Remote work was once considered an alternative option, but the global shift to remote workplaces, accelerated by the pandemic, has transformed how industries—including accounting—operate. Workers have embraced the flexibility and versatility of virtual accounting, making it a preferred career choice. As a result, nearly every industry has had to change and adapt accordingly, including the accounting industry.
Steps to Master Virtual Accounting
Virtual accounting is more common than ever before, giving professionals in this industry the opportunity to work from home while still reaching their career goals. According to Thomson Reuters, a recent survey revealed that more than 80 percent of accounting firms allow their employees to work remotely at least part of the time. Of those, 43 percent actively use remote and hybrid work opportunities as part of their recruitment and retention strategy.
If you hope to become a virtual accountant, you are not alone. You will need to take the following steps to grow your career:
1. Understand the Basics of Virtual Accounting
Virtual accounting principles are essentially the same as traditional accounting, with the primary difference being that virtual accounting takes place remotely. Virtual accountants often use digital tools, such as cloud-based accounting platforms, to manage financial records for an organization.
2. Equip Yourself With the Right Tools and Software
You must invest in the right technology solutions to become an efficient and effective virtual bookkeeper. Some of the leading virtual accounting tools include:
- Cloud-based accounting software — This software is essential for virtual accountants, enabling remote work and secure data storage in the cloud, giving all involved parties secure, remote access to reports and data
- Digital invoicing tools — These tools can automate the process of invoicing clients and store previous invoicing data
- Expense management software — These programs allow virtual bookkeepers to manage expenses and automate reports, ultimately streamlining the process of managing the books while simultaneously improving accuracy and minimizing errors
3. Develop a Robust Virtual Communication Strategy
Effective communication is one of the most significant challenges for virtual accountants in the remote workplace. Recognizing the importance of clear and consistent communication and utilizing the most effective communication tools available today can ensure that you can work remotely without compromising creativity and productivity.
4. Implement Strong Cybersecurity Measures
Secure remote accounting is critical, particularly when cybersecurity threats are becoming more common and complex. Strong cybersecurity measures for remote accounting are necessary not only to protect client data but also to protect the accounting firm's assets. You can implement strong cybersecurity measures by utilizing a password manager, only completing remote accounting work for virtual accountants in the remote workplace on secure Wi-Fi networks, and requiring multifactor authentications for all logins. In addition, all data stored on the cloud should be backed up regularly.
5. Create a Continuous Learning Plan
Virtual accounting services rely heavily on the latest technology, and there will always be new and advanced technology available. As a virtual accountant, you should create a robust continuous learning plan that lets you stay informed about the latest trends and recent technology in accounting.
6. Establish Clear Client Onboarding Processes
Transparency is paramount when you are working as a virtual accountant. Before you begin providing a new client with remote accounting services, you will want to outline your clear onboarding process so that they know what measures need to be taken before you begin recording their financial statements and generating financial reports.
7. Optimize Your Virtual Workspace for Productivity
The flexibility and versatility of remote work is particularly appealing, especially for accountants. However, to be effective in your role, you must optimize your workspace for productivity. It's important to designate a quiet, distraction-free area for work. Creating a home office space that mimics a traditional work environment can help you feel focused and prepared during your workday.
8. Foster Strong Client Relationships
Even though you will be working remotely and often connecting with your clients virtually, you still need to foster strong relationships with your clients. Regular communication and personalized service allow you to develop the same lasting and effective relationships that form through traditional accounting practices.
9. Leverage Cloud Accounting for Efficiency
Cloud accounting tools allow you to complete your work and store it virtually in the cloud, giving all parties involved secure and immediate access to the information they need. This reduces overhead costs, saves time, and often improves both productivity and accuracy.
10. Stay Updated with Virtual Accounting Trends
The virtual accounting landscape changes rapidly, requiring remote accountants and bookkeepers to stay informed about the latest industry trends. Some of the latest virtual accounting trends include:
- Leveraging blockchain technology
- Adopting agile accounting practices
- Utilizing automation in accounting
- Investing in improved data security
11. Consider Specializing in a Niche Market
Accounting is a broad field, and generalized accountants may have trouble competing for top clients. By specializing in a niche market, you can appeal to a targeted group of clients and grow your accounting business in surprising ways.
12. Prepare for Remote Collaboration Challenges
Collaboration in the remote workplace has been challenging for professionals across all industries, including accountants and bookkeepers. By being aware of some of the challenges that exist, such as ineffective communication and minimal time for creativity, you can develop a robust plan to address the most common issues.
13. Explore Opportunities for Career Advancement
Leveraging your remote accounting career and exploring opportunities for career advancement can help you expand your skills and grow your visibility, ultimately positioning you for long-term success in the field. Earning a graduate certificate in accounting, for instance, can help you obtain the skills and qualifications needed to advance your career.
14. Embrace the Flexibility and Freedom of Virtual Accounting
Accounting is a profession that requires attention and precision, which can be physically and emotionally draining. Through virtual accounting, you can enjoy increased flexibility, improving your sense of work-life balance and allowing you to feel more fulfilled in your professional role.
Building Your Virtual Accounting Career
Understanding the virtual accounting landscape and acquiring the qualifications needed to work remotely can help you begin to build your virtual accounting career. These are the steps you should take if you want to become a virtual accountant:
15. Assessing Different Virtual Accounting Certifications
Continuing education and professional development can help you develop the technical, practical, and interpersonal skills needed to practice accounting in a remote environment. Evaluating the different virtual accounting certifications that are available and assessing the skills that the programs will be focusing on can help you make a strategic decision for your career.
16. Networking and Community Engagement Online
Expanding your professional network will help you improve your brand visibility and increase your reach within the community. There are a variety of online networking and community engagement tools that you can use to begin to connect with clients and build your business. Social networking sites, such as LinkedIn and Facebook, are some of the best places to begin building your professional brand online.
17. Setting Career Goals in Virtual Accounting
Establishing both short-term and long-term career goals in virtual accounting can help you stay focused on growth and advancement in the field. Some examples of career goals in virtual accounting may include:
- Growing your accounting practice to a set number of clients within a 5-year time span
- Branching out and launching your own virtual accounting firm
- Earning a certificate in a niche area allows you to specialize in the field
18. The Importance of Continuing Education in Virtual Accounting
Virtual accounting technology will continue to change, particularly in the age of machine learning and artificial intelligence. By prioritizing continuing education in virtual accounting, you will stay abreast of the latest trends and advanced technology.
Grow Your Accounting Career With Champlain
Virtual accounting is expected to become more common in the months and years ahead, making now an excellent time to begin building the foundation for your accounting career. At Champlain College Online, we offer an online Accounting Graduate Certificate program designed to expand your skill set and give you niche insight into this dynamic industry.
Request more information about our online graduate certificate programs today.
FAQs
Virtual accounting is the practice of managing financial records and bookkeeping in a remote work environment. While virtual accounting tools have been around for years, virtual accounting in remote workplaces has become more common in recent years, in response to technological changes and societal shifts.
The top skills for virtual accounting include proficiency with virtual accounting technology, familiarity with cloud-based tools, exceptional communication skills, organizational skills, and interpersonal skills. Virtual accountants need to be self-motivated, as they have to be able to stay focused and productive in a remote work environment.
Virtual bookkeeping can be a profitable endeavor for bookkeepers and accountants who make a strategic plan to grow their client base and expand their virtual accounting services over time. Given that virtual accounting requires fewer overhead costs, it's not surprising that many consider this a lucrative career move.
More accountants are becoming interested in the possibility of working remotely because it offers more flexibility and versatility than traditional accounting roles. That said, virtual accountants may find it more challenging to collaborate and communicate, and some may struggle to maintain their productivity in a remote environment.
If you are currently working in a traditional accounting role, you can transition to virtual accounting by enhancing your technical skills, investing in the best cloud-based accounting tools, and growing your client base. Many accountants find that remote accounting offers them an improved sense of work-life balance, and some feel that the job is more rewarding when they can enjoy the benefits of a remote workplace.
An online graduate certificate in accounting can help you develop the virtual accounting skills needed to transition into this niche role. This online graduate certificate covers various relevant topics, such as financial accounting essentials, management and cost accounting essentials, and business analysis through financial statements, allowing graduates to develop an advanced understanding of industry-specific skills and knowledge.
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