The Power of Virtual Employees in CPA Firms

The accounting sector, both in the UK and globally, is currently grappling with a significant talent shortage. A recent survey by Robert Half International revealed that 69% of accounting and finance professionals are struggling to fill vacancies, a challenge that is acutely felt within CPA firms.

Concurrently, a survey by Sellick Partnership indicates that nearly half of the accountants in the UK have switched jobs in the past two years, exacerbating the difficulty for firms in maintaining stable, skilled workforces.

Amidst this backdrop of shifting employment landscapes and ongoing professional turnovers, the role of virtual employees is becoming more critical. These remote professionals are not only filling gaps left by the shortage of traditional candidates but are also bringing a range of benefits to CPA firms.

By stepping into roles traditionally held by in-office staff, virtual employees are helping to maintain continuity, improve operational flexibility, and boost productivity—benefits that are invaluable in today’s dynamic market conditions.

Here are some key ways in which virtual employees can contribute to the success of CPA firms:

Advantages of Virtual Employees in CPA Firms

There are many advantages to hiring virtual employees as CPAs for your firm, like:

1. Reduced Pricing

VA CPAs can work from across the globe at reasonable prices. There may be a high probability that the country in which you reside has higher prices. But if you opt to hire a VA from Asia, especially from India, it can be a beneficial deal for you. They are associated with companies that take care of your data and ensure that it is managed and dealt with in safe hands.

2. Utilize the Talent from Around the World

CPAs VA can work from anywhere, and they are well versed in understanding the laws and technology of your country. Therefore, CPA firms have an alternative way to access their talent for business growth.

3. Improved Work-life Balance

Opting for a virtual employee or assistant for your CPA firm enables you to focus on core activities, rather than getting bogged down in micromanagement. Virtual Employees offer greater flexibility in their work schedules, which can significantly boost productivity within CPA firms

4. Trust and Security with Virtual Staff

It is very difficult for you as an entrepreneur or director to trust an unknown personality before giving them your data, especially from an accounting firm. However, if you hire virtual employees for CPA firms, you can easily ask them to handle your business accounts as they work under the organization that has signed an agreement with you to increase productivity and keep your data safe. Thus, there is a good chance that deep trust will grow and that your information will be secure.

5. Greater Diversity and Inclusion

A member of your VA team does not necessarily lack an understanding of your business or perspective just because they are from an offshore team. Virtual teams can be more diverse and inclusive than traditional teams, which can lead to better decision-making and innovation.

6. Employer is Not Limited by Law

It is very often a clash between employees and employers because of the employee’s insurance, timing, increments, and more. And for this, employees drag employers to court. However, when you decide to avail of the services from CPA VA, you are free from all these obligations.

You can terminate your services anytime with 15 days prior information. Additionally, as an employer, you also need not worry about increments, health insurance, timings, and all. You just free yourself and put all your efforts into making a strategy for your business.

You might, however, run into some difficulties with teamwork, communication, and upholding a positive team culture. But these are very minor challenges that can be fixed in the early stages.

Worth Reading: – Reasons for CPA firms to Outsource Accounting & Bookkeeping Services

What Tasks a CPA’s VE’s Can Handle

Administrative Tasks: VEs can help with paperwork, appointment scheduling, calendar coordination, and document review. They can also help with data entry, such as posting transactions and reconciling accounts.
Bookkeeping: A CPA virtual assistant or employee can prepare financial reports, balance sheets, P&L accounts, reconcile bank and credit card statements, and more. Furthermore, they also ensure your bills are paid on time.
Communication: VE assists you in handling your correspondence, such as email and customer service, with ease. Additionally, they also manage email and client communication and research potential clients and leads. Furthermore, they also assist you in onboarding new clients, providing support to vendors, and more.
Additional Tasks: CPA VE can also handle other tasks of an employer like data entry, invoicing and bill payments, basic bookkeeping data entry, and more.

Also read:- Bookkeeping Tasks A Virtual Assistant Can Do For Entrepreneurs

How to Find the Best and Most Reliable VE For Your CPA Firm

It is very difficult to find the right talent for your organization among the fake crowd. However, in this scenario, ratings and reviews can be the best solution to identify the best Virtual Employee for your CPA firm.

Also, you can check their project delivery dates and inquire about their delivery procedure. As an employer, it is beneficial for you to define your needs properly and ask for their strategies to be used in your project.

Experience the transformative power of Invedus’ VE Model, designed to enhance your CPA firm’s capabilities by integrating highly skilled virtual employees who bring precision, flexibility, and cost-effectiveness to your financial operations. Contact us today to learn how Invedus can help.