Last updated on January 11th, 2023
Remote working is no longer an unfamiliar term in today’s digital world. The flexibility of having anytime, anywhere access to the information has benefited different lines of businesses.
Here are some of the facts that highlight the effects of remote working in today’s world:
- According to a survey by Owl Labs, over 71% of employees working remotely claim that they’re happy with their jobs.
- As per the reports by FlexJobs, 65% of workers are more productive when working from their homes rather than from the office.
- As per a survey by CPA Practice Advisor, 77% of employees are more likely to accept the job, which offers work from home perk even for some days in a month.
- The New York Times survey reveals the increase in the number of remote employees in finance, insurance, and real estate industry from 39% in 2012 to 47% in 2016.
With tax season right around the corner, accountants and tax professionals are not far behind when it comes to embracing the telecommuting culture.
Let’s have a look at why remote working is the right choice for the upcoming busy tax season.
1. Improved Efficiency
Every accounting and tax professional needs a distraction-free zone to work in during the tax season. However, the office might not be the best place to achieve that. Remote working allows an individual to have power over their environment. It helps reduce stress and improve productivity.
Working from home also saves a lot of time spent during travel. This time can be utilized by accountants and tax professionals to get extra sleep or do some physical activities, which can help them lead a healthier lifestyle and hence improve their efficiency at work.
Moreover, due to time flexibility, accountants, and tax professionals get to create their schedule. Also, business owners get more free time as they don’t have much of the management work left. This can help them focus more on planning tax season strategies.
2. Better Work-Life Balance
An accounting professional’s personal life often takes a back seat during the tax season. At times like these, telecommuting brings in the comfort of working from anywhere so that professionals can take out time for their families and friends.
Most of the remote work comes with adaptable scheduling that can help to maintain a balance between personal and professional life. According to the Buffer survey, 40% of the workers believed that the most significant benefit of remote working is having a flexible schedule.
Using different technological services like video conferences, online chat processes, and cloud-based file-sharing portals can streamline this process.
3. Reduced Overhead Costs
Tax season is the time of the year where an accounting firm can maximize its profits. Saving on operational expenditures such as transportation expenses, infrastructure maintenance, and other basic costs can help add-up more money to the pocket.
Additionally, the fewer number of workers in the office space would result in reduced investment in office supplies like stationery items and hardware. Hence, flexible employment arrangements like remote working are a win-win situation for both employers as well as employees.
Implementing cloud technology into the system can offer solutions that can make work-from-home tasks feasible. Also, one doesn’t have to commute to the office to access the business data.
4. Eliminate Physical Boundaries
The tax filing process is accomplished by the joint efforts of CPAs, tax professionals, and business stakeholders. Remote working enables the team to carry on with their tasks, even if they are present at any inaccessible location.
Moreover, every firm wants to hire skilled and talented individuals to handle accounting practices. It might not be convenient for recruiters if the applicant is based in a far-off location. But remote working can eradicate these geographical barriers and allow the company to choose from the talent pool across the globe.
It also allows firms to hire a higher number of part-timers or outsource services to accomplish the tax filing tasks during the busy season. It can also help businesses to operate 24 hours a day and serve their clients better.
5. Freedom From Local Devices
During the tax season, accounting and tax professionals have to sit for hours in a day to accomplish their tasks. Remote working enables them to work from anywhere without being restricted to a single office desktop.
It can be made possible with the implementation of cloud technology in the system. Cloud enables accountants and tax professionals to work using any device as long as it has an internet connection.
Moreover, hosting accounting software such as QuickBooks offers all-time availability of the financial data and services from any device.
Opting for remote work will not only reduce the stress level of the workforce in the coming tax season but will also help improve employee satisfaction rate by manifolds. It is an essential factor that can help businesses retain their employees and keep them happy.
However, it is vital to form proper guidelines for the implementation of remote work within the system so that the performance of the accountants and tax professionals is not compromised due to the implementation of flexible working hours.
If remote working is implemented correctly, it can help save time and money for accounting and tax professionals in this busy season.
What are your thoughts on remote working? Are there any more benefits you would like to add to the list? Let us know in the comment section below.
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