As the world shifted to remote work during the pandemic, companies had to learn how to manage their teams in a virtual environment. For jobs like bookkeeping, remote work has become a boon, with cloud accounting services making it easier than ever. Many companies are now offering remote or hybrid job options, which are popular with modern workers because of their flexibility. However, managing a remote team requires adjustments to your management style, approach, and expectations. You need to develop systems that ensure ongoing productivity and collaboration, supported by carefully chosen technology. Outsourcing staff is also an affordable way to scale your business without the overheads of an office lease. But there are still challenges to overcome, such as maintaining a positive company culture and ensuring productivity. This guide outlines best practices for managing a virtual team, allowing your bookkeeping team to work efficiently and successfully in a remote environment.
What is virtual bookkeeping?
Virtual bookkeeping is the modern way of managing a business's financial transactions from a remote location. A virtual bookkeeper can record, store, and manage income and expenses, prepare financial statements, and file taxes. These services are usually provided by online bookkeeping services or independent contractors working from home.
Businesses can benefit from virtual bookkeeping services by efficiently managing their finances, receiving expert advice, and prioritizing growth without being overwhelmed by administrative tasks. This cost-effective solution is especially beneficial for small businesses that may not have the resources to hire an accountant.
Cloud-based accounting has contributed to the popularity of virtual bookkeeping, as it has been shown to increase revenue by 15% year-over-year. This has led to high demand for remote bookkeeping services.
Tips for managing a successful remote bookkeeping team
Leverage virtual WIP meetings and foster clear communication.
Schedule regular virtual Work-In-Progress meetings to ensure your team feels acknowledged and engaged. This maintains accountability and prevents tasks from being overlooked. Implement various types of catch-ups, such as weekly team meetings, one-on-one sessions, and daily stand-ups to meet different objectives.
Standardize work processes and adopt workflow management tools.
Develop a standardized system for efficient service delivery to clients and to empower team members to work independently. Research and choose the most suitable workflow management and tracking tools for your industry.
Implement communication and time boundaries:
Set clear accessibility boundaries with both clients and your team. While flexibility may be required due to deadlines or unforeseen issues, having guidelines in place is crucial for maintaining productivity.
Define expectations, deliverables, and responsibilities.
Clarify your expectations from the team right from the beginning, helping them prioritize tasks and manage their time effectively. Utilize your systems to monitor task status and ensure team members are held accountable.
Cultivate trust with remote accountants and bookkeepers.
Establish trust with your remote team by implementing systems that provide full visibility over ongoing projects. Focus on tracking progress, learning from experiences, and making necessary adjustments rather than micromanaging.
Communicate expectations upfront and maintain open dialogue.
Hold initial meetings with your outsourced accounting team to discuss goals, specific responsibilities, and desired reporting. Keep communication lines open and adjust the scope of work as needed to accommodate changes in your requirements.
Regularly review financials and track key performance indicators (KPIs).
Outsourcing your accounting tasks doesn't exempt you from reviewing your financials. Regularly examine your company's financial statements and KPIs to stay informed and make data-driven decisions. Collaborate with your outsourced team to create a dashboard for easy access to vital metrics.
Wrapping up
Embracing a remote team can accelerate your business growth by allowing you to scale faster, access top talent, and capitalize on the growing trend of outsourced bookkeeping. With the right systems and processes in place, you can maintain seamless collaboration, communication, and visibility – even surpassing the efficiency of a traditional office setting. Remote work presents challenges, but it also offers many benefits, such as reducing costs and providing access to the best talent. By following these tips, you can create a productive and successful working relationship with your remote team. If you're interested in exploring outsourced bookkeeping solutions, feel free to contact Peach BPO today.
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