Accounting and the Work From Home Phenomenon
With the COVID-19 pandemic still raging across the globe, many businesses and companies are enabling employees to step out of the office to continue working from within the comfort of their homes. And the accounting sector is no exception to this trend.
The truth is, even before the pandemic, a lot of companies have resorted to this practice as there was plenty of work that could be handled more efficiently from home. Accounting firms are experimenting with remote work in terms of using technology to grow their practice, and here are four reasons why it’s a good idea.
1. Cloud Technology
Gone are the days where accountants had to physical write down transactions in physical ledgers and accounting books. With cloud-based technology and through a secure company VPN, transactions are much more safe, rapid, and spontaneous as they can easily be done through online software without compromising the security of financial transactions.
2. Different Generational Needs
As the two most tech-savvy generations, millennial and Gen Z workers tend to favour the work-from-home phenomenon more than their older counterparts. They place a greater emphasis on work-life balance and are more creative with all the digital tools at their disposal for their accounting work. They are also more open to experimenting with new technology. Hence, work-from-home arrangements help to accommodate and enhance their productivity and the quality of work they put in.
3. It Will Be The New Post-Pandemic Trend
Some of the world's largest companies, such as Apple, Microsoft, Google, and WeWork have decided for their employees to continue working from home even beyond the end of the pandemic. Small business owners may assume and argue this model would not necessarily suit them. But that will soon no longer be the case. The work from home revolution will be one that will take off had a faster pace than anticipated and should not be disregarded. For accountants, working remotely could be a better and more feasible option in the years to come as the future of the working world becomes more uncertain.
4. Closer Collaboration Between Team Members and Clients
Through remote working, accountants can foster closer relationships with clients via the virtual conferencing space. Sharing of information about accounting-related matters such as tax income, annual returns, and bookkeeping can be easily shared between each other as accounting goes beyond physical interactions and into the digital realm.
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