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Business

Tips to manage your virtual accounting firm

Rather than having a brick-and-mortar location, a virtual accounting firm is based online. The structure of a remote firm can depend on preference, such as the use of satellite offices or a fully remote, virtual accounting hub. 

These five tips will help you to manage your virtual team if you have established your firm’s vision, values and are ready to take it to the next level.

Invest in the best software

1. Practice Management Software

The best cloud-based accounting software is the first step in managing your virtual firm effectively. Any member of the team can access cloud-based software to view documents, casework, and notes. Anybody can access the cloud-based software from any location with an internet connection. You can modify permission settings to ensure that not all users have access to the same information.

Your entire team can work together on the same platform and all information will be up-to-date in real-time. It will eliminate the need to send and save documents back and forth. It’s important that you choose the right security features to protect sensitive information before you jump into practice management software. Learn more about practice management and its importance for accountants by visiting.

2. Messaging software

You should also consider a messaging program to help your team communicate effectively. It is not always a good idea to send a lot of group emails per day. It can be distracting to do meaningful work if you are constantly checking your email. Sometimes, all it takes is to ask a simple question. A messaging software, even if you are not in the same place as your team, can allow you to collaborate and stay connected in real-time.

3. Video chat software

Video chat software is another software worth considering. Although it is not as important to your virtual accounting firm running as practice management software or messaging software, video chat software can be useful for conducting meetings when you are unable to meet face-to-face. Google Meet and Zoom are popular choices.

Completely paperless

The second tip to manage your virtual firm is to go Paperless. All files, documents, and records can be stored and managed in the cloud. Even client or case notes should be stored in the cloud. Once you are virtual, it is impossible to leave notes around the office.

Your system for digitizing documents must be designed in advance, as it is the most time-consuming aspect of moving to a virtual accounting firm.

Read More: Results of choosing the best mixer grinder under 2000

Document your processes

Consider which processes are common in your firm and can be clearly documented. Your firm will run more efficiently if everyone is on the same page. This is especially true for remote teams. You won’t recognize repetitive tasks that others could manage if you try to manage them in your head. Document the processes that you use for different tasks.

You don’t need to be a professional document or if you are new to the cloud. This could be a shared Google Doc that details the process steps. Workflow software is a better option if you want to document your processes in a more functional way. This software is often included with practice management software.

While documenting the processes of your team members may initially require a lot from you, it will become less important as time goes by and team members improve.

Use rhythms

Management of your business is best when there are rhythms. Rhythms can bring order and security to your firm’s growth. Rhythms allow everyone to know what to expect. Eventually, rhythms become habits. Habits become culture.

You have to be deliberate about how you implement rhythms. They are not created by themselves. You might use these rhythms in your firm:

  • Each week, weekly team meetings are held at the same hour each week
  • Strategy planning added to your calendar
  • Every Friday, read a book that stimulates creativity
  • For six months, meet with new members of the team once per month
  • Meeting quarterly with team members who are already in the fold
    Every day, 9-5

You’ll need more rhythms to keep everyone on the right track, the larger your virtual accounting firm gets.

Follow the WFH’s best practices

To be able to manage a virtual accounting company effectively, it is important to have healthy work-from-home habits. This includes:

  1. Get up at the same time each morning and go to sleep.
  2. Stick to a routine. Get a workout in before you go to work, shower, and make coffee.
  3. Dress for work as if it were a trip to a physical place
  4. You can designate a space in the home to be a workspace.
  5. You can create separation by closing down at the end of each day.

Schedule flexibility is possible

Last tip: Allow for flexibility in your schedule when managing your business. Virtual accounting allows you to have a better work-life balance. You might want to keep running an accounting firm if there is no flexibility in the hours employees work.

Discuss your expectations regarding the schedule with your team. Make sure everyone is on the same page about deadlines and how clients can reach you. Establish expectations for case deadlines and set schedules. A workflow tool allows you to see progress and deadlines for each stage of your casework. Your team members will be able to manage their time in a way that suits them, and you will feel at ease knowing they are working on their own schedules. Your team will need to find the right balance between flexibility, productivity, and both.

Although there are many steps to successfully managing a virtual accounting company, these tips can be a great starting point. This will make managing your virtual accounting firm and growing it more difficult.

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