4 Best Practices for Running Your CPA Firm with a Hybrid Work Model
Traditionally, accounting firms have operated from the office on a full-time basis. But that convention is starting to change.
According to a 2021 survey, half of the top-performing CPA firms now have staff working remotely. And with the popularity of hybrid work, it’s no wonder these firms are dream destinations for talent across the country.
But implementing a successful hybrid work model for your CPA firm takes careful planning. Here are four strategies to help you make your transition to hybrid work seamless and productive.
Photo by Nick Morrison on Unsplash
1. Find the Right Shared Office Space
If you’re interested in adopting a hybrid work model, one of the first questions you’ll likely ask is “What do we do about our office?” After all, you’ll still want a home base where you can check in with your team and host clients. But if you’re not working from that space every day, a full-time office lease eats away at your bottom line without providing a worthwhile return.
The solution that optimizes your hybrid work setup? Shared office spaces with flexible memberships. But bear this in mind: not all shared office spaces are made for the same audiences. Some spaces appeal to solopreneurs who want to network. Others draw professionals that want privacy.
Here are three features for CPAs to consider when searching for a shared office option:
Private offices. You want clients to feel safe when discussing financial affairs. Look for a space that offers truly private offices – with sound-dampening walls and doors that lock.
Professional amenities. Complimentary coffee is great, but what about access to a notary public? Or onsite mail and shipping services? More than being nice to have, services like these save you time.
Central location. Not everyone loves their morning commute. So make it easy to get to your office, whether by train, bus, car, or bike.
Every firm is different. While those considerations above are a helpful starting point, it’s up to you to ask your team what they need. Don’t hesitate to tour several options and see which one fits best.
2. Double Down on Your Cybersecurity Efforts
We’ve established how a shared office space helps optimize hybrid work – and your spend. But that physical office is just one factor. Consider your digital tools, from your laptops to the software you install on them.
Here are a few ways you can keep your team on the same page, whether you’re in the same office or miles apart:
Standardize equipment. Ensure everyone has the technology they need to do their job, both at home and in the office, whether it’s additional monitors or ergonomic chairs.
Centralize your firm’s data. A cloud-based document storage platform is a must-have when shifting to a hybrid model.
Implement comprehensive cybersecurity measures. The IRS requires the use of a VPN, multi-factor authentication, and enhanced password controls for protecting tax data. Here’s a more thorough cybersecurity checklist.
One risk of working in a public area (local cafes, communal workspaces, etc.) is an unsecured network. Using it exposes your firm’s data to everyone on that network, which then opens you up to cyberattacks.
That’s why one of the best ways you can invest in your IT infrastructure is by finding a shared office space that adds layers to your digital security via individual WAPs, WatchGuard firewalls, or fiber internet.
3. Actively Cultivate a Positive Work Culture
After a turbulent two years, supporting your team's wellbeing is more important than ever. Admittedly, that support looks and feels different in a hybrid environment. It’s why 43 percent of global leaders still view relationship-building as the greatest challenge of flexible work.
But don’t think of it as a challenge. Use the shift to hybrid work as an opportunity to recommit to your culture and to your employees. Try scheduling regular one-on-one meetings with associates. Coordinate certain dates for the firm to collaborate in the office. Adopt a communication tool, like Slack, to keep everyone in the loop.
You could even start hosting more frequent team-wide outings. Who knows? Maybe one of your team members is secretly a prolific bowler.
4. Don’t Force Your Team to Return to the Office
Here’s the thing: if you’re committing to hybrid work, you don’t want to treat it like a watered-down full-time return to the office. Think remote first, hybrid second.
Wondering how to execute a remote-first approach?
Start by letting your team know that you’ll only instruct them to appear onsite for tasks that require their physical presence, like the planning period before a client’s IRS hearing. And communicate that you aren’t tying promotions or raises to in-office attendance. Allow exemplary work to speak for itself.
When nearly two-thirds of the workforce would consider quitting if forced to return to the office full time, letting your team’s work speak for them is also a powerful retention strategy.
If you’re not fully sold, test this out. Empower your team to work wherever they’re most comfortable for a trial period. There’s a good chance that comfort will translate to higher levels of satisfaction and productivity.
Hybrid Work Is a Differentiator for CPA Firms
Before the pandemic, just 29 percent of all financial services companies enabled staff members to work remotely. And despite the demand for a hybrid work model, 53 percent of accounting firm leaders expect their staff to be in the office on a full-time basis by the end of 2022.
Fortunately, this slow-moving embrace of hybrid work means that adopting a hybrid work model will set your CPA firm apart. And that flexibility is a huge incentive for current and future employees.
If you’re curious about how a shared office space can optimize your CPA firm’s hybrid work model, reach out and book a tour of your local Firmspace location.
Photo by Nick Morrison on Unsplash