Undoubtedly, the right office space increases productivity and enhances the ability to attract qualified professionals, collaborate with clients, cross-selling and cohesion. The workplace environment is an essential part of the brand experience which influences both external and internal stakeholders.
However, choosing an accounting firm office space is not a cakewalk. The process of selecting the right office space is more complicated than it appears. There are a lot of factors to consider to make the right decision.
Most businesses consider location as the most important factor when choosing an office space. However, both local amenities and location are essential for a business to thrive. Local amenities such as parking space, accessibility via public transport, and a food court etc are important to consider when choosing an accounting firm. It ensures more employees and clients get attracted and retained.
If you are on your journey to search for an office for your accounting firm, this article is going to be a great resource. We have tried to answer all possible questions that might strike your mind.
Is the Office Environment Important for Accounting Professionals?
The ability of the accountant to work in a specific environment is based on their choice. However, working from the office increases productivity and provides structure to the day. Some people believe that working from home is better as it saves their commute time but for some people office space provides productivity.
Moreover, accounting is a professional service and clients often look for a brand which reflects professionalism. An accountant working from home creates a different image of the firm, regardless of how established the firm is. Also, to implement new technologies office space is important.
Here are the reasons why the office environment is important for accounting professionals:
Availability of resources:
The Accounting Offices ensure the availability of resources and equipment such as a proper chair to support the back, the latest desktop, balanced temperature etc making it suitable for the accountant to work on projects. Hence, the Working environment impacts the productivity of the accountants and also helps to balance their career and family life.
Working from home is suitable in many aspects, but it restricts human connection. The office environment allows accountants to connect with their colleagues and often strike up valuable conversations. This helps build networks and come up with new ideas, collaboration opportunities, etc which ultimately leads to better decision-making and enhanced efficiency of the work.
Organizational culture impacts the performance of the business, especially revenue generation, productivity, employee retention, creativity, and net income. The reason is organizational culture affects the well-being of the people and ensures that they are dedicated towards their job roles. Office space is considered the heart of the business as it creates a better environment for meetings and collaboration, ensures teamwork, helps in training, and increases development opportunities.
How to Choose Between Renting and Buying an Office Space for an Accounting Firm?
No matter whether you want to rent a commercial space or buy it for your accounting firm, there are multiple factors that you need to consider.
Pros of Renting:
- Renting allows flexibility as you are not tied to a particular location and can leave it whenever you want. It is the best option if you expect to change your office location after two to three years.
- Renting space requires less maintenance.
- Renting allows you to stay close to your competitors and thus a huge opportunity to develop and grow relationships.
Cons of Renting:
- You won’t have equity in the property.
- Rent might increase with time.
- You might have a hard time dealing with the landlord.
Pros of Buying:
- Most accounting firm owners believe that buying an office space is more like a real-estate investment which has the potential to grow in future. So, if you are looking at it as an investment then buying the office space is a great idea. .
- There are many financial gains if you choose to buy office space. You don’t have to pay monthly rent and also if, in any case, your firm shuts off, it’s great to use the property as an investment.
- You will have control over the property and you can make changes as per your requirements.
Cons of Buying:
- Being an owner of the office space you will be responsible for its maintenance, which might cost you money and time,
- You will have to pay tax.
- There are significant risks involved in buying a property as the rate of property may get reduced or you might not find a buyer when you want to sell. This ultimately leads to a loss of money.
How to Evaluate the Cost of Renting an Accounting Firm Office Space?
While evaluating the total cost of renting a commercial space for your office, you need to look at it from different angles. The evaluation of the cost is a unique process, as a real estate investment is exclusive and depends on various factors.
Location – Location significantly impacts the success of the business. Choosing a premium location for your accounting firm will cost you more.
Area – The rent of the office space is determined by the price per square foot. Thus, large areas will cost more than small ones.
Maintenance charges – Your landlord might ask you to pay maintenance charges, which also add to the total cost of renting an accounting firm’s office space.
Different Types of Offices Available in Pune, and Which One Is Suitable for You?
Pune is one of the ideal locations to set up your accounting firm’s office, as it is seeing significant growth. It is just three hours away from Mumbai, the financial capital of India. Thus making it an excellent choice to set up the office. Pune has become a home to many tech giants, and many more are about to start soon.
Here is the list of the types of offices available for an accounting firm in Pune:
- Cubicle Office Layout
- Hybrid/Combination Office Layout
- Team-Oriented Office Layout
- Cellular Office Layout
- Open-Plan Office Layout
- Traditional Office Layout
- Low Partition Office Layout
Accounting firms are the quickest to adapt to change. However, choosing the right office space is a task. The right space will ensure better collaboration with clients and a productive workspace. If you are looking to buy office space for accounting firms in Pune, you can contact Ambrosia Galaxy.