What would happen should a CPA save 10-15 hours of regular employee work each week without the need to hire another full-time employee?
Accounting and CPA firms are quickly adopting automation and virtual assistance to address the overwhelming demand from clients and the resulting workload and staff shortages.
Almost half of the CPA firms now use AI to automate routine tasks, such as data entry, document processing, and client communication, helping reduce administrative workload considerably.
As AI and automation continue to take the mechanized aspects of accounting, virtual assistants, whether human or AI-enhanced, have become a boon in the industry.
Actually, enterprises that are taking advantage of virtual assistants have a 28% productivity boost in total team output, as 43% of managers reported that VAs reduced their workload by 10 hours or more per week.
For CPAs who generally spend their days onboarding clients, reconciling, scheduling, financial reporting, and inbox-cleaning, this implies they can spend more time on their high-value advisory offerings rather than on bookkeeping.
With automation becoming almost commonplace (95% of accountants used some form of automation in 2018), the tactical use of virtual assistants can enable companies to automate processes, increase accuracy, and stay competitive in the era of real-time feedback and client responsiveness.
This article discusses how virtual assistants are redefining the profession of CPA, drawing on recent industry statistics and explaining why they have become an invaluable resource for today’s accounting firms.
What is a Virtual Assistant (VA) for CPAs?
This is where virtual assistants (VAs) for CPAs come in. A virtual accounting assistant is like your personal secretary who works with you on the administrative side. Think of them as the CPA equivalent of a paralegal. Where a paralegal handles paperwork and research for lawyers, a VA handles such tasks for a CPA.
Let’s say you need financial statements generated for analysis, but your afternoon is clogged with meetings. Your VA can handle all the general administrative work while you’re handling the important stuff. Similarly, virtual assistants can handle your appointments and business calls, freeing you from distractions at work.
VAs bring a variety of benefits and improvements in the quality of work to CPAs. Let’s dive into some of them. (P.S. Wait till you hear how much better VAs make life for CPAs!)
4 Reasons Why Every CPA Needs a Virtual Accounting Assistant:
1.Managing the Grunt Work
Unfortunately, existing accounting procedures have left CPAs trapped under a veritable avalanche of formality. Even with digitization, there are simply too many responsibilities thrust on a single CPA to manage. This often forces them to prioritize mundane but necessary activities over innovating and actively contributing to financial strategy.
For any CPAs reading this, think about your average workday. Start noting down how much time you spend combing through data and making reports or reading through swathes of tax law to find the important bits. You will start to notice that the hours seem to fly by while you’re painstakingly making manual payments to suppliers or furiously combing through an Excel sheet trying to find an error.
The statistics concur with this assertion, with Accounting Insight News reporting that 56% of CPAs waste time on manual work (SSRN eLibrary). The survey leans towards using automation to solve the issue. Virtual assistants for CPAs are an alternative solution that also deserves recognition here.
A VA is perfect for managing the mundanities of accounting. Generally, you would have a remote bookkeeper serve as your VA. They could handle bookkeeping and basic accounting tasks for all your clients. Leaving you to do the heavy lifting that you prepared for your whole student life.
Hiring someone proficient in administration is also a good call for scheduling and other administrative tasks. They may not be able to take up the mundane bookkeeping work, but they can manage your accounting business while you are working. You could put them in charge of managing your work phone calls. Give them the line to your business inquiry number, for example, so they can schedule client appointments and the like.
2.Boosting Productivity and Curbing Burnout
One of the major reasons accounting professionals end up burnt out is task redundancy and a lack of fulfillment and professional accomplishment. After spending years getting that pristine CPA certification, you would expect professional life to be more exciting and productive. Cut to the average accountant’s day. Half is spent laboring over the books of accounts and receipts, and the other half is spent trying to do some semblance of strategic work.
As a CPA, if you only do all the bookkeeping tasks, you leave a lot of value untapped.
This imbalance can lead to a negative relationship with your work. You may also feel that you are not contributing as much as you could, leading to doubts about your capabilities. Whatever the mental repercussions may be—and there are many—the bottom line is that they are not healthy. For many CPAs, being stuck doing bookkeeping may feel like an insult to all their hard work.
A virtual assistant, in this cas,e is just the shot in the arm a CPA needs to set them straight. Instead of being condemned to a life of boring, unfulfilling work, they can lean into their specialty. A VA frees up work time, which can be used to do a more fulfilling job.
For example, helping their clients plan for their financial future. They could be out there managing the finances for multiple projects and handling all the complex regulatory duties. Meanwhile, their VA props them up by handling the boring but necessary tasks.
A VA is also an amazing resource for vacation time. Everyone needs a break, but taking a vacation in this hyper-competitive professional landscape could seriously hurt you. For example, missing work calls while you’re at a resort can sour client relations. This is where your VA can shine and lift the weight off your shoulders.
You can leave them to handle work-related things until you return, and they should be able to manage for the most part. If any emergencies do arise, your VA can redirect those to you. Otherwise, your business will continue to run without you present.
When you return, you won’t find yourself down many clients because you did not answer the phone. Your business will operate as normal. Your VA can catch you up on all the latest happenings. They can also schedule your commitments and plans and keep you on track when returning to the trenches.
All in all, a virtual assistant offers CPAs a second set of eyes and hands that can work independently and help them lighten their workload. It might not seem like much, but it can make all the difference for many overworked CPAs.
3.Affordability and Flexibility
VAs are not expensive, and affordability is the primary reason VAs for CPAs are a good solution. You need someone to do the work you do not want or do not have time for. You could automate that work, but it would be too expensive. A VA solves both of these problems.
Because they are remote, many VAs are based in Asia or Europe and charge considerably less than their American counterparts. Despite the price drop, the quality remains unchanged, and you can personally test and vet them before hiring them. Our choice has always been virtual accounting assistants from Pakistan and Southeast Asia.
The perks don’t stop there, as a VA is affordable and incredibly flexible. They are not opposed to working unorthodox business hours. Your VA can handle the bookkeeping while you sleep, and you can wake up to everything ready. They can also work with clients in different time zones and give you greater flexibility to choose international clientele.
VAs are also the cream of the crop when it comes to leveraging the latest digital solutions. Whether it be AI communication software or the newest cloud accounting platform, they will know about it. VAs are also not permanent employees. You can hire them if you need extra help on a project and pay them for as long as you need it. Or you could hire one VA permanently. It’s all a matter of preference.
The ability to have so many options is what makes a VA for CPAs so valuable.
What Does a Virtual Assistant Bring to the Table for CPAs?
Let’s run down the list of the major responsibilities that a VA can take up for a CPA, shall we:
- Administrative Responsibilities
- Scheduling Meetings
- Contact Management
- Social Media Management
- Marketing and Client Outreach
- Virtual Assistant Bookkeeping
- Invoicing
- Online Research
- Data entry and management
Virtual Assistance: Practical Advice on CPAs to Maximize Their Value:
1.Before Hiring, Clearly Defining the VA Role:
The most frequent error made by CPAs is recruiting a VA without a well-specified scope of work. Before onboarding, record points on what you want to outsource, daily, weekly, and monthly. This clarity saves the ramp-up time, unnecessary miscommunication, and makes the VA a value-seller within the first day.
2.Begin with Process Documentation:
A virtual assistant, even the most skilled, can never succeed without clear processes. Develop step-by-step SOPs (Standard Operating Procedures) for tasks such as processing invoices, supporting reconciliation, onboarding clients, and developing reports. The clearly established workflows enable VAs to work independently and consistently.
3.Create Capacity of Advisory Services:
A VA does not save time; it opens the door to revenue. Through delegation, CPAs will be able to redirect the attention to advisory services that are more valuable to the clients and more profitable to the firm, such as cash flow projection, tax planning, compliance strategy, and business consulting.
4.Give A Name, Not a Job:
Rather than delegating discrete tasks, provide your VA with end-to-end control over processes where feasible- client records, bookkeeping records, or monthly reporting packets. Ownership makes people more responsible and does not require close supervision.
5.Add VAs to Your Technology Stack:
Make sure that your VA knows how to use your accounting software, cloud applications, and teamwork solutions fully. Grant has granted access to tools such as QuickBooks, Xero, NetSuite, document management systems, and communication platforms to enable effective work without bottlenecks.
6.Take Advantage of Time Differences:
Instead of perceiving time zones as a problem, use them as an opportunity. Overnight bookkeeping, reconciliations, and reporting enable CPAs to begin their working days with up-to-date information, faster turnaround times, and responsiveness to clients.
7.Establish Achievable Performance Indicators:
Do not treat your VA as a support staff but as a strategic resource. Outline KPIs as turnaround time, accuracy rate, consistency of tasks performed, and responsiveness. Frequent performance appraisals serve to uphold quality and promote relentless improvement.
8.Ensure Good Data Security Measures:
Data security is important when performing financial work. Use secure VPNs, role-based access, password managers, and audit trails. Make sure that your VA is aware of the confidentiality requirements and complies with the accountancy and client data protection standards.
9.Graduate Change, Not Change Everything at Once:
To begin with, assign tasks with low risk and a repeatable nature, and increment responsibilities as trust and competence are attained. The staged method eliminates risk while enabling you to establish a high-performance working relationship over a long period.
10.Treat Your VA Like a Long-Term Relationship:
Trust, communication, and mutual growth are all key elements of the most successful CPA-VA relations. By investing in training, feedback, and teamwork, you will transform a VA into a reliable branch of your company.
A virtual assistant not only drives cost savings but also serves as a strategic enabler for contemporary CPAs. When implemented properly, VAs assist companies to grow at a higher rate, achieve superior results with their clients, and regain the professional satisfaction that drew CPAs to the profession in the first place.
Those who succeed in the future will not be competing by working harder, but by working smarter, supported in the background by the appropriate human resources.
Conclusion
These are just some of the many amazing things a virtual assistant can do for CPAs. The accounting business landscape is getting intensely competitive, so having a VA as a partner can make a difference.
Simply having another human behind the scenes working with you is a game-changer. Accounting is a lonely job, but it does not need to be. Having someone support you as a VA and be the wind in your sails will get you far. You can go fast alone, but you go far together.
If you need assistance with administrative accounting tasks, it’s worthwhile to consider outsourcing firms. Outsourced bookkeeping services and accounting firms are great places to find good talent. These firms have internal controls in place to vet the best VA candidates.
If you are a CPA who has worked with a virtual accounting assistant, how was your experience?
We would love to hear your thoughts on VAs, so feel free to continue the discussion in the comments below or send us an email if you’d like us to cover something else.
Till then, happy accounting to all the CPAs out there, and we wish you the best of luck in the search for the perfect VA for you
