Maximizing Remote Work Efficiency in Accounting Firm

For a long time, accounting has been a traditional practice that's slow to adapt to technology. It has relied on face-to-face client meetings and traditional teamwork methods that can sometimes be slow and expensive. 

But that is slowly changing. The accounting field is now intertwined with groundbreaking technology to enable remote workers to boost their productivity while accounting firms cut costs and save time and money. 

Accounting firms are increasingly adopting accounting management strategies for remote work and reaping its benefits. So, how can you implement these accounting management solutions to enable remote work now and in the future?

Let's dive in and learn more.

Invest in Modern and Simple Software for Accountants

Accounting firms can now use modern and simple technology that enables professionals to collaborate with colleagues virtually. For example, online accounting management applications like Basil make remote cloud collaboration to share files easier. Accountants can also store and manage files on the cloud easily and from any location. That's not all. They’ll communicate and work with clients safely and smoothly via a secure and intuitive client portal. 

Clients can store files and communicate with accountants via an easy-to-use and protected portal. 

The right technology enables you to implement accounting management strategies like:

• Tracking tasks and automatically reminding clients about incomplete projects
• Electronically signing documents with unlimited signatures to save time
• Capturing all billing requirements and calculating billable hours
• Offering an all-in-one accounting software solution for securely storing and managing records.

Establish Clear Remote Work Accounting Practice Management Policies

Accountants work with clients' sensitive financial information, which means they have to keep their work safe at all times. Clients who know and feel that their data is safe will want to do more business with your firm. 

To ensure data safety, you'll need the right accounting management strategies and policies to stay in business for a long time. Whether you're running a small business accounting firm or a large one, these policies will protect client information and build trust. They include:

Cultivating a Cohesive Remote Work Culture

To build a cohesive team that collaborates well and delivers the kind of results clients expect, or even more, you need to cultivate the right remote work culture. 

You can start by having regular virtual meetings that encourage open communication and transparency. Although team members work in different locations, frequent online meetings enable them to share their unique perspectives, which encourages creativity and teamwork. 

Include team-building activities like virtual tours, break time rooms, and friendly challenges to spark your teams' creativity.

Allowing Updates and Flexibility

The best accounting management strategies for your firm should be flexible enough to accommodate changing requirements and technology updates. Adapting to these changes helps your accounting firm to stay relevant and meet your client's changing needs. 

For example, in the past, a business accounting firm relied on work emails to communicate with clients. The email was separate from other applications, such as calendars or project tracking tools. 

However, today, the advancement of technology has brought about impressive changes in accounting firm management. An accounting firm can adapt an accounting practice management software that lets you enjoy a one-stop shop for all your accounting needs. Everything you need, including email, CRM, and calendars, is in an accounting firm's management software. 

You don't have to perform different functions on different platforms using different login credentials, which you can easily forget. Instead, a modern system enables you to do the following on the same platform:

• Offer a client management portal with secure file sharing, a dashboard and CRM
• Workflow management, time tracking and billing
• Chat and email integration
• Provide bank-level security features for all online accounting management tasks.

Communicating Remote Work Expectations

When coming up with accounting management strategies for your remote workers, you need to communicate your expectations clearly. These expectations include the roles and responsibilities of accountants and what you expect from them. Let the accountants know when they are expected to be online for work or for a meeting. 

Remember that although remote work offers job flexibility, there are times you may need your team to be online for a discussion or to complete a task. Communicate these requirements and track them to ensure everyone is on the same page. 

Ensuring High-Level Data Security

Although remote work comes with several benefits, it still has some challenges, including data security. Identify these challenges and ensure your accounting management strategies tackle issues like accessing, managing and sending sensitive data securely online. 

The strategies should ensure you have strong password creation policies that ensure all portals are well protected. Regularly review and revise these policies to ensure accountants work securely online. 

Also, it enhances security by allowing accountants to use only VPNs (virtual private networks) and not public Wi-Fi in places like coffee shops.

Another management accounting strategy for businesses with remote workers is to ensure they only use hardware that your company approves. Offer them remote desktops that are dedicated to work to ensure improved security. 

Offer Client Engagement Strategies 

One of the critical aspects of managing your accounting firm is to establish proper client management strategies. You can do video conference calls to onboard new clients or discuss any emerging issues with current clients. 

Additionally, you can offer a dedicated password-protected portal for clients to share their files. Such strategies ensure you build trust and maintain a strong and lasting relationship with clients that will impact your ROI (Return On Investment). 

It can also turn your long-time and happy customers into your brand ambassadors, which in turn increases your client base and profits.

Provide Training and Support

For your accounting management strategies to work, ensure everyone is equipped with the right skills and mindset. You can offer courses or seminars that empower your team with relevant IT skills to work remotely. 

The current employees should be trained regularly and updated with any new requirements that may come up from time to time. Also, it’s important to train and orient new employees to enable them to work smoothly with their colleagues. 

After training, follow up to ensure all accountants are implementing what they've learned or if they need additional training and help.

Focus More on Outcomes

After creating and sharing your firm's accounting management strategies, you'll want to see results. If you get the results you expected, then your strategies will work well. 

Focusing on the results is better than constantly monitoring your accounting team and checking the hours they've worked. Instead, tracking the outcome makes accountants more accountable and increases their productivity.

Benefits of Remote Work for Accounting Firms

Remote jobs aren't just beneficial for professionals. An accounting firm with well-implemented accounting management strategies can now leverage technology to save time and money.

Here are some of the benefits of remote work for accounting firms.

Access to a Wider Talent Pool

With an online accounting management system and strategies in place, you can access a wider pool of talent from any location in the world. Accountants don't have to resign if they want to move to a different geographical location. Instead, they can continue working online, which means you won't have to say goodbye to top talents or, worse, lose them to a competitor. 

Adapting to remote work prepares you for the future and keeps you ahead of competitors who may be reluctant to create and implement winning accounting management strategies.

Saves Time and Money

Accounting firms with remote workers save on overhead costs. Money that could be used on expenses like utility bills, office space or supplies is used in other business areas. 

Furthermore, implementing an online accounting firm practice management software lets your accountants access a one-stop-shop platform with all of these features. They can easily share and manage files with colleagues. 

Plus, they'll securely communicate with clients and sign important documents using features like e-signatures. There's no need to move from one location to the next, which saves time and transport costs,

Improves Productivity

Most professionals choose to work remotely, especially from home, because it offers a work-life balance. While that's great for accountants, it also improves their productivity, which helps accounting firms to meet their goals. 

Accounting professionals with a work-life balance are less stressed and more focused on their jobs to deliver the best results. They enjoy increased job satisfaction and want to work in the accounting firm for longer. A higher retention rate keeps top performers in the company, which reduces or eliminates the cost of frequently hiring and training new employees. 

Conclusion

As more professionals transition to working remotely, accountants are not left behind. Accounting firms are implementing accounting management strategies for online work to ensure staff and clients can securely store, share and manage information online. The firms can also access a wider pool of top talent, save time and money, and boost their productivity. With the right technology and strategies, the future of remote work for accounting firms looks bright. Schedule a free demo with Basil, an all-in-one practice management software for accountants.

FAQs

What is management accounting strategy?

Management accounting strategy is a process that involves identifying, gathering and analyzing accounting data that helps you make strategic decisions.