Although you might believe that the finance sector remains fairly traditional over time, many accountants are now starting to set up their businesses online or operate remotely through their own website.
If you are planning to become an online accountant or to open your own business online, this checklist will ensure that you are prepared for the digitization of your sector.
Did You Know?
- Growth of Online Financial Services: The global digital financial services market is expected to grow by 6% annually through 2024.
- Freelance Accountants: About 30% of accountants now offer services on a freelance basis.
- Remote Work Popularity: 70% of small businesses are open to working with accountants remotely.
- Demand for Cloud-Based Solutions: 65% of accounting firms now use cloud-based technology.
- Increased Earnings Through Specialization: Accountants with niche specialties can charge up to 20% more than generalists.
- Rise of Financial Tech Tools: 80% of accountants use financial technology tools to enhance their service offerings.
- Online Consultation Fees: Average consultation fees for online tax advice start at $100 per hour.
Get an Online Degree? That Won't Be Enough, But...
Even before you open your business or start operating out of your home, you are able to start on your career path through the internet. An online degree can be great for those that are looking to become digital bookkeepers as they will allow you to study remotely and will enable you to immediately start up your own business or start to offer your services to clients once you have completed your degree.
A college degree gives you the same knowledge and skills as a traditional bookkeeping degree, with the advantage of greater flexibility and a greater focus on the use of technology in accountancy.
However, if you really want to call yourself as an accountant and to be able to give advice to your future clients, a certified qualification is a must. College degree (online or offline) will only give you a credibility as a bookkeeper.
Use Accounting Software
You must use accounting software that your client uses. If they don't use one, you must be able to recommend one to them.
Accounting software such as QuickBooks, Sage, and Xero allows you and your clientele to collaborate on their bookkeeping and data as well as allowing you to access their files, manage payrolls, find and store the data that you need, contact clients easily, and automate time-consuming tasks, such as expense management.
You can't not use accounting software. Not just one but you should be able to use at least two or three comfortably. Otherwise, how can you spot your client's mistakes easily? You wouldn't be able to, without a bespoke knowledge.
Invest good amount of money ($100+ per month for 3 different accounting apps) and familialize yourself.
The software will allow you to focus on the more intricate tasks of your accounting business or job.
You should also consider going paperless by storing all of your data securely online.
Did You Know?
- Client Retention Rates: Effective online communication strategies have helped increase client retention rates by up to 25%.
- Expansion into Financial Planning: About 50% of accountants have expanded their services to include financial planning.
- Digital Marketing ROI: Accountants investing in digital marketing see a 200% return on investment.
- Increase in Online Courses: Over 40% of accountants offer online courses or webinars.
- Global Clientele: Online services have allowed 35% of freelance accountants to work with international clients.
- Subscription Services Growth: 20% of online accountants use a subscription model for recurring revenue.
- Online Software Efficiency: Using online accounting software can reduce overall project time by up to 30%.
Find Remote Job Opportunities
If you are planning to work for another company, you should seek remote job opportunities, such as that of a bookkeeper or auditor, from some of the top firms in the country. (Obviously, you can only work as an auditor if you have a qualification.) You can do this by using a simple job search service, through networking campaigns, or by contacting top firms directly.
Set Up Your Own Business
To work as an accountant online, if you are planning to work for yourself, you need to decide whether you want to set up your own business or go freelance. To set up your own business or become self-employed, you need to make sure that you have gained the right experience, that you are insured, and have the correct licenses. You should also consider joining a professional organization to help to guide you when things go wrong.
Did You Know?
- Freelance Platforms User Base: Over 100,000 accountants have registered on major freelance platforms like Upwork and Freelancer.
- Job Satisfaction: 75% of accountants working online report higher job satisfaction.
- Automation Adoption: 60% of accountants believe automation improves accuracy and client satisfaction.
- Outsourcing Increase: 25% of small and medium enterprises outsource their accounting to online professionals.
- Payment Processing Innovations: The integration of advanced payment solutions has sped up invoice payments by 50%.
- Data Security Investments: Online accountants investing in cybersecurity see a 40% reduction in data breaches.
- Cost Savings for Clients: Clients report saving up to 15% on accounting costs by using online services.
Market Your Services Online
If you are planning to go online, the most important action that you should take is to learn how you can market your services online. For instance, every reputable accountant should have a professional website, use good SEO practices, harness email marketing, and create content for a blog. If you are struggling with any of this, you should consider hiring a digital marketing agency whose practices are especially focused on accounting businesses.
Use Communication Applications
However, the one major aspect that will be different when you become an accountant online is your ability to hold meetings with your clients. Rather than let your communication lapse, you should set up meetings on video conferencing software like Zoom or Skype. These applications can ensure that you can simulate face-to-face contact whenever you need to discuss a tax return or give financial advice.
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Common sense really. If you are an accountant you know you’ll have to be able to use software for transparency and also not to make silly human errors. You cannot get a job unless you have a solid qualification to prove because the market is so competitive. You also have to be trustworthy. One ignorant moment will get you to lose a customer. It’s a good guidance, but if you think any part of it is easy, it’s not