The Importance Of Adding A Virtual Tax Business
There are many reasons to consider starting a virtual tax practice. Perhaps you are just starting up and don’t have a lot of cash or you want to expand your reach and not confine yourself to just your tax office. Today’s technology allows small businesses of all kinds to conduct the majority of their duties online.
From sending documents digitally to communicating with clients, virtual tax offices can deliver excellent service efficiently and profitably. Here are the reason why building a virtual tax presence can be very beneficial.
1. Little Overhead Expenses
As opposed to traditional tax office locations, going virtual can either save or add a small expense to conducting your business. Depending on what kind of software you use, your clients can send and sign their tax documents securely. Also, since you are receiving their information online, you won't have to worry about having someone available to service that customer.
There are apps, like the Connect mobile app, specific to tax professionals that focus on gathering tax information and serving like a virtual tax assistant. Once they submit their documents, it enters your Dashboard for you to file. And they didn't need to step foot into your office.
2. Reach More Customers Anywhere
When you manage a virtual tax practice you can expand the possibilities of who you can perform tax preparation work for. For a location-based tax practice, your service area is generally as far as your employees or your clients can travel. With a virtual tax office, there’s no limit to whom you can service.
If you travel and meet new people or have friends all over the country, you can service them and their networks with a virtual practice. There is no limit to what you can earn.
3. Not Limited To Office Hours
Taking your tax practice online with the right tools will not only improve convenience and efficiency for you and your team, but it will also enhance the quality of service you can provide to your clients. Assuming you've chosen the software to go digital and works great, you will be set up to communicate seamlessly, exchange and sign documents digitally with your clients, and create an easy experience with your clients.
Suddenly your interactions are not limited to office hours, because clients can send their documents at anytime from the comfort of home. Because you're virtual, you can go to bed and see 10 new W2's in your Dashboard ready to prepare.
4. Low Risk Diversification
With a virtual tax practice, you can take more risks when it comes to expanding the types of services your business offers. For example, you might want to go beyond traditional taxes and develop a side of your business for estate taxes, forensic accounting, bookkeeping, retirement planning, tax resolution, credit repair, or business succession planning.
You’ll be able to devote your time, resources, and efforts into your new clients instead of worrying about housing new employees and the day-to-day operations issues. This way, you can be more strategic in which additional business you want to expand because you've tested the waters with a low risk approach.
5. Prepare For The Unexpected
As we reflect on this ongoing pandemic, it's important to consider how much it can affect your business. For most virtual tax prep businesses, they are not feeling the hard hit that most brick and mortar locations are feeling. If there is anything that can be learned from this pandemic as it relates to actual business location, is that having an online presence is a necessity.