In our blog 17 March we mentioned the PWC report “How Fintech is shaping financial services”. We’re now seeing more press on how the Australian government is committed to support the industry that is “transforming our financial systems and our economy”. Fintech is one of the fastest growing sectors in the financial services industry globally and Australia. Fintech is happening fast …
Accountants more comfortable with offshoring to experienced providers
Offshoring SMSF administration and compliance work is becoming more common among accountants as the services receive more take-up and the quality of work improves. Krystine Lumanta from SelfManagedSuper writes about the general acceptance of outsourcing in the accounting industry after speaking with Odyssey Resources CEO David Carter. Many small and medium enterprises are already using offshore resources ranging from Virtual assistants …
Digital Australia: Impacts on Accountants
The EY Digital Australia: State of the Nation report provides a view of digital engagement amongst Australians. The report noticed a step change in 2015 in smartphone usage. Smartphone usage pushed through the 80% mark in this survey with 96% of 18-34 year olds using a smartphone. Consumers reveal many Australian companies fail to get the basics right, and the …
Fintech: (Re)Shaping Financial Services
PWC have just released their Global FinTech report dated March 2016 titled “Blurred Lines: How FintTech is shaping Financial Services” In the report they note that more than 20% of Financial Services business is at risk to FinTechs by 2020, and 57% are unsure about or unlikely to respond to blockchain technology. Interestingly another word accountants are familiar with is …
Firm of the Future
In 2007 CPA Australia released its Firm of the Future report. Many of the key drivers of change identified in 2007 came about including technology developments, business processes, knowledge management and the mobile workforce. Underlying enablers we now take for granted weren’t in existence at that time. Iphones, ipads, apple watches and swipe technology were still on the drawing board. …
Accounting Market Pulse
In December 2015 the CommBank released their regular Accounting market pulse. As one managing partner commented: Accountants need to think differently going forward if they are to maintain revenue and margin. The trend to outsource and/offshore compliance based or shared services to lower cost providers continues. In terms of outsourcing, 100% of large firms will increase their outsourcing over the …
Offshoring: Pursuing a more efficient frontier
Constant pressure on the bottom line and a desire to do more with less have resulted in a number of SMSF businesses investigating offshoring opportunities as a viable way to cut costs, improve efficiency and increase their profit margins. Odyssey Resources which started a decade ago and is the largest offshore services provider to Australia, now has around 250 staff …
Chartered Accountants Australia + New Zealand examines The Future of Work: How can we adapt to survive and thrive?
The Chartered Accountants Australia + New Zealand have released The Future of Work: How can we adapt to survive and thrive? This publication examines mega-trends that continue to shape Australia, such as the erosion of geographical barriers; an ageing population; digital disruption; and, the rise of the peer-to-peer economy. The publication poses questions and intends to start the debate on …
Do Labour Hire firms need to register with the TPB?
The TPB has released an information sheet on 8 January 2016 [TPB(I) 26/2016 Labour hire/on-hire firms] to assist labour hire/on-hire firms involved in the provision of tax related services to understand the operation of the tax agent services regime and whether or not they need to register with the TPB. If the labour hire/on-hire firm is involved in placing a …