There was a time when the traditional business model was king. You brought employees into your office and the average workday lasted during business hours. But that is changing for a variety of reasons. Whether it’s because of the remote and global nature of the work we do today or the fact that millennial accountants are looking for more flexibility in their schedule, more accounting businesses are considering virtual arrangements. So is virtual accounting right for your company?
Computer-based compliance.
Financial compliance has been big news in the industry since the economic recession began in 2007. But some people in the industry predicted that compliance itself would be replaced by technology. That isn’t entirely true though. While technology can enhance compliance, there is still a need for professionals with compliance experience to ensure everything is correct. But with the advancement of computer-based compliance, accountants don’t have to be onsite to make it happen.
Triple entry accounting.
We hear a lot about Blockchain today, especially in terms of cryptocurrency. The jury is still out on whether or not these forms of currency will overtake the market, but Blockchain technology has other implications. It can allow for ledgers to remain transparent and public at the same time they are encrypted to prevent fraud and maintain integrity.
Alternative metrics.
Balance sheets, income statements, and cash flow metrics have long been the tried and true measure of success in the financial industry. But that is also changing and with it the idea of a traditional in-house accounting service. Financial professionals of the future need to look beyond these metrics to ensure they’re providing quality service to their business partners.
Staying competitive in the marketplace.
The truth is, virtual accounting is coming to the marketplace whether your firm or company is ready for it or not. If you want to stay competitive in the industry, it’s imperative that you begin to look at ways you can expand your business to include this business model as a resource for client companies. The ability for companies to access data at their fingertips will send them into the arms of your competition if you’re not ready for the evolution of the industry.
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