10 Benefits Derived by Accounting Firms from Remote Staffing
Accounting firms are always looking for the best solution to make their business more efficient and productive. If you are also one of the efficiency-seeking accounting firms, then you can hire a remote team to make your business more efficient as they can offer you dynamic 10 benefits.
With intervention of technology, the limitations of physical boundaries have been completely eliminated. Today, the concept of the physical workplace is being replaced by remote teams rapidly. A study has been conducted by the Stanford University has showcased the workers who work remotely will be become twice productive, then workers who are working in the regular work environment. This study has been conducted after observing 500 workers who work both in the traditional and remote workplace.
Today, where big Fortune 500 companies like Google, Apple, and Dell have already established their remote teams, in this, remote staffing for CPA firms has become a necessity. With the help of accounting software and dynamic communication tools, it has become very easy for accounting firms to establish their remote teams across the border without any difficulty and manage their business operation just like a regular accounting firm.
However, accounting firms and tax firms are not fully sold over the solution of remote staffing yet. This is due to the lack of knowledge of remote staffing benefits among the accounts. Today, most of the accountants are gullible about the concept of remote staffing and methods to incorporate it.
Top 10 Benefits of Remote Staffing for Accounting Firms
If you are still stopping the progress and efficiency of your accounting firm because of the limited availability of the resources, then these 10 benefits of remote staffing will open up your eyes and give you a new perspective to make your business more profitable.
#1. Elimination of Physical Boundaries
The time has gone where accounting firms have to only maintain the bookkeeping records for their clients. Today, the work of CPA Firms varies from budgeting, forecasting, auditing, management and much more. And, to provide all these services, companies have to appoint different staff members like enrolled agents, auditors, tax professionals, and others.
Moreover, they just need highly skilled people to handle their special services which sometimes get difficult for startup accounting firms to hire from the local talent pool and new firms can’t bear the cost of importing talented staff from outside the country. But, by using the remote staffing companies like CapActix, they can easily get the assistance of globally trained staff at the affordable rates.
#2. Improved Retention Rate
It is a challenge for the new accounting firms to retain their staff in this competitive business environment. They have to waste their lots of time in interviewing and hiring the new staff members where employees immediately leave their job once they get better opportunity. It put lots of financial burden and reduce the productivity of the accounting companies. But, by hiring the remote staffing company they don’t have to face any such kind of burden.
#3. Reduce Burden of Employers
In 2018, there was an estimated $5 billion in cost savings for U.S. companies with employees who worked remotely—and that’s just counting part-time workers. Accounting employers can save up lot of money by using the services of remote staffing companies because they don’t have to offer additional benefits to their remote staff like healthcare benefits, insurance benefits and others. Remote staff just work on the fixed salary.
#4. Around the Clock Services
Accounting firms can easily run their business operations around the clock by hiring remote staffing companies from different time zones. For example, an American accounting company should hire remote staff from India so that due to the time difference they can work around the clock and provide 24*7 support to their clients.
#5. Easy Turn Around
Most of the well-reputed accounting remote staffing companies have an array of highly skilled and efficient professionals with them who can easily manage bulk work at short notice. So, accounting companies can easily increase their work turnaround time by hiring the remote staffing team members.
By acquiring the remote staffing team for your accounting business, you can bring more accessibility to your business operations. As remote teams mostly share their work through a cloud-based storage system that offers more flexibility and accessibility to the business operations.
#7. Better Communication
This might sound weird, but remotely working coworkers can better interact with one another and can freely share their opinions. According to the Harvard Business Review, 87 percent of remote workers feel more connected through the use of video conferencing. That’s because all the office politics and grapevine hurdles are not part of the remote working.
#8. Effective Business Strategies
When you are free from the burden of employee management on a regular basis, then you can use your free time to formulating better business strategies that can help your business to grow even better. The remote teams know their work and they won’t disturb business managers after every minute which leaves them with more time to work on business strategies.
#9. Higher Number of Part-Time
During peak seasons like tax report filing time, accounting firms usually need a higher number of part-time workers to accomplish their work. It became a very tiresome and expensive job for accounting firms to hire in-house part-time workers just for a small period. Whereas, it is very simple for the remote staffing team to get an extra hand to manage some extra workload.
#10. Enhanced ROIs
The three important ROIs for a business – Simple ROI, Efficiency ROI, and Risk Aversion ROI. And, all these three ROIs can be improved with the intervention of remote staffing teams for accounting firms. It will help in reducing the business cost, it works on improving the efficiency level of the work as well and it also make sure that you’re all records are maintained properly. So, overall remote staffing is beneficial for accounting firms to gain more rate of investment in their business.
For CPA and accounting firms, remote staffing is very beneficial without any second thoughts. They can improve their productivity, efficiency, communication, and overall make their business operations better - just by hiring the best remote staffing team.
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ABOUT THE AUTHOR
Aniket is working in Capactix Business Solutions – An Accounting Outsourcing Company – as manager. He is an expert in tax preparations for the USA. He also has experience in virtual bookkeeping for CPA firms.