huge money by practising remote staffing.
Even though the remote staff employees will need an initial outlay for their home office set up such as Laptop/PC, broadband, and security majors. This cost will be comparatively low for the firm, increasing the companies’ profit margins.
3. Better Work-Life Balance
Remote staffing will be a win-win situation for both the accounting firm and the employees. The remote employees won’t be needing to travel to the office locations every day. The physical and mental health of the employees is maintained by working from the comfort of their home. Hence the employees can strike the work-life balance efficiently.
If you offer your staff more flexibility in working, it’s likely to increase their job satisfaction. However, you need to coordinate with the remote staff with practical tools such as Slack, Skype, Cisco Webex, Chanty, etc.
4. Reduced Infra Cost
Remote staff will undoubtedly decrease infrastructure investment and expenditure. Having a remote workforce allows you to avoid large office space expenditures. Your firm can reduce the brick-and-mortar infrastructure, and you will be reducing the expenditure on the following factors:
Air conditioning Pantry services Office rent Telecommunications and internet Hardware and software devices Electricity, etc
The costs per worker are lower with the remote staffing model. Quick access to online accounting software and tools has made it extremely easy for accounting firms to adopt remote staffing. You can also opt for efficient outsourcing services such as Corient to reduce the manual work of your accountants. Accounting firms can save a tremendous amount of overhead costs with this transition.
5. Increase In Productivity
Working from the comfortable spaces of individual choice enhances the employees’ productivity over the multiple distractions office. Remote working creates a more encouraging, distraction-free workspace that makes employees work at their full potential. A pleasant work environment makes the employee more focused and hence productive.
However, you will need to equip your system with digital tools and make your goals clear for the accountants and staff to understand your expectations from them. With an efficient remote staff, your firm can quickly achieve organisational goals with a better system in place.
6. Increase In Retention Of Staff
It is quite a challenge for startups and small accounting firms to retain their quality staff in today’s competitive marketplace. Accountants are prone to switch firms for better packages, work-culture, and potential growth. If so, the accounting firm again has to spend their time and money interviewing and hiring new staff members
With a remote work option, your firm offers flexibility to the employees by enhancing the work culture in the organisation. This initiative will increase your firm’s retention rate significantly.
7. Step Towards Digitalisation
Remote staffing is an excellent initiative towards the digitalisation of your firm. Small and medium-sized accounting firms lack efficiency as service providers due to the businesses’ traditional working system. With access to the best software technology and reduced infra costs, you can get the desired boost to increase your practice.
With the global pandemic forcing the world to stay in-doors, your firm can still operate to its full potential by adapting to remote staffing for your accounting practice. Limited resources constrain your accounting firm’s growth; remote staffing will open up a potential pathway to growth