You’re thinking about starting a virtual accounting business. You can use these best practices to help you run your virtual business effectively, regardless of whether you are looking to become a remote accountant to take advantage of new technology or to improve your work-life balance.
This guide will provide tips and tricks for starting a virtual accounting business, as well as tips on how to run your company more efficiently.
What does it mean to be a virtual accountant?
Virtual accounting is also known as remote accounting. However, services are delivered virtually and not in person. Remote accountants do not need to have a physical office to provide the same services as traditional accountants. Remote accountants use a variety of software and tools to manage and run their virtual accounting businesses and teams.
What are the advantages of starting a virtual accounting firm?
Although virtual accounting may not be the best solution for all accounting professionals, there is an increasing demand for remote work. There are many benefits to incorporating this into your business model.
Lower overhead expenses
Management of an office can be costly. Virtual accounting firm has their own expenses that are different from the ones incurred by physical offices. You can save on overhead costs such as rent, utilities, and paper.
Better work-life balance
Remote work offers both employees and business owners the chance to make a better work-life balance. Remote work allows you to be more flexible in your schedule and can help you achieve a better work-life balance.
Studies show that remote work can increase employee productivity, and help to focus. This is contrary to popular belief. It is important to provide privacy and quiet areas for greater concentration.
How to open a virtual accounting company
Jason M. Blumer (owner of Blumer CPAs), and I co-authored the ebook series. He went virtual to prepare for a new lifestyle. We haven’t looked back since. He recommends that you identify your vision and values before starting a virtual company.
Develop your vision
Your vision is about defining the purpose and reason for your business. Your vision is basically a statement about who you want to be as the owner of your business and what the business should become. It should be personal and a part of you.
It is not easy to decide who and what your business should be. It can take a lot of effort to create a clear, well-thought-out vision. These are the three areas you should start to think about:
Where do you see yourself as an owner within the next 3-5 years?
The answer to this question should be very personal. Are you a technical guru who serves clients face-to–face, or do you prefer to surf while your team assists your clients? You can make these decisions now to get on the right track.
Who are you looking to work with as clients or team members?
This question is about the people with whom you will be working on a daily basis. It’s important. This question should be answered in light of who you are most comfortable working with. Consider your team members and clients, and think about what you like or dislike about working with them.
What services would you like to offer?
This service will be provided every day, so it’s important that you enjoy it. If you’d prefer your team to provide the service, then ensure it’s something they can easily manage and teach.
Set up a system that is efficient
Although overhead costs are one of the biggest benefits of a virtual accounting company, it is not possible to save on hardware. What is your preferred method of working? What is your team’s best way to work together? You might consider a dual-monitor setup, mobile devices that allow for flexibility and connectivity (think mobile devices or tablets), laptops, or noise-canceling headsets. Find out what tools will increase productivity and share it with your team.
Invest in security
Some of the most secretive organizations like NASA and Goldman Sachs trust cloud computing. Cloud computing is the best way to save vital information, and share files, and other documents. But, cyber-attacks can be unpredictable and no internet network is perfect. It is important to train and learn from others about cyber security. Your team should be taught how to use safety protocols and best practices to protect themselves and their business from data breaches via software and devices.