virtual accounting

What is Virtual Accounting?

Virtual Accounting and bookkeeping are not always synonymous with flexibility. There are rules to follow and numbers to crunch. If COVID-19 taught us anything, it is that flexibility is key to success in turbulent business environments.

Remote work is becoming the norm for many people, whether they are working remotely for their employer or their service business owners. A recent PWC study found that financial services companies (including accounting services) experienced a significant shift in work-from-home with COVID-19.

Pre-pandemic 29% of these practices had at most 60% of their employees working remotely at home at least once per work week. That number has risen to 69%.

Virtual Accounting Advantage

The virtual practice offers many advantages for accountants and bookkeepers. You can work with your clients at any hour of the day or night. Virtual accounting firms can work with any person in the country. This is an advantage if you are looking to niche down into a particular sub-industry.

Virtual practices allow you to work with more people than you, and you can also have a larger firm. Virtual practices allow you to incorporate contractors and employees from all over the globe and seamlessly integrate them into your practice.

These benefits come with their own challenges. Marketing becomes more complicated when you try to reach prospects nationwide rather than locally. Flexible working hours can be both a blessing and a curse. It is important to strike a balance between your work and personal lives.

Virtual employees can also present a challenge to many bookkeeping and accounting professionals. These challenges can be overcome and virtual practices can thrive.

Blueprint Accounting has been online since the beginning. These are some key tips that will help you on your virtual journey.

How to set up your virtual accounting firm

You must embrace the online model to succeed in virtual bookkeeping and accounting practices. You can do this by investing in basic tech tools to allow you to interact with clients, colleagues, and employees online and provide bookkeeping and accounting services virtually.

This is, in short, being “in the cloud.”

SaaS (software-as-a-service) apps allow you to log into cloud-based software from anywhere. These tools include everything you need, from an accounting platform such as FreshBooks to communication and project management such as Slack and Karbon. You can integrate many to save time and money.

These programs are hosted on the cloud and not installed on your computer. This makes them easier to use and share remotely.

Let’s now take a look at some of the top tools for virtual accounting and bookkeeping services. These have been very useful for our all-virtual company.

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