Feb 2011

Tax returns go offshore

By: Odyssey Odyssey in the Press
Tags: compliance, Data security, due diligence, higher margins, offshore, Outsourcing, privacy, routine tasks, skills shortages, tax returns

“In the two weeks spanning Christmas and New Year’s Day, while HAS Business Solutions ’ accountants vacated Alice Springs and headed for the coast, an army of Vietnamese bean counters kept the firm’s till ticking over.”

In this article, Agnes King discussed the benefits of outsourcing and offshoring basic accounting services for Australian accounting firms. HAS Business Solutions has been happy with the results of outsourcing some of its compliance work to Vietnam via Odyssey Resources.

Due to concerns about data security, privacy and negative public relations, outsourcing has been slow to take off in Australia. However, commentators expect a 70 per cent increase in accounting outsourcing in the next few years, the main reason being the shortage in skills in the country.

Another point is that there is currently little regulation of the offshore outsourcing of accounting work. Australia’s three accounting bodies are mostly in charge of enforcement.

To read the article in its entirety, please click here: AFR – Tax returns go offshore