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Improving the Bottom Line: The Benefits of Virtual Offices for Accountants

By Townes Haas   |    January 8, 2015   |    11:15 AM

How Virtual Office Spaces Help Save You Money While Protecting Your Image

Accountants know the importance of saving their clients’ money, yet these same accountants are often wasting dollars on brick-and-mortar offices. Recently, however, the number of accountants transitioning to virtual office spaces has been on the rise. According to a recent article in the Journal of Accountancy, between 5% and 10% of all accounting firms are now operating via virtual offices, and that number is expected to rise.

Why Are Accountants Making the Move?

This same article shows the major reason for accountants abandoning the brick-and-mortar for the virtual: financial. Case studies showed that accountants saved upwards of $100,000 per year. This not only includes eliminating paying often astronomical rent on a monthly basis, but also reducing commuting – saving money on gas and automobile wear and tear.

With the advent of cloud computing, accountants can access documents and client files from nearly anywhere, and most tax software is also cloud-based. Owners and staff alike can work from virtually anywhere as long as they have access to a computer and an Internet connection.

Do You Need an Office At All?

While the stats may indicate that an accountant doesn’t need an office at all, nothing could be further from the truth. An entrepreneurial accountant can certainly do most tasks from his/her home office. An office, however, lends credibility to a business. Clients are more apt to trust someone that has a physical address. Perception can lead to either new business or potential stagnation.

Physical addresses are also required for a Google Places account. Without a physical location, the business won’t be listed when people search for local accountants. More than likely, accountants won’t want to list their home address. Further, they may not even service clients near their home location. They would want an address instead in a larger metropolitan or similar target area.

Virtual Offices as a Solution

Virtual offices offer accountants all the advantages of a physical office without the sometimes crippling overhead of paying rent on a physical location on a monthly basis. These offices are available on a monthly or as-needed basis – and are significantly less expensive than standard office spaces. Virtual offices provide businesses with a mailing addresses, but they also do more than just offer a business front.

Many virtual offices come with mail and reception services, adding to business integrity. Another major advantage of a virtual office is the meeting rooms. While many accountants do meet clients at their homes or businesses, or at the accountants’ home, virtual meeting rooms are typically available to rent for “in-house” meetings.

An entrepreneurial accountant doesn’t have to choose between saving money and having a physical space. A virtual office space provides the best of both worlds.