Benefits of remote staffing for your accounting practice
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We are officially in a digital age where contours of workspace have been redrawn by technology. For the past two decades employees of software companies have been working remotely, but technology today has made it much easier for more people across software and other industries to work remotely. Among most industries and domains, accounting qualifies as a natural bedfellow to digitization and remote working, considering the number crunching and maintenance of records. This makes an accountancy outsourcing service the ideal workspace to support remote staffing. With that little information behind, let’s dive into the benefits of remote staffing.
Take full advantage of time zones
An accountancy outsourcing service involves bookkeeping in addition to other complex accounting tasks. Performing these activities during work hours can sometimes impact routine tasks, in addition to being exposed to the possibility of errors. Remote work at different time zones offers a clear advantage to bookkeeping, permitting work to be done much before a business opens for the day. This ensures that routine remains unaffected while books remain updated on a regular basis.
Huge impact on all three ROIs
The three important ROIs for a business – Simple ROI, Efficiency ROI and Risk Aversion ROI – stand to gain from remote work. Remote work helps to slash costs, helps to improve efficiency considerably and eliminates risk by ensuring that all records are updated.
Slash costs considerably – Reduction in overheads are the direct benefits of remote working. Expenses towards office space rentals, resources and operational overheads are the invisible elephants in the room, taking up a significant portion of expenses. Remote working considerably brings down these costs.
Improve efficiency – Finance outsourcing, tax returns outsourcing companies have progressed to higher levels of specialization, offering greater value to clients through various services. Finding resources within a geographical location, at the right price, though not impossible, can sometimes be challenging. This may result in making do with available resources. Remote working opens up the possibilities of hiring the best fit, the right fit for specialized tasks. This gives organizations a well-rounded team of resources who can handle all requirements with greater efficiency.
Maintain full compliance – Regulatory compliance is the cornerstone of finance outsourcing companies. By maintaining records, and relying on highly trained resources, meeting compliance requirements will be easier for businesses and organizations. This eliminates risk and keeps deliverables running smoothly. Remote working offers accounting outsourcing companies the flexibility to use qualified resources in the UK to oversee highly trained overseas employees in handling tasks, thereby increasing the layers of checks the data goes through. This collaborative workspace enables complete control over tasks and ensures that processes and output are fully compliant with British Accounting standards.
Boost employee morale and by extension, productivity
Morale and productivity are two different sides of the same coin. Boost morale, and productivity will correspondingly increase. Remote working offers greater flexibility to employees, who reciprocate their loyalty to the organization by improving their performance. This has consistently helped organizations across the world to reap benefits of improved productivity. And it is no different in the case of a bookkeeping outsourcing company. Morale is intrinsically woven with flexibility at workplaces, and remote workplaces offer greater flexibility, which helps to improve morale of the workforce.
Exploit the full features of technology
The cloud has been raining benefits since the time it appeared on the digital horizon. Cloud computing with high speed networks offer accountants and their remote counterparts to join together in a discussion or work together on complex issues without having to make it to a physical meeting. Meetings and collaborative workspaces offer the advantage of anywhere, anytime meeting, which helps drive efficiency and collaboration better. Accounting & Bookkeeping software’s have moved to the cloud making it accessible across borders. Data can be securely transferred, updated and sent in short time, basically thinning line between on shore and off shore workers.
Technology offers multiple benefits to organization's across processes, and specifically in the context of remote working and outsourcing, the benefits of the cloud and high-speed networks help to make collaborative workspaces more successful models.
Best option to offer 24/7 operational support without a single night shift
Managing a night shift team comes with the burdens of maintaining infrastructure and support systems. This will increase the pressure on stressed balance sheets. Remote working at different time zones that take advantage of advanced high-speed communication networks can offer specialist 24/7 support to operations of an accountancy outsourcing service. While the operations may effectively be similar to night shifts, by virtue of the time zone difference, they are not night shifts in practice. However, the advantage of 24/7 support from specialized resources accrues to clients without the need for maintaining infrastructure and night shift operations.
Opportunities to hone skills through advanced training
Accounting standards will continue to evolve and as governments bring in new regulations and requirements, it will be mandatory for resources in a bookkeeping outsourcing company to hone their skills through advanced training. Remote working offers employees the opportunity to enroll for courses and participate in workshops at any location, while continuing to discharge their responsibilities. Fixed working hours and physical workspaces do not offer employees the luxury of taking up courses similar to the opportunities of remote working.
Studies by Deloitte, PwC and EY all reflect the realities of future workspaces. Accounting is perhaps, by all means the most suitable among all industries to offer remote working to employees. This may not have been possible earlier, with physical records and manual number crunching requirements. The whole ecosystem of Finance outsourcing companies has changed with technology – cloud, mobility, interfaces, scanners, high speed communication, automatic updates and triggers, event driven actions and a virtually endless list of AI driven technologies have made accounting ‘remote friendly’ by default.
Remote working that has been used for more than two decades in the IT industry has helped improve productivity. A study conducted by Stanford Economist for the 1 Million for Work Flexibility Movement revealed that employees who worked remotely were 13% more productive than their counterparts who were non-telecommuters. The accounting industry qualifies as the perfect industry for remote working. The very nature of the tasks makes it ideally suited for remote workspaces. Additionally, remote working offers accounting services the ability to expand capacity easily. Scaling up operations and delivering increased output in a flexible manner is more suited to remote working, as the limitations of space and timings are lifted, permitting agencies to deliver more.
BY: AMIT AGARWAL