Are you ready to be at the head of the change in a world of virtual accounting?
Cell phones became mobile devices. Classic office procedures are in the midst of evolving into a paperless endeavour as we speak. Tablets were something to goof on only four or five years ago – but 4.8 million of them were sold in Australia in 2013.
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By far the greatest changes to the way accounting services are performed is coming from the world of technology.
Clients and their Virtual Accountants
We’ve been in the midst of a switch to a paperless system for some time now – people file their income tax returns online, goods and services are bought and sold internationally with no paper money ever entering the equation. In December of 2013 alone an estimated 3.4 million Aussies conducted an e-commerce transaction via a mobile device.
Outsourcing accounting work is much easier when you can speak directly with your BOSS accounting staff
Where once an accounting firm would have a representative sit down with a client and go through their options in a process that could potentially eat up hours, an entire plan can be laid out and virtually signed off on in a fraction of the time.
Software firms with specialized accounting cloud software like Xero and Saasu are becoming more dominant. As a sign of things to come, international concern Deloitte are pushing into the “private client” sector with a focus on SMEs and entrepreneurs with the Deloitte Private division and notably utilizing the Deloitte Private Connect technology. This system offers leading edge cloud goodies like up-to the minute management reports, alerts, online payment authorisation and queries all via one portal.
Outsourcing accounting work on a fixed fee plan means no more budget overruns for good!
The financial world is already trading in their binders and paperclips for cloud-based databases. Are you keeping pace with your competition?
The Benefits of Virtual Accounting
The benefits for clients are fairly obvious – ease and speed. They no longer have to get everything ready for their trusty accountant come tax time – transactions are electronically registered and merely need to be pulled up.
It they’re a business, their bookkeeping can be continuously shared with their accounting firm so that they have ongoing and up-to-the-minute financial information at their fingertips.
But the benefits aren’t merely client-centric. A paperless office requires less overhead and less staff. Outsourcing accounting can further reduce both of these costs by almost half. Your lowered costs allow you to trumpet lower service fees to potential clients. A professional firm can now be run from home – you can eradicate expensive office rentals – and a handful of new firms are doing just that.
Plus in a virtual world, you’re no longer a Sydney firm or a Melbourne firm, a Christchurch firm or an Auckland firm, you’re an Australian firm or a New Zealand firm – your reach can be stretching from one end of the country to the other to snag new clients.
Be sure to check out BOSS’ new Freedom Service’s outsourcing accounting work
Continued in Part 2/2 – How to Lead the Technology Wave