Mar 2012

March 2012 Newsletter

By: Odyssey Newsletter
Tags: Cloud working papers, outsourcing Due Diligence

From the desk of the CEO

It’s been a busy quarter since our Christmas newsletter.

We’ve just completed renovations in the office next door which adds another 50 seats to our capacity. Whilst we are well over 100 staff now, we are busy hiring and training for the 2012-13 tax season.

I’ve also had the opportunity to meet with several clients in Australia, and also try to keep in touch with the over 300 accounting firms using our services. If I haven’t called you recently, it’s not for lack of intent, it just takes me a while to make the rounds.

Fortunately I also have the opportunity given our position as market leader in the outsourcing market to keep a finger on the pulse on best practices are out there in the market. So if you ever want a heads up on best practices or trends in compliance then give me a call.

Lastly, the quote of the quarter came from Adelaide, “Oh my, it’s better than what we can do inhouse”. So if you like our work, we always appreciate referrals!

The Odyssey Annual Motorbike trip 2012 North East Hilltribes

There are just under three months before the Odyssey Annual Motorbike trip. We’ll be travelling out of Hanoi to the far northern areas of Vietnam close to the Chinese border, and travelling to some fantastic remote hill tribe areas. Our CEO, David Carter, travelled the route late January, and he’ll be in attendance again this year.

We already have most of the places fully paid up and have the last 6 spots available, so if you are keen to attend then let us know as soon as possible. The trip kicks off from Hanoi on 24th June until 2nd July as this is a great time to explore some of the last remote areas in North Vietnam!

Pan Hou village

The Pan Hou village ecolodge is hidden in a lost valley at the heart of the High Song Chay mountains.

To register your interest, please drop us an email.

Free Stuff

Beta Test – Cloud working papers

We think the cloud is the way to go. So much so that we’re developing cloud working papers. We have a Beta test inhouse and we’d like to invite 2 clients to trial a few tax returns on the new cloud software. Let us know if you’d like to participate.

Outsource presentations to your group

In April this year David will be Perth speaking to a group of 50 plus accountants about Outsourcing. Let us know if you would like David to present to your accountants group. David has 25 years accounting experience and his hands-on practical business services experience is one of the many things that set Odyssey miles apart from our competitors.

May IPA Conference

In May this year, the Odyssey will take a stand at the IPA annual conference down in Tasmania. David Carter will be presenting a session on outsourcing at the conference. As David grew up in Tasmania, he’s looking forward to meeting some familiar faces at the conference, so stop by and have a chat.

June Roadshows

We’d also like to poll our readers on whether they’d like to attend a roadshow we are running on “Accounting Outsourcing – Who is selling it, who is buying it, and where can I get some”. We’ll be revealing our view of the future of Cloud outsourcing. Tentative dates are Monday 11th June to Friday 15th June 8 am – 9 am. Attendance is free and your mates are welcome to attend in the show.

2 Free trials for new clients

And of course, we offer 2 free trials for new clients.

Contact us for more information on any of the above

Due Diligence

We’re seeing a lot of new outsourcing services providers opening up overseas, and so we’d like to again reproduce a good Due Diligence checklist. If your outsourcing services provider can’t tick the box on every question, then you’ll at least have an idea of your exposure.

Odyssey ticks all boxes below, so remember cheaper isn’t necessarily better!

About the Company
  • Who owns the firm? Is it an Australian accountant?
  • Is the firm an Australian-Registered tax agent (Sn 251N)?
  • Does an Australian-Registered tax agent review the work on-site before it is returned (Sn 251L)?
  • Does anyone in the company hold an Australian certificate of Public Practice?
  • Does the outsourcer have Australian PI insurance under an Australian-Approved scheme?
  • Does the outsourcer hold memberships in relevant Australian accounting bodies?
About the Staff
  • Do the staff hold Australian qualifications?
  • How many of the staff have connections with Australia – education or experience?
  • How are the staff trained in Australian accounting/tax?
  • How do staff keep up to date on Australian accounting and tax legislation?
About the Work
  • How does the work get processed?
  • Does the outsourcer provide their own licensed software, or want to use yours?
  • Are there any fixed fees or commitments?
  • What are the prices and how do they compare with competitors?
  • What volume of work can be handled, and what are the turnaround times?
  • What is the security like – physical and logical?
  • Does the outsourcing firm share an office? Are they in a professional building?
  • Does the outsourcing firm provide other non-accounting services?
  • Do the accountants have full control of confidential data at all times?

Happy Easter

Many thanks for reading. If you would like more information on Odyssey’s outsourced accounting services offering then please drop us an email. And Happy Easter!

From the team at Odyssey.