The Firm of the Future?

Source: Accounting Today

DeepSky touts itself as a “virtual accounting department.” Technically based in Irvine, Calif., the firm is truly virtual, with no physical office space and employees armed with Macs and smartphones. Founded a few years ago by W. Michael Hsu – formerly of Denver-based Hein & Associates – DeepSky provides outsourced invoicing, bookkeeping, business consulting, and other services. Most of the firm's processes are cloud-based, and what little paper it does receive is promptly scanned and converted into digital format.

DeepSky is committed to using knowledge and technology to provide services to entrepreneurs. Hsu feels that the “outsourced accounting department” is the future, and that DeepSky's role is to replace in-house accounting departments, not to replace CPA firms.

The firm has also embraced value pricing, adopting a fixed-price model rather than hourly billing. For this approach to work, however, a firm needs the right pricing models and clients who share its philosophy. DeepSky is so committed to value pricing that, earlier this year, it fired most of its clients and is in the process of rebuilding from the ground up.

For the complete article, read “A new firm paradigm – DeepSky aims to be clients' virtual accounting department.”

From Accounting Today, June 1, 2011, SourceMedia Inc., One State Street Plaza, 27th Floor, New York, NY 10004, 800-221-1809.