The accounting industry has been known for its conservative and traditional approach to work. But the world is changing, and the rise of remote work is transforming the industry. From digital nomads to global salaries, remote work is changing the way accounting firms operate, and the benefits are clear.
As companies shift to remote work, they are discovering new ways to access talent, reduce costs, and improve their bottom line. At the same time, remote workers are finding new job opportunities, greater flexibility, and the chance to achieve a better work-life balance and experiences.
5 Trends That Show How Accounting Industry Is Changing
Cybersecurity is a top priority
With the raise of digital nomads comes the need for tighter cybersecurity measures, especially for accounting firms. With more employees working remotely, and so much clients' financial information online, the need for tight security measures to keep their data and systems secure is more crucial than ever.
Accounting firms must ensure to invest in quality cybersecurity measures, permanent audit protocols, and sufficient training for employees on the best cybersecurity practices. It's a challenge, but with the right tools and practices in place, it can be done.
The Acceleration of Online Training Courses
Digital nomads have led to a surge in the popularity of online training courses in the accounting industry. Accountants can now easily access these courses to stay up-to-date with industry changes and learn new accounting software to keep abreast of tax law updates from anywhere.
At the same time, these training courses have become more practical, shorter, and right-to-the-point, allowing remote workers to learn effective solutions quickly, focusing on what they need. This training mode has shown that accountants tend to take more courses at the same time than taking a single long one. This increased availability and flexibility in online training courses have helped keep the industry dynamic and competitive.
Remote Workers Are 47% More Productive
According to Airtasker (2021), remote workers are on average 47% more productive than in-office workers. The study that surveyed over 1,000 employees also found that remote workers took shorter breaks, had fewer distractions, and worked longer hours than in-office workers.
The flexibility of remote work allows for a better work-life balance, which can lead to increased productivity. Remote workers also save time by not commuting, allowing them to focus more on work tasks.
Rapid Pace Of Change Is Becoming The Norm
With the rise of remote work and the increasing use of technology, the rapid pace of change has become the norm for most industries, and accounting is no exception. Accounting firms are embracing digital transformation to automate routine tasks and improve efficiency using software such as Xero and QuickBooks Online, automating tasks with Zapier, or conducting digital meetings with clients all around the world.
As more and more accounting firms embrace this cloud-based trend, other companies in the industry are feeling pressure to join the game to stay current. The rapid pace of change is a dynamic circle that keeps accelerating
Breaking Location-Based Salary Barriers
One of the key benefits of remote work is that it allows companies to access talent from around the world, regardless of their location. This means that companies can hire employees in areas with lower costs of living, and pay them salaries that are more competitive than what they would receive in their local job market. Add to this equation the fact that digital nomads tend to have lower housing costs and local taxes, and accounting firms can be sure to get good talent at a more effective cost.
By working remotely for companies based in different parts of the world, potential employees can access new job opportunities and earn salaries that are higher than what they would receive locally in areas with limited job offers. This constant moving trend is likely to continue as more companies embrace remote work.
While there are still some challenges to overcome, such as navigating differences in tax and labor laws across different regions, the trend is creating new opportunities for both companies and employees.
How to Successfully Work with Digital Nomads
Working with digital nomads requires a new approach for accounting firms. To effectively collaborate with remote workers, firms should consider implementing communication and project management tools that enable real-time collaboration, such as Zoom, Slack, or Trello.
It's also important to establish clear communication channels and expectations for remote workers, such as regular check-ins and goal-setting. Additionally, firms can consider offering perks like flexible schedules or remote work opportunities to attract and retain top talent.
Is The Future Of Work Remote?
It's clear that this trend is here to stay. From the emergence of digital nomads to the departure from location-based remuneration, the accounting industry is undergoing a seismic shift. As companies embrace remote work, they are discovering new ways to access talent, increase productivity, and reduce costs. Remote workers, in turn, are finding new job opportunities, greater flexibility, and improved work-life balance. While the shift to remote work is not without its challenges, it's clear that the benefits outweigh the drawbacks.
So yes, the future of work is remote, and the accounting industry is at the forefront of this transformation. Are you ready to embrace the change?
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Kevin Mitchell, CPA
Senior Manager and CPA with over 20 years of experience in accounting and financial services, specializing in risk management and regulatory compliance. Skilled in managing audits and leading teams to deliver exceptional services. Proud father of two.
