Why More Accounting Firms are Choosing to Hire Remotely

The trend toward working remotely shows no signs of slowing down in the accounting industry, and this is why: cost savings, increased productivity, access to a larger talent pool, and better employee satisfaction.

Moreover, most employees worldwide prefer to work from home, leading to higher loyalty and reduced turnover rates. A recent survey commissioned by Catalyst and CNBC found that 76% of employees desire permanent flexibility in their work schedules and/or location. While some employers may perceive on-site work as more productive, remote work can offer more flexibility and autonomy, resulting in higher employee satisfaction and retention.

While transitioning from an on-site office to a remote work setup can present challenges, the benefits are substantial. Therefore, it is crucial for accounting firms to remotely now more than ever.

So, let’s break down all of these reasons why accounting firms are choosing to hire remotely employees.

Have you heard about the “Big Quit”?

In August 2021, the Bureau of Labor Statistics (BLS) reported a record-breaking 4.3 million workers quitting their jobs, marking a 20-year high in multiple sectors. Many attributed this to the end of COVID-19 restrictions and the return to office work. However, fast-forward to March 2023, and the BLS has reported a decrease in quits, with only 3.9 million resignations, largely due to the increase in remote work trends. Accounting firms and financial services are no exceptions.

Interestingly, workers seem to even prefer to work from home than get a raise. Remote work has become so valuable to workers that they are willing to trade off pay raises for the option to work from home, as per a recent study by the National Bureau of Economic Research. The study shows that workers prefer the option to choose where they work at least a few days a week and are even willing to take pay cuts or forgo raises to do so.

The shift towards remote work has significant implications for businesses, which may need to re-evaluate their compensation strategies to attract and retain talent. With the "big quit" now potentially evolving into the "big remote work preference," it's crucial for companies to adapt to the changing needs and preferences of their workforce to remain competitive in the market.

Top benefits of hiring remotely for Accounting Firms:

As accounting firms navigate a "New Normal" with productivity issues and the need for new growth avenues, they may be hesitant to add to their overheads. However, outsourcing accounting work or hiring remote workers could be the answer to their problems.

Choosing remote accounting means having accounting experts from different locations handle the accounting work for your firm. Not only does this provide benefits for employees, but it also helps accounting firms and small to medium-sized business owners in numerous ways.

Top benefits include (but are not limited to):

Ability to hire globally: Employers are no longer limited to hiring locally, increasing talent access. Leveraging an infinite pool of candidates from around the world, including regions like Latin America known for high productivity, cultural fit, and flexibility.
Data security: Cloud-based environments offer document protection that a business may not achieve alone. By reducing paper-based work and offices, the chances of error and misfiling are minimized. In addition, employees trained in digital tools and accustomed to the remote environment will naturally adapt to automation and data security tools.
Increased efficiency and productivity: Integrating cloud services and apps can assist a small business or firm in creating a pipeline that helps employees work faster and smarter, leading to increased productivity. Remote work allows employees to work in a distraction-free environment and during their most productive hours, resulting in better output.
Cost savings: Hiring remotely significantly reduces overhead costs associated with renting office space and paying for utilities, enabling firms to expand operations while contracting office space expenses.
Scalability: Remote work allows accounting firms to scale up or down their operations quickly without worrying about office space or other overhead expenses.
Environmental benefits: Remote work can help reduce carbon emissions and the carbon footprint of businesses. Fewer people commuting to work means less air pollution and greenhouse gas emissions, which can contribute to a better environment for everyone.
Global perspective: Hiring remotely can bring a diverse range of perspectives to a business, enabling it to understand and cater to a more global market. Remote workers can provide unique insights and cultural knowledge that can be valuable to businesses expanding into new territories.

>> Ready to start hiring? Fill out the form and one of Vintti's account executives will contact you within 24 hours.

The perks of working remotely for employees:

More flexibility: Hiring remotely allows for a hybrid work model, where employees can work from home or come into the office as needed. This provides enhanced flexibility for both employers and employees, allowing for a more customizable work schedule.
Improved work-life balance: Remote work provides employees with more control over their schedules and allows them to work from anywhere. This leads to higher employee satisfaction and can reduce turnover rates.
Increased opportunities for disabled workers: this is a great opportunity for talented workers who may have difficulty accessing traditional workspaces. It allows them to work in a comfortable environment that is accessible and accommodating.

The Shift to Hire Remotely

Staying competitive and relevant in today's fast-paced world requires a willingness to adapt and embrace change. The trend toward remote work is undoubtedly transforming the accounting industry.

With the shift towards a work-from-everywhere mindset, accounting firms are discovering new opportunities to access top talent, increase productivity, and reduce costs. Remote work provides workers with flexibility and improved work-life balance, leading to a surge in job opportunities for those seeking a better way of life.

Although challenges remain, the benefits of remote work cannot be ignored. Accounting firms that are prepared to embrace this transformation are poised to reap the rewards. So, are you ready to embrace the future of work?

>> Ready to start hiring? Fill out the form and one of Vintti's account executives will contact you within 24 hours.

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.

🔗 Kevin Mitchell | LinkedIn