Post-COVID, the market for all services is changing. Taxation is no exception. Customers have become increasingly tech-savvy and prefer virtual options for their tasks. It’s essential to stay in the race of technological shift and invest in businesses that are aligned with technological growth.
Money Facts About Virtual Tax Office
The numbers in this industry speak of its potential. The average salary of a tax professional is $67,166 per year and the range of annual salaries is between $18,500 (the lowest) and $112,000 (the maximum).
The salary for most people is in the ballpark of $43,000- $82,000. The data is from Zip Recruiter. The Wealth Empowerment Network has substantiated this finding of the immense possible growth even with the existing clients.
Moreover, you only need to work three months a year and reap large profits if working in those months is optimized. The facts make the picture very clear for investors who are not sure about investing.
Earning from Investment
From all the possible investment opportunities available in the face of what most are calling a lurking recession, venturing into this business is a good decision for the following reasons:
1. Minimal Initial Cost
A Kauffman Foundation study reports the average cost of opening an office to be $30,000. Your virtual tax office saves on many overhead costs, including:
- No rent/cost of purchasing an office
- No furniture
- No security personnel and cameras
A significant chunk of the initial investment and subsequent running costs (such as salaries for security personnel) is reduced. You have already earned in the form of saving before even starting your business.
2. Attract Better Employees
It is evident from the previously mentioned salaries that the more experienced employees you hire, the more you can earn.
With a virtual office, the cost and inconvenience for employees to commute daily are eliminated. Moreover, you have a bigger pool of candidates to hire from.
Thus, a virtual tax office can attract better employees due to the incentives, and in return, the business can earn as a result of the quality of expertise being offered.
3. Save Tax
The cost of your virtual office space can be written off on your returns. The price your employees might incur due to groundwork can also be written off with the receipts so they can get a refund.
Bonus tip: It’s important to have an accountant and a legal team when dealing with such concerns.
4. More Clients
As a virtual office, you can target both local clients and diverse clients. Your client base may include:
- Locals from the city
- Citizens who live abroad
- Internationals living in the country
In this manner, what you can earn is way more than what a local physical office can make.
5. No Papers and No extra Employees
With the latest software and a virtual office, the use of paper, printers, and other such equipments is minimalized.
For technology, there are two basic options:
- Use multiple software together, such as a combination of:
- Google Docs
- Use Cloud-Based tax software, such as:
- Intuit Tax Online
The second option is more feasible if managing multiple software simultaneously is too much for you. Often, Cloud Based tax software is more convenient and cheaper.
A paperless office with efficient technology saves time and resources while also attracting clients.
Bonus tip: When making decisions about software, consider the scale of your operations and your budget to decide what might work best for you.
Earning from a virtual tax office is of great potential. Based on what the employees make, the portion of an investor can be a staggering or a reasonable amount.
The revenue this business can bring makes it a lucrative investment opportunity. Make sure you get your marketing right to attract diverse clients and use the appropriate software. With proper growth and expansion, this business can be a never-ending flow of increasing money since people will always need to file taxes.