There are a number of good reasons to consider setting up a virtual tax preparation business. It’s possible that you’re just getting started and don’t have a lot of money, or that you want to get more customers before you lease or buy an actual office. Maybe you’re just looking for a solid career where you can be your own boss and make a good, reliable income. Whatever your reasoning, there’s no denying the benefits of a virtual tax prep business in 2023.
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Why A Virtual Tax Preparation Business?
While some tax professionals want to help the environment by going digital, others see the advantages of flexible schedules and having employees who can work from home. There has never been a better time to think about opening a virtual tax office, regardless of the reason.
Establishing a virtual tax office may be beneficial for the following reasons:
1: Reduce the Cost of Office Overhead
Establishing a virtual tax office will allow you to launch your business at a fraction of the cost of starting your own tax practice. You (and your staff—if applicable) can save money on office leases and mortgages by working from home.
Computers, software, and fundamental consumables are relatively inexpensive in comparison to the value of constructing physical facilities. Whether you’re starting from scratch or expanding an existing business into the online business sphere, a virtual tax office is cost-effective from start to finish.
2: Increase Your Clientele
By operating a virtual tax business, you can offer accounting services to a wider range of clients. When you run a business that is based in one place, your service area is typically limited to the distance that your customers or staff can or are willing to travel. With a virtual tax prep business, you can serve more people in more places.
3: Provide Customers with Current and Simple Services
Bringing your tax office online with the right tools can not only improve the level of service you can provide to your customers but also make it more convenient and efficient for you and your staff. Specifically, utilizing online tools where you can digitally exchange documents with your clients, provide intake questionnaires that are simple to complete and submit, and hold virtual meetings, will make it simple to connect with them once your business has been optimized for online work.
4: Reduce Your Spending
With a virtual tax office, you won’t need as much paper. Simply purchase decent cloud-based software that makes it simple to share paperwork and tax forms with employees and customers. There are also fewer overhead costs with a virtual business, because you’re not paying rent and utilities.
5: Hire the Best People from Anywhere in the World
Finding qualified employees for an on-site accounting company can be difficult, but with a virtual company, you can search globally. Additionally, it is conceivable to recruit talent from other locations while hiring staff in lower-cost states or cities. Many skilled individuals want to work from home and are looking for options like this. When you realize that you can hire people from almost anywhere, you will undoubtedly benefit from expanding your search beyond your local area.
6: Enhance Yours (and Your Staff’s—if applicable) Work-Life Balance
If you could reclaim your daily travel time, how many hours a week would you be able to spend on yourself? Virtual teams can independently create schedules. As long as work is finished on time and virtual teams meet their goals, virtual employees can schedule their own days. By not having to factor in lengthy daily trips and other time-consuming activities that come with traveling to an office for work, employees who work from home save time.
7: Diversification Without A lot of Risk
When it comes to expanding the kinds of services that your company provides, you might be willing to take more risks with a virtual tax office.
For instance, you might want to create a division for estate taxes, forensic accounting, bookkeeping, retirement planning, or business succession planning in addition to regular taxes. You will be able to concentrate your time, resources, and efforts on your new customers instead of worrying about accommodating new staff and day-to-day operational issues.
8: Help the Environment In a Variety of Ways
Virtual businesses help the environment. They help reduce gas consumption and dangerous car emissions because there is no need for clients to travel to visit you and there is no commute. Since such a lot of work is done carefully over the web, virtual workplaces essentially limit paper squander. Because your clients will be receiving digital information and files rather than paper and ink, you will also encourage them to use less paper and ink.
9: Manage Expansion Effectively
With a virtual office, you can more easily increase or decrease your company’s size than with a physical one. Without purchasing a larger location, growth simply entails hiring additional employees who work from home. The sale of office furniture or the end of a lease agreement will not be required if your business shrinks, perhaps during the offseason. Your tax business can grow more efficiently under your direction.
Ready To Start Your Own Virtual Tax Prep Business?
Over a century ago, Benjamin Franklin famously said, “in this world, nothing is certain but death and taxes.” And his sentiment still rings true today—as one thing is for sure, as long as taxes exist, people will look to tax professionals for help.
If you’ve been dreaming of owning your own virtual tax preparation business, you’re in the right place! I’ve taught hundreds of people how to make $50,000 in just 90 days with a virtual tax prep business, and I can teach you too!
Ready to take the next step? Read this article next: How To Create A Tax Preparation Business Plan.
So, what are you waiting for? Do something BIG for your future and Contact Annetta Powell today! And don’t forget to secure your spot for my upcoming FREE online training, ‘Teach Me The Tax Game‘ and learn how to get started in the tax preparation business the right way.