The accounting industry has achieved massive cloud penetration and the laggards or those who will never adopt, will be forced to leave the market. Following this market trend, Odyssey has been converting into the cloud since 2013 and kept upgrading our system to maximize our services efficiency.
Many Australian accounting firms are willing to pay more for their bookkeeping platforms as well as cloud accounting and tax software which allow them to manage their own basic compliance needs. Many of Odyssey’s clients are telling us that they are expected to have access to and process real time data, as well as reliably use outsourcing for much more complex jobs.
Since the rise of AI and automation, most Australian accounting businesses have made a shift to these technology trends in operating their services. These trends are inevitable and assist a lot in optimizing accounting processes and reducing work on basic compliance jobs. However, at present, only a small part of accounting compliance works can be automated. The movement of increasing automation technology is a long-term change.
At this time, Australian accounting firms should strategically prepare a better plan to adopt automation in the future. Outsourcing more complicated compliance works will enable you to spend more time on preparing yourself for a bigger business plan. Saving your time from working on jobs that you can outsource will allow you to focus your mind on more value added services, such as advisory, and help your firm become the firm of the future.
Don’t step behind the technology: make use of short term outsourced resources, update your business, re-train your local employees and move forward.
Let Odyssey have a positive impact on the quality of your business and your life. Drop us a line!