Coworking and Accounting with Distributed Team

• Posted on May 18, 2018
• |
• By Leena Bhagchandani

The working scenario as a whole has changed. It is no longer restricting at a particular common place. Co-working and Distributed Team are the new buzz that change the typical, decades’ old; work environment.

Freelancing has grown exponentially over the period of years and these freelancing communities have lead to  the creation and adoption of new concepts.

First of all, lets take a look at these concepts:

Co-working:

Co-working is a style of work that involves a shared workplace, often an office, and independent activity. In addition, those co-working are usually not employed by the same organization like a typical office.

Once the theme of freelancers and startups, co-working is now creeping into the corporate environment. It is making businesses re-assess their ways of working.

Co-working spaces are shared work-spaces where you can hire a desk or an office on a daily, weekly or monthly basis. There is absence of any restrictive and expensive rental agreement. Instead you just show up whenever you need to, and work surrounded by fellow flexible workers.

Advantage:

• Co-working serves ideal for Low-Cost Startups.
• Facilities Are All-Inclusive in  the co-working environments.
• Co-working helps attaining Collaboration and Synergy
• Gaining New Business and Valuable Contacts

Distributed Team:

A distributed team is a team which is not confined to the restrictions of a traditional office environment. A distributed team can be dispersed geographically over a wide area, both, domestically or internationally.

A company having a distributed team or workforce enable its employees with the access to all the company’s resources and software such as application, data, and e-mail which makes them equipped with the ability to work from anywhere and at any given time.

Advantage:

• A distributed workforce provides flexibility.
• A distributed workforce is scalable.
•  A global perspective comes with a distributed work-space.

Using Co-working and Distributed Teams for Accounting:

Furthermore, accounting is the function of summarizing all the financial data and compiling it into business reports such as Balance Sheet and Profit/Loss Account. Accounting software, then, simplifies accounting making the work of accountants and business owners, easier. Cloud-based accounting software is changing the entire accounting space. 

Cloud-based accounting software gives you flexibility and all time access which benefits your business. 

What if we use co-working spaces and distributed teams for accounting? The simple answer to this is, it will be effective to use both for accounting purpose. For instance, a Mumbai-based accounting firm, wants to reduce the cost of accounting and maintaining departments without letting the quality of work to fall. At times like these, one can use the co-working space and also can appoint distributed teams to do the job. Co-working spaces can reduce the cost of renting or owning a work-space. While distributed teams help bringing in the expertise across the globe at a reasonable cost.

In conclusion, a combination of co-working and the distributed team can boost the working of any department. Flexibility and cost-effectiveness make them especially relevant for any startup or company that looks forward to affordable access to experts.

Also, though co-working spaces are more popular with freelancers, one can always hire them for any project or work.

• Posted on May 18, 2018
• |
• By Leena Bhagchandani
• |
• 0 Comments