Virtual and Remote CPA and Accounting Services

First, let’s preface this topic by saying remote and virtual are used interchangeably. Both terms are routinely used, but what I have noticed is that people are typically more comfortable with “remote” than “virtual.” Human nature is an interesting thing!

If you are at least minimally tech savvy, you have placed an order for something online. Let’s assume you are ordering business cards. You identify a printer, select the style of business card you want, upload the necessary files, make payment, and in a certain amount of time, you have nice, new business cards delivered to you without having ever left your home or office. Realistically, this is similar to remote/virtual accounting services.

Technology is advancing at such a rapid pace that remote and virtual accounting services are now possible to an extent simply was not possible just 10 years ago. Therefore, how does Cornerstone CPA Solutions offer remote/virtual accounting? It goes something like this:

• Cornerstone CPA Solutions and Client exchange information via a secure web portal or e-mail (including encrypted e-mails, if they contain sensitive information)
• Cornerstone CPA takes the provided information and performs the necessary and requested services utilizing relevant software, such as an accounting information system (could be the client’s, or one maintained by Cornerstone) and/or tax preparation software
• Web conferencing, including video, to facilitate discussions and completion of requested services
• Completed work is delivered to Client through a secure portal or encrypted e-mail
• Service fees are billed and paid electronically via credit/debit card or ACH (nearly 100% of all client payments to Cornerstone are done electronically)
• Under completely remote/virtualized services, neither party has to leave their own office or home, and tasks and work can be completed from anywhere with high-speed internet access

How does this present advantages and save money?

The greatest advantage to remote and virtual services is efficiency, which results in lower service fees and faster turnaround time. Let’s face reality–travel costs are expensive for both the service provider and client, because they cut into time that could be spent generating revenue, value-added services, or, frankly, simply doing something more desirable with your available time. If an independent accountant or CPA steps foot in your office or home, you are paying for their travel time, whether via direct billing or indirectly through higher service fees/hourly rates. Why pay $200, for example, for an on-site visit that includes travel time when you could instead spend $200, virtually, that is 100% beneficial and tailored to your specific needs?

What does the future hold?

Accounting and tax work is rapidly progressing towards fully remote and virtual services. Progressive CPA Firms are making such strides, notably if they do not perform attestation services that require on-site visits. Cornerstone CPA is among such CPA Firms. It just works for all parties! No geographic boundaries. No scheduling conflicts. Less wasted time and money.

The future will, no doubt, include more remote and virtual services. Bookkeepers, accountants, and CPAs are already at a point with technology where they can perform nearly any job function remotely, including 35,000′ up in the sky while sitting in a metal or carbon fiber tube and terribly uncomfortable seats (even standard first class seats are not exactly comfortable, these days!), via secure VPN connections. Unless physical observation and counts are necessary for a service offering, there is not any facet of accounting that cannot be performed remotely. Cornerstone CPA’s success with virtual client services proves this point.

As we move forward, especially as COVID-19 has taught the world many lessons in life, accounting and CPA Firms will reduce the number of physical locations, cut out offices entirely, and similar to American Express and other major corporations, shift toward more home-based operations. Virtual services present very real and significant opportunities to offer a higher level of service, lower fees, greater efficiency, and reduced overhead. Technology facilities remote work, more securely than ever before. What is not to like about it?

Is Cornerstone CPA Solutions an entirely remote/virtual Firm?

Almost! 100% of our services can be completed remotely, including tax returns. More realistically, Cornerstone is currently about 95% virtual, with a goal to become 100% virtual. Reduced overhead is a driving factor, which results in lower fees but also improved services since more time can be dedicated to each client. Another great thing is virtual services can be performed locally or from across the world, and you will never know the difference! Without a doubt, it is fully possible to provide comparable, if not superior, levels of service through virtual and remote services.

Contact Cornerstone CPA Solutions to discuss your accounting and CPA needs, and see just how well virtual services may serve you.