Can coworking space benefit accountants?
Coworking spaces are attracting more than just freelancers, entrepreneurs and start-ups these days. With digital record keeping increasing, more accountants are favouring a private office in a shared environment over the traditional corporate desk.
This setup can offer many opportunities to accountants, who have previously been confined to a regular office due to the large number of sensitive documents and other hard copies of information needed for their job.
Now, almost all an accountant’s work can be completed online. New research reveals 67% of accountants prefer cloud accounting over traditional methods.
A survey of financial professionals and accountants who were working remotely and flexibly revealed around half had experienced a positive impact on their mental wellbeing. There are multiple benefits to being based in a coworking space – not least, it enables accountants to improve the way they carry out their duties.
Financial costs
You can focus on making financial decisions for yourself, as well as for other people’s benefit. As an accountant, you’re responsible for advising businesses and individuals on the best financial practices.
Choosing coworking space means reducing your own overheads too. An accountant understands how every penny counts. Your job centres on cutting unnecessary costs, tracking expenses and helping companies to make sound financial decisions, so you must offer the same services to yourself!
Being based in a private office in a shared workspace enables you to cut your costs significantly. You’re paying for just the space you need, and your office is already furnished.
You don’t have to worry about maintenance expenses, and with fixed monthly rates, you can plan your budget more efficiently. Coworking assures plenty of benefits, without sacrificing quality and professionalism.
Networking
Accountant networking is an important part of the job. Coworking spaces are social environments by nature, whether you’re sharing an area with other businesses, or renting a private workspace. You can grow your client network by having instant access to prospects including entrepreneurs, freelancers, start-ups and SMEs. This can help you to make useful business connections.
Every business can benefit from having the services of an accountant. Coworking space provides a high level of familiarity and visibility, so the companies around you know who to ask when they need accounting advice and services.
Privacy as well as community
Coworking spaces give accountants the freedom to enjoy privacy as well as a sense of community.
Having a private office within a flexible workspace means a quiet room is available when needed for confidential calls, etc. A group of like-minded individuals are just outside the door if you need collaboration, or you simply crave company.
Easy expansion
Expand your business or scale down, when necessary, without searching for a new property. Coworking means you can alter your space according to your requirements.
If you rent a traditional office, what happens if your business grows faster than anticipated – or even if you don’t expand as much as expected? In both situations, you’re trapped in an office that no longer suits your needs. With coworking, it’s easy to grow or reduce your office space, without the hassle of having to find new premises.
If you’re an accountant considering moving into a coworking space, London has the hottest desks in the world, according to a study of 53 global locations carried out by Business Name Generator. The UK’s capital has outscored all other cities in 2023 to become the number one location for businesspeople wanting flexible office space.
Occupancy rates have reached an average of 83% – confirming coworking in London is a viable option for companies facing the challenges of the economic downturn.
Analysts predict the trend will continue throughout 2024 as the city overtakes New York and Paris to become the world’s most popular coworking hub.
