Automation has been threatening thousands to millions of jobs with obsolescence, and accounting jobs are supposedly at the top of list. Indeed, there is no surprise here that accounting automation truly makes productivity improvements in Australian compliance services.
Accounting software that automate processes have taken over many back-office functions in accounting services. Hence; Australian accounting firms who were charging their clients for these back-office functions are now facing a decrease in these revenue streams.
The Australian Financial Review reported: “There are more than 33,000 accounting firms operating in Australia. Of these, 96 per cent, or almost 31,800, generate revenue of less than $2 million a year, according to the Australian Bureau of Statistics.”
So, what are the way-outs for the Australian accounting firms towards automation trends?
- Already many accounting firms are shifting their focus from pure accounting work to business consulting capabilities and adding more value to their services.
- Cloud-connected accounting software has become a standard which clients expect, so accounting firms should embrace Cloud systems to strengthen clients’ relationship.
- Australian accounting firms have to be prepared and proactive to attract top talent, in order to avoid shortage of skills in accounting as well as new technologies.
- Outsourcing more complicated compliance works to offshore teams will help Australian accounting firms to reduce operation and labor costs and optimize service productivity.
At Odyssey, we are the market leader in outsourcing for Australian accounting firms. We provide ad-hoc offering which gives you the highest level of flexibility and control on a “job by job” basis.
Check out our website at https://www.odyssey-resources.com/ or drop us a line if you would like us to assist with your accounting services.