Today accounting firms are becoming more and more virtual as they strive to become a true Trusted Advisor for their clients. A virtual accounting firm reduces overhead costs, giving employees a better work-life balance and in the process, passing significant benefits to their clients. In this article we explore some of the benefits of working with a Virtual Accounting Firm:
Less paperwork, more efficiency:
Since Virtual Accounting firms only keep digital copies of their client’s records, they provide significant benefits for their clients’ data retention requirements. Virtual firms usually scan all sensitive Tax documents, clients can easily have access to historical tax returns and copies of supporting documentation without the need to retain physical copies of these documents.
Since sensitive client financial information is often stored in the cloud rather than in traditional filing cabinets, or servers located in a physical office, information is more secure. Access to cloud storage systems are heavily encrypted and backed up across multiple locations.
Access to financials:
With the use of Cloud Accounting software like Xero, virtual accounting firms are giving their clients real-time access to business accounting records. In fact, platforms like Xero, allow both virtual accountants and their clients to collaborate on their accounting records without being present in the same city, down or State.
Lower costs equal lower fees:
With lower overhead, accounting firms can offer the same services that traditional firms offer at a lower price. As a result, clients benefit from the same high-quality Accounting and Tax services at a much lower cost.
Virtual Meetings vs. in-person meetings:
Virtual accounting firms use communication technology like Go to Meeting or Zoom to bridge the communication distance gap with their clients. Virtual meetings with video camera access allow both the client and the accountant to see each other, just as if they were meeting in the same room.
At the end of the day, whether your accountant is totally virtual or if you are working with a local brick and mortar firm in your area, it is all about relationships. Clients hire people, not firms, to help them with their accounting and tax needs. Whether you are working with a virtual accountant or a local accountant, the relationship is the same, in both cases you are working with people. The most important responsibility for any accountant (whether he or she is virtual or not) is to nurture a deep relationship with their client in order to become a trusted advisor. In fact, in our recent article we discuss the benefits of working with a firm that focuses on becoming a client trusted advisor rather than just a firm that provides accounting and tax compliance work.
Clients that consider hiring virtual accounting firms who use secure software have been more successful at growing their business, increasing revenue while reducing the cost for these services.