Analogous to several other industry verticals, accounts and finance as well as remote accounting has been a trend even before the COVID-19 pandemic. The pandemic indeed fueled the popularity of this trend. Businesses that used to be skeptical about remote working models and their integrity have also realized the real worth of remote staffing and remote working.
Business owners that actually hire remote accountants are not forfeiting any performance and data security. In fact, they enjoy a wider spectrum of advantages if the accountants are hired from a reliable firm. Evidently, the remote working models have worked in the favor of business owners. In fact, for CPA and accounting firms, this new approach to accounting has brought radical changes and never seen before advantages.
The new-age CPA and accounting businesses have already started investing in the best accounting and remote services offered by skilled staff.
This article covers the exact reasons why any business owner should hire remote staff for managing diverse accounting and finance jobs. Regardless of the fact that a business owner has their own CPA company or is seeking financial management services for the owned firm, it is worth exploring major reasons to consider remote accounting staff or hiring a remote accountant.
What does it mean to hire a remote team?
Do not get confused between a remote working team and hiring an expert team of remote accountants.
If you have an on-premises team that works remotely from their preferred location by abiding by your company rules such as working hours, timing, etc., then that is your remote working team.
On the other hand, when you hire remote accountants, they are not your full-time or part-time employees but still provide exactly the same services. Undoubtedly, in many cases, you receive way better and more productive services and exceptional advantages by onboarding a remote staff.
Hiring an expert team of remote accountants also does not mean using accounting services from an offshore company. When you hire a team or a dedicated accountant, you receive their dedicated working hours. They will work as your extended team, which is why this model is also known as the augmented staffing model for accounting firms and CPAs.
What are the top reasons to hire remote staff?
There are multiple reasons and definite advantages to hiring remote accountants from a reliable offshore accounting company. The list is quite long, but for you, I have jotted down the top 13 benefits of adopting the virtual working model.
a) Access to the pool of talent
According to IWG, annually the USA, China, and India will add $4.5 trillion, $1.4 trillion, and $376 million respectively. This will be caused because of the decentralization of opportunities. The employees get better overseas opportunities to work, and they have already cultivated the skills to work in a remote environment for global customers.
Thus, when a business like yours looks for remote recruits to handle their finances, they have access to a wider talent pool. They don’t need to restrict themselves to the inadequate or restricted talent available in the local communities or geographies.
b) Reduced recruitment cycle and hassle
According to TalentLMS, remote working and hiring models reduce the total recruitment cost by 160%. Isn’t it a huge number?
You don’t need to hire recruitment agencies or go through an intimidating cycle of screening, interviewing, and hiring the right talent to handle your business finances. Rather, you can hire the best and certified CPAs, CFOs, bookkeepers, accountants, and other financial professionals within a few hours spent discussing your business needs and then shortlisting your team. The accounting company that has been offering a remote accounting team hiring model has already built a team of reliable and expert accounting professionals. The main advantage of the virtual staffing model is you can change your team members if you don’t feel uncomfortable after hiring them, which is quite difficult due to labor laws in many countries.
c) No investment in training the team
When you hire a remote accountant from a company, he or she will be well trained in all jobs like bookkeeping, budgeting, and forecasting, cash flow management, working capital management, tax return preparation and filling, payroll management, reconciliation, audit, and everything related to business finance management. These experts are also well-trained to adapt to the policies and working environment of clients. They will use your software such as Xero or Quickbooks and your working environment to perform their job to deliver productive work within your environment. All this will help in saving huge on training in terms of money, effort, and time.
d) No investment in accounting tools and infrastructure
When you decide to hire remote staff, the most recommended option is hiring from a financial management company offering augmented staffing services for accounting and CPA firms and other businesses. These businesses will not only have teams with the expertise to work with any software to manage accountancy jobs, but they will also have a well-established infrastructure. They usually use the best tools to provide accurate services. Thus, if you are looking for small business services or if you have not set up the whole infrastructure for your finance department, fret not. You will get access to the best tools and the latest technology without investing anything in addition to that.
e) Round-the-clock services
Even if businesses are finding virtual staffing models more reliable, some business owners take a back step due to time zone differences. The best news about this is it will work for you and benefit you. When you hire remote accountants from the right company, the first thing to rest assured about is that they will be very responsive and responsible. This team always stays available to attend scheduled calls to discuss your goals, requirements, demands, and needs, or simply to understand the report they sent to you. You can even take advantage of the different time zones. You can get things done when you are sleeping. Simply assign the task and your experts will send you an update before your breakfast time. Isn’t it the most productive way of doing business? Simply, keep your businesses functioning and accounts in place even if you are not with this beneficial team extension model.
f) Jacked up productivity
Time and again, it is proven that when you hire virtual experts, you can double productivity. Your team and you will not need to look at the chores as the specialists are doing the vital job. To keep you content, they will keep on augmenting your productivity. Moreover, not commuting and managing the stress of reaching the office to work, hiring a remote team will deliver more productive hours. Besides that, you and your team can concentrate on other productive jobs. This, indeed, creates a win-win situation to improve productivity.
g) Reduced stress level
Even at the best of times, financial management jobs get frantic due to so many disseminated sources of data, complicated processes, intricate implications of law and standards, and more. During busy peak seasons, anxiety and stress level increases due to mounting work pressure and a long list of deliverables. Of course, you cannot ignore the daily jobs to be done along with tax preparation or financial report creation. All this can lead to serious concerns. However, when you hire an extended team of accountants, there is nothing to worry about as it is their stress. All you focus on is deliverables. They will manage to deliver reports, audit support, reconciliation, tax returns, and more exactly as per the deadlines. So, nothing to worry about and be stressed about!
h) No concern about absenteeism
Calling sick is normal in an in-house setup. But, when you hire a remote accountant, calling sick is not a huge concern. If you have hired a team of professionals, one of the experts will take care of the work of the person calling in sick. If you have hired just a single resource, then the company that has provided you with the extended staffing option will make the required arrangements to get your work done or compensate you for those missed hours. One interesting statistical result shared by Indeed states that more than 52% of employees don’t take off while working from home or remotely.
i) Better preparation for disaster management
Being prepared for a disaster has become vital for businesses by keeping uncertain scenarios caused due to pandemics, wars, economic crises, etc. You can have a better and more reliable risk mitigation plan to continue leveraging the advantages of uninterruptible working with a remote team. Even if there is an unforeseen disaster like an earthquake or flood, your work will not stop.
j) Lower expenses
The upfront expenses are eliminated from the recruitment process. Moreover, you save on hiring contracts, printing agreements, and providing workstations, beverages, and other facilities to work productively. This would save you somewhere around 15% to 35%. Moreover, you don’t need to put a manager or yourself in managing the remote accounting expert that you have hired. The company will have a team of managers that will manage the accounting resources for you.
According to Indeed statistics, businesses that adopt virtual working environments can reduce their expenses by 50%. There are so many tools that would be eased out on your balance sheet to increase your cash flow and profit with this new-age working model.
k) Increased focus on core business
Accounting is a vital job for any business, but often the core focus of a company is different. Even if a business owner runs a CPA firm, he must want to focus on expanding the business, nurturing client relationships, and handling other aspects to grow at a rapid rate. By hiring a remote team of finance experts, a business owner can put his or her complete focus on core strengths to achieve more business goals.
l) Improved work-life balance
When stress goes out, happiness enters. With the remote hiring models to complete your accountancy and finance job, you can enjoy working more productive hours in a stress-free environment. You will not need to invest time in managing these jobs or work extra hours to handle busy seasons. This will add up to the quality of life and quality of work.
m) Happier clients and staff
Even though it may sound simple, keeping recordkeeping, bookkeeping, balance sheets, tax planning, and other financial aspects of a business is a tedious and intricate job. By hiring an expert team of remote accountants, a business owner can alleviate work pressure from existing team members. This can indeed keep them feeling content and valued to get external support to do the day-to-day jobs. On the other hand, on-time delivery of jobs, accurate and efficient services, and excellent customer care can help a CPA firm to keep clients happier, too. This is achievable with a skilled remote team of experts handling accounts and finances.
n) Enhanced business positioning
Transparent and solid financial data often attracts more stockholders, investors, and creditors. Even if you don’t expect any funds for your business, it can help impress your existing and future clients. With up-to-date and precise financial reports, you can position your business as one of the leading players in your niche.
o) Contribute to a green environment
The virtual team of accountants will eliminate the need to print documents, agreements, balance sheets, etc. Every job will be done on the cloud and online. Moreover, the virtual working environment also contributes to reducing carbon footprints. As we all know about the severe consequences of the green effect, with the adoption of an augmented staffing model, business owners can do their bit to save the environment. This will be your contribution towards a green environment.
In a nutshell, hiring remote staff for your business accounts or clients’ financial needs will bring radical changes to your business, as well as your industry and environment. For decades, several businesses have been taking advantage of this model of working. The pandemic created a tidal wave in the adoption of this working model.
Hiring remote accountants for accounting or CPA firms can generate remarkable opportunities and help in easing out the major challenges. Even a small or medium-scale business can reap outstanding benefits from this new-age business finance management model. It means business owners have plenty of reasons to hire remote accountants.
If you are thinking of taking advantage of hiring a professional team of accountants, then we, CapActix, can help you. We have a highly experienced team of bookkeepers, accountants, consultants, CPAs, and other financial management experts. We provide resource-hiring services that can help you save up to 75% with our affordable hourly rates. You can also enjoy the scalability of team size and several other flexible engagement options that will make this partnership fruitful for you. visit the official website of CapActix to read some fascinating facts and blog posts.
Get in touch with us to discuss how you can leverage a plethora of advantages by hiring accounting professionals from team CapActix. To initiate this discussion, please contact us via our email [email protected] or you can also call us directly at +1 201-778-0509.