Should Accounting Firms Embrace Shared Office Spaces?

Shared office spaces, or coworking spaces, are an increasingly popular option for freelancers, small businesses, and remote workers who do not have access to a centralized office space. These rented workspaces can give individuals and small businesses access to a high-end, high-function office space without a major investment.

For CPAs, accounting firms, and other businesses these shared spaces may offer a host of solutions and conveniences to cut costs and boost productivity. During the COVID-19 pandemic, coworking spaces may be a gamechanger for many firms.

Benefits of Coworking Spaces

Coworking spaces are becoming increasingly popular. Some companies see coworking solutions as offering a full spectrum of benefits offered by coworking solutions.

  • Going Green – Shared workspaces often consume fewer resources, minimize building sprawl, and reduce companies’ carbon footprints. Operating in a coworking space can be an effective, socially responsible solution for small businesses looking to expand sustainably.
  • Recouping Pandemic Losses – As businesses return to onsite work, leadership may expect to make changes and reforms in an effort to recover from pandemic-related losses. Rethinking the company’s workspace may be a solution.
  • Better Locations – Moving some personnel to a coworking space closer to essential services may cut delivery and receiving costs, improve access to clients, and reduce travel needs.
  • Maintenance-free – Opting to rent shared office spaces can eliminate additional costs such as utilities, internet, building maintenance, and support staff. In a coworking space, your business may only need to pay for a desk, room, and chair—some of which can be shared between multiple employees.
  • Opportunities for Collaboration – With multiple businesses and freelancers sharing the same space, partnerships and collaboration can grow naturally. For example, a CPA might build an otherwise unexpected business relationship with a freelance advertising consultant down the hall.

While the traditional route of renting a building or office space may suit some businesses, a coworking space may help others boost efficiency and cut costs. For fledgling women and minority-owned businesses, a coworking space may help such businesses to grow.

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