Remote Accounting Software: Different Solutions Under One Roof

In a year like 2023, searching for the right accounting software for managing accounts has unexpectedly become very fundamental.

When talking about remote work, you probably consider video calls, remote meetings, and remote presentations. These are a significant part of working online, especially with co-workers and clients.

Remote Accounting Software:

Remote accounting software refers to software that enables users to perform accounting tasks from a remote location using the Internet. With remote accounting software, users can access their financial data and perform accounting tasks such as invoicing, managing expenses, generating financial reports, and tracking payments from anywhere with an internet connection.

Remote accounting software is typically cloud-based, meaning that the software and data are stored on servers hosted by the software provider. This allows users to access their financial data and perform accounting tasks through a web browser or mobile app.

There are many benefits to using remote accounting software, including increased flexibility and mobility, improved collaboration, and real-time access to financial data. Additionally, remote accounting software often includes features such as automatic bank feeds and integrations with other business tools, making it easier for users to manage their finances.

Popular remote accounting software options include QuickBooks Online, Xero, and FreshBooks, among others. When choosing a remote accounting software, it is important to consider factors such as ease of use, pricing, features, and customer support.

Remote accountants who are unfamiliar with remote accounting software technology are quickly realizing that working outside of a traditional office setting is not quite that simple. You need a clear mechanism, continuous communication, and a strong cyber load to do your best work.

Most of us must be thinking now about:

• How do I work remotely and still be productive?
• What tools do I need to do it perfectly?

Special built remote working software will keep you and your team working according to your plan, no matter if you are working from the office or the ease of your home and there are all kinds of choices for different industries, working styles, and team sizes.

With hundreds of software options to choose from, navigating through them all while also settling into your new home office can be overwhelming.

In this article, I’m sharing about some great remote accounting software for everything from smooth group correspondence to client presentation, secure exchange of documents to financial accounting, and a lot of other related factors. 

Online CPA Portal

Online CPA management software works as your lifeline in a sea of accounting paperwork and client requests. An online tool designed for CPAs or Accountants takes the stress out of accounting firm management and makes it easier for certified public accountants to reach their goals. CPAs, Accountants, bookkeepers, and tax professionals use different web portals to seamlessly communicate with clients without any hassle. An easy-to-use paperless portal connects clients to their CPAs, Accountants,  bookkeepers, and tax professionals, improving client communication and satisfaction. CPA portal services include:

• Online Document Storage
• Secure File Sharing
• Client Portal
• Billing and Plans
• Easily Assign Tasks
• Bank Account Integrations
• E-Signature

CPA Software

CPAs providing remote accounting services require software tools different than those commercial, government, and non-profit organizations use to manage their books. No matter what type of services your public accounting software offers, there are accounting software applications designed to help you more profitably meet the client’s needs. CPA-specific accounting programs will be designed for payroll, expense, and reporting for multiple companies, and will also include useful tools like IRS auditing, tax preparation, and time-based billing.

Not every Certified public accountant uses the same software. If they did, the selection of CPA software must have been a lot easier. But there are a few key features you need to look for before deciding which software is best for your business. 

Some Important Features

• Ease-Of-Use: Even if you have a lot of experience in accounting, it’s highly recommended that the software you choose must be easy to use. It will also save your time and extra effort and you can consume that time and energy on more important tasks. 
• Robust Feature Set: The software that you use must include basic accounting features such as income and expense tracking, bank reconciliation, and invoicing. Depending on the demands of your firm or your clients, you may need some extra features such as project management, stock management, inventory tracking, job cost estimates, payroll services, and tax calculations. Consider which features are much needed for you so you can specify your software search based on your needs.
• Third-Party Consolidations: Many programs integrate with third-party apps, helping to keep your business and finances in order more effectively. Search for software that offers numerous integrations with payment gateways, software, and apps.
• User Access: Determine how your software will be used and how many people will be using it when making your selection. The number of users added to your software depends on the option provided by that software. Some software allows just a single user access while others permit a single user plus accessibility for an accountant. Some distinct software supports multiple users (sometimes they charge extra for that).
• Customization Capabilities: All accountants or clients are different, so are their needs. Look for software options that allow you to customize the dashboard, experiment with different features, and even customize differently as per different clients’ requirements.
• Comprehensive Reporting: Good accounting software should be able to create various financial reports. In addition to basic reports like cash flow records and profit and loss statements, this feature can provide additional benefits to your business.
• Mobility: If you have to use the software only in the office, locally-installed software could be a great choice. But, if you plan to access the software remotely from various locations or a mobile device, always look for cloud-based software.
• Cost-effective: It’s always a wise decision to set your budget and prioritize which features are the most important to you. Then explore the options accordingly. There are hundreds of plans available according to one’s needs and budget.
• Add-Ons: It depends on how you plan to use your software, you may need add-ons. The most widely used add-ons include KeyPay, PayPal, Square and Receipt Bank, GovReports, Shopify, ServiceM8, ServiceM8, etc.
• Cloud-Based Access: Remote accounting software should be accessible from any device with an internet connection, allowing you to manage your finances from anywhere.
• Automatic Bank Feeds: This feature enables you to automatically import your bank transactions into your accounting software, saving time and reducing errors.
• Invoicing: Remote accounting software should allow you to create professional-looking invoices that you can send to clients and customers.
• Expense Tracking: The software should allow you to easily track and categorize expenses, such as travel expenses, office supplies, and meals.
• Financial Reporting: Remote accounting software should provide you with detailed financial reports that give you a clear understanding of your business’s financial health.
• Integration with Other Business Tools: The software should integrate with other tools you use, such as payment processors and inventory management systems.
• Multi-Currency Support: If you do business internationally, it’s important to look for remote accounting software that supports multiple currencies.
• Collaborative Capabilities: If you work with a team, the software should allow you to collaborate and share financial data securely.
• Security: The software should have robust security measures in place to protect your financial data.
• Customer Support: It’s important to choose a remote accounting software provider that offers good customer support, including phone and email support and online resources such as tutorials and forums.

Let’s look at how remote accounting services can benefit your company.

• Easy Access to Talented People

Not every company has access to finance and accounting professionals with the full range of skills necessary to finish all accounting activities in a given amount of time. New problems have emerged for businesses that use remote working practices as well, and these can only be fixed by using professional remote accounting services at no additional cost.

Remote accounting services give you access to knowledgeable, professional workers from all around the world rather than just the local talent pool. Remote staffing has also made it possible for startups and small firms to hire and import foreign talent on a budget.

• Prepare for digitization

A great digitization technique for your business is remote staffing. Accounting businesses are ineffective as service providers because of their conventional organisational structure. However, with cheaper infrastructure costs and access to the latest cutting-edge technologies, you can get the boost your practise needs to grow.

By utilising remote workers, your accounting office may be able to continue operating at full capacity even while the world is staying indoors due to the outbreak. Additionally, the expansion of your accounting firm is restricted by its finite resources; remote staffing will present a practical growth path.

• Improved Employee Retention

It is challenging for startups and small accounting firms to retain quality staff in today’s competitive environment. Accountants are likely to switch employers in search of greater pay, a better work environment, and more prospects for advancement. If so, the accounting firm will have to spend more time and money on recruiting and employing new staff members.

By providing remote employment alternatives, your business gives its workers more freedom and enhances the work environment. This strategy will significantly increase the retention rate at your business.

• More favourable work-life balance

The usage of remote workers will help both accounting organisations and employees. The remote employees won’t need to make a daily commute to work. Allowing employees to work from home protects their physical and emotional wellbeing. Employees can successfully attain a work-life balance as a result. Giving your employees more work flexibility will probably increase their satisfaction with their jobs.

• Speedy Reporting

You will always have access to a current balance sheet to assess the accounts’ current financial situation, even if you have to wait for the accountant or auditor to finish their reports before you can finalise the official financial statements. Additionally, you will be able to share these numbers with anyone who is interested, enhancing both their and your confidence in your managerial skills and the state of the business as a whole.

• Effective Business Strategies 

When you are relieved of the burden of managing your staff, you can use your free time to create stronger business plans that will aid in the further growth of your company. The remote workers are also experienced with their responsibilities and won’t constantly disturb business managers, providing them more time to create business ideas.

• Increased ROI

The three most important ROIs for a business are simple ROI, efficiency ROI, and risk aversion ROI. Additionally, accounting firms can improve all three ROIs by utilising remote teams. It will help save costs for the company, improve productivity, and guarantee that all of your documents are kept up to date. Remote employment is thus useful for accounting firms looking to boost their investment rate.

Without a doubt, accounting businesses greatly benefit from remote staffing. Employing the best accounting and bookkeeping services can improve output, revenue, coordination, and business operations as a whole.

• Round-the-clock Services and The Turn-Around System 

Accounting firms may easily run their businesses around the clock by using remote bookkeeping services for businesses in different time zones. For instance, due to the time difference, an American accounting business should hire remote workers from India to enable them to work around the clock and provide clients with round-the-clock support.

Most reputable remote accounting service providers have a wide range of highly skilled and effective specialists who can handle a lot of work quickly. Therefore, offshore accounting firms can swiftly improve their work in a short amount of time by using remote staffing team members.

• Elimination of Physical Limitations

The preservation of their clients’ bookkeeping data by finance and accounting service companies is no longer sufficient. Today, CPA firms do a wide range of duties, including management, forecasting, budgeting, and auditing. Businesses must employ staff, including enrolled agents, auditors, and tax experts, among others, in order to offer all of these services.

Additionally, they can’t afford to hire staff from abroad because they only need highly qualified professionals to manage their specialised services, which may be challenging for new accounting firms to find in the local talent pool. However, you may quickly and affordably hire the assistance of professionals with international training by using remote staffing solutions like those offered by MyCPADashboard.

Some Accounting Software

• Xero
• SageOne
• Quick books
• Fresh books
• BillQuick

Conclusion

No business or entrepreneur would lose money by using thorough accounting and bookkeeping services. You may choose from a far bigger pool of candidates and are assured to find the best candidate at the most competitive price when you choose to hire an accountant online. In addition, you will have access to more pertinent, highly experienced specialists because you are choosing from a larger pool.

In this regard, MyCPADashboard, one of the best bookkeeping & accounting firms available, has long provided accurate and effective bookkeeping and accounting services to companies across various industries.