Remote working and flexible job openings have seen a surge in recent months. The currently rising trend is mainly linked with the compulsion of Coronavirus caused pandemic, rather than a choice. All business sectors saw a significant disruption with the complexities of managing the business remotely being the biggest challenge. Accounting and CPA firms are no exception to these modern challenges. Have you considered remote teams for your accounting firm?
For many business sectors, the need for adapting remote works may have increased recently. But did it all start recently for Accounting and CPA firms? Not really.
The shifting trends towards hiring more remote teams had already shown us a visible increase. In the US the idea of remote work showed an exceptionally higher adoption rates.
Digitization and cloud computing had already started reshaping the accounting and finance industry, long before the current crises started. Many small to medium-sized accounting and CPA firms reacted slowly though.
If your accounting firm hasn’t yet embraced the remote working style, here are the top 4 compelling reasons for you to reshape the business strategy.
The Cost of Falling Behind the Competition
Recent survey research conducted by Gartner Inc. revealed that about 74% of the CFOS plan to shift remote work for employees permanently.
What does that mean for you? The remote working trends will reshape the accounting firms permanently. More businesses will embed cloud computing and AI-based software for their clients.
The change to shift the remote work on a regular basis wouldn’t happen overnight. Large firms will be in a position to spend more on the right tools and newer technology to empower remote working. But why would you want to wait till the last moment? Being proactive brings an unmatched competitive edge than merely adopting a reactionary approach.
Current disruptions have just escalated the already begun trend. More CFOs and accounting firms have realized the potential of adapting to technological changes. The latest developments of societal changes, by choice and compulsion, will add to the modern outlook of the remote accounting industry.
You wouldn’t want to be counted in those 26% falling behind the competition, Would you?
Embedding a Wider Pool of Talent
We wouldn’t say exactly there is a dearth of talent pool regarding accounting and CPA professionals around the world. Experience and knowledge of local industries don’t come instantly. If you embed remote accounting teams to your existing talent pool, your human capital will increase manifold.
But do employees like to work remotely? How many of them would like to be part of your remote team?
We don’t need to elaborate on the fact that Human Capital is the most precious intangible asset for your accounting firm and ours of course.
Embracing the challenging evolution of going remote wouldn’t be easy. An added advantage with acquiring remote talent will be to benefit from their experience of changing work norms. Your business can gain further competitive advantage and take the lead if you bring in people with experience of remote working style.
Expanding Beyond Geographical Boundaries
It’s obvious to state the benefits of having remote accounting teams. Expanding to international clients could mean going online too. Finance and accounting clients often feel at home when they talk in person to their financial service providers.
Inevitably you’ll have to expand with the physical presence of a remote office in other countries. Accounting and CPA firms of all sizes need to set up a physical presence when they move beyond domestic markets.
Partnering with international accounting and CPA individuals and teams, or direct hiring can make your business fly beyond domestic horizons.
Collaborating and management of remote teams will remain an ongoing challenge though. The currently static economic conditions do not call for a strategic business expansion, but again, it may become a competitive compulsion sooner than you think.
Financial Gains with Remote Teams
We disagree with the notion of the cost-cutting benefits of having remote teams. Finance, accounting, and CPA professionals will not work from their homes permanently. The remote working style of accountants and CPAs will settle to a new normal sooner than we all anticipate today.
The need of having a remote office with a remote team will become normal. The added benefits of increased staff productivity and an increased market share will overweight the costs though. An immediate financial gain with remote teams of lower costs remains a reality for the time being too. The reduced employment costs would sustain as long as the remote working style is associated with part-time work. Accounting and CPA firms are defining new ways of remote working. Modern technology will prove the enabling hand to manage the change. If your firm can choose the right tools and enable the remote workforce in time, you’ll prepare for the future in a better way than competitors.
Talk to Pransform to explore how our remote teams for your accounting firm can propel your business to the next level.