Going Virtual: Embracing the Future of Remote Work
In this episode of A Look Into the Future, Paul Latham from Hayden Rock Solutions discusses the ongoing debate around remote work for accounting firms. From the early hesitation before COVID-19 to the forced adaptation during the pandemic, Paul explores the pros and cons of virtual work, the challenges of team engagement, and the opportunities virtual environments offer for firms.
The Virtual Shift: Is Remote Work Right for Your Firm?
Remote work remains a hot topic in the accounting world. Firms were once hesitant to adopt virtual environments, but the pandemic forced many to go remote. Now, as firms consider returning to physical offices, Paul encourages a thoughtful approach, acknowledging that no single answer fits all firms.
Benefits of Going Virtual for New and Growing Firms
Paul explains that new or expanding firms can significantly benefit from a virtual setup:
- Lower Overhead Costs – Without a physical office, firms can reduce expenses, making it easier to maintain profitability, especially for small firms.
- Increased Flexibility – Virtual setups allow firms to adapt quickly to changes in the business landscape and avoid long-term commitments.
- Focus on Adding Value – When accountants work remotely, they can streamline operations, reducing non-essential costs and focusing on delivering valuable services.
For startups or firms approaching the end of a lease, going virtual may be an opportunity to reevaluate traditional office needs.
The Challenge of Team Engagement
Paul acknowledges that team engagement can be more challenging in a virtual environment. However, he argues that physical presence alone doesn’t guarantee engagement. Remote work simply requires firms to be intentional about creating an engaged and connected team culture.
Strategies for Remote Team Engagement
- Frequent Check-Ins – Regular virtual meetings help maintain communication and ensure team alignment.
- Interactive Virtual Events – Hosting virtual activities or games can create bonding moments for dispersed teams.
- Clear Expectations and Support – Ensure that each team member understands their role and feels supported, even from a distance.
By prioritizing engagement efforts, remote teams can thrive just as much as those working in a physical office.
Leveraging Technology for Efficiency
Paul shares his experience from the 1990s, where he explored teleconferencing to reduce travel time and improve client interactions. While the technology was less advanced, the principle remains relevant today—technology can save time and increase client touchpoints without the need for physical travel.
- Client Check-Ins via Video – Routine meetings can be conducted virtually, saving time and expenses.
- Virtual Family Office – A remote setup allows firms to tap into a network of experts without geographical limitations, adding value for clients.
Virtual Events for Business Growth
Paul notes that virtual events have expanded his firm’s reach, allowing more clients and prospects to participate. By moving events online, they’ve increased attendance and reduced costs, demonstrating that virtual environments can drive both engagement and revenue.
Overcoming Resistance to Change
Some partners insist on physical meetings for compliance work, but Paul challenges this perspective, suggesting it’s often a reluctance to change rather than a true necessity. Virtual tools are effective for most types of work, and he encourages firms to broaden their thinking to embrace these efficiencies.
