You’re all familiar with the well-known perks of partnering with a virtual accounting firm—access to a global talent pool, significant savings on overhead costs, and securing skilled employees at a fraction of the usual price.
But there’s so much more to gain.
Mundane tasks like data entry and reconciliations are notorious for causing burnout and making the accounting profession seem less appealing.
Accountants often get a bad rap in movies and shows as being dull, but this couldn’t be further from the truth. Think about the rewarding aspects of problem-solving, financial analysis, and making smart business decisions.
By offloading routine tasks to a virtual accounting firm, your onsite staff can engage in more complex and stimulating work, enhancing their job satisfaction and overall impact.
Hiring a senior accountant in a top-tier state like California can easily exceed $100,000 for a single hire. In contrast, offshore accounting allows you to secure equally qualified staff at a fraction of the cost.
If your firm is in a growth phase, the budget savings can be redirected into marketing efforts. Partner with a firm experienced in marketing for accountants to position yourself ahead of competitors and generate a steady stream of leads.
LinkedIn is a place to be for B2B. The mechanism of LinkedIn Marketing is very simple – create the demand with content and capture the demand with outreach. But not many marketing agencies are aware of this phenomenon. They celebrate impressions.
Reach is an essential component of marketing but that’s not the end goal. The objective is to generate business. To make LinkedIn a lead machine, you need to have a strategic approach. This demands time and marketing expertise.
By saving costs through remote staffing, you can invest the amount saved in marketing and derive growth, improve profitability, and scale effectively.
The competitive hiring market in accounting has created a perpetual training loop for many firms.
New hires often gain experience and then leave for better compensation, leaving firm owners struggling with capacity management.
Robin was also stuck in a perpetual training loop- hiring onsite employees -> training them and then seeing them leave for a better and high paying opportunity. By partnering with Credfino, she broke the cycle.
Partnering with a professional offshore accounting staffing partner lets you escape the training loop. You gain access to a team of experienced and GAAP-trained virtual accountants, allowing you to focus on growth rather than constantly retraining staff.
Want to know in what ways Credfino can help your accounting firm? Let’s talk!
The ongoing talent shortage in accounting is a serious issue, as highlighted by the NPAG committee. You can contribute to solving this problem by educating the next generation of accountants. Partnering with a virtual accounting firm frees up your time, allowing you to give back to the community by mentoring or teaching young professionals.
Niching, pricing and marketing are strategic moves that modern accounting firms make to increase profitability, increase revenue by decreasing the number of clients and get better access to high-paying clients.
There are business coaches out there such as Jonathan Stark and Geraldine Carter helping firm owners to navigate through the transformation of niching down, switching to value-based pricing and figuring out the marketing.
Obviously, they charge consultation fees for wisdom.
What If you could get the consultation as a complimentary service?
Not all virtual accounting firms are created equal. By partnering with some advanced virtual accounting firm, you can get consultation services. Support from such firms goes beyond virtual staff. They can help you with pricing strategies, niching your services, and developing a long-term marketing strategy.
This is the Accounting Firm IKIGAI formula in 2024 = 1+2+3 that we suggest to our clients.
1) Get specific with your niche
Be 1-of-1
2) Value your time and price services right
Assign highest possible value
3) Promote yourself on New Media
– Webinars
– Other Pods
– Content Collabs
– YouTube/Podcast
Having a trusted advisor who has successfully guided other accounting firms can be invaluable for your future success.
AI and automation in accounting are rapidly becoming essential. Forward-thinking firms have already integrated automation to boost efficiency, and if you haven’t yet, it’s time to catch up.
Advanced virtual accounting firms are continuously exploring ways to enhance their clients’ operations, offering automated solutions.
Examples of Data automation infra that we provide to our clients:
It’s a common misconception that offshore staff is only suited for simple, back-end tasks. How much responsibility you delegate to your offshore accounting team is entirely up to you. If you’re open to involving them in client communications, that’s possible.
We recommend having a senior accountant take on client communication roles to ensure a smooth and hassle-free accounting outsourcing experience.
When your staff isn’t burned out and can maintain a healthy work-life balance, it speaks volumes about your firm’s culture. By allowing your team to engage in high-value work that fosters growth, you create an environment where employees see opportunities, enjoy their work, and develop loyalty to your firm.
A low churn rate allows you to focus on the core activities of your business instead of constantly searching for replacements and training new hires.
When all your deliverables are met seamlessly through your partnership with a virtual accounting firm, you gain the time to invest in marketing and elevate your firm’s presence in the industry.
Over time, this positions you a step ahead of the competition, making your firm more attractive to top talent. Happy employees, in turn, enhance your firm’s reputation, further adding to your appeal as a top employer in the field.
Partnering with a virtual accounting firm offers more than just operational efficiency—it empowers your team, strengthens staff retention, and enhances your firm’s reputation in the marketplace.
By strategically leveraging your offshore team, you not only streamline your business processes but also create an environment that attracts top talent and fosters long-term success. In a competitive industry, these advantages can position your firm as a leader, driving growth and ensuring sustainability for years to come.
But, you need to conduct a thorough due diligence to make sure that the virtual accounting firm you are partnering with holds all the capabilities.
I have created a checklist for the same. You can access it here.
By delegating routine tasks to a virtual accounting firm, your existing staff can focus on higher-value activities that require strategic thinking and expertise. This not only improves efficiency but also enhances job satisfaction and reduces burnout.
Reputable virtual accounting firms employ qualified professionals with the necessary certifications and experience. They also have robust quality control processes in place to ensure accuracy and consistency. This means you can trust the quality of work delivered by your virtual team.
Not all virtual accounting firms are created equal. By partnering with some advanced virtual accounting firm, you can get consultation services and figure out the path of finding the niche for your accounting firm. Support from such firms goes beyond virtual staff. They can help you with pricing strategies, niching your services, and developing a long-term marketing strategy.
I’ve had conversations with hundreds of accounting and tax firm owners about their capacity and profitability challenges. A few of them trusted us as their staffing partner.
In cost-based pricing, you set your fees according to the overhead costs and other expenses you incur. With competition-based pricing, your charges align with what your competitors are charging.
We’ve all been there: what starts as a straightforward project balloon into something much bigger, straining your team, delaying timelines, and eroding your profits.