Commbank released their June 2020 marketing pulse recently.
Most interestingly Australian tax and accounting compliance Outsourcing forecast to increase 75% from 2020 to 2022.
As a direct result of their coronavirus experience, 21% of firms responded that they would increase their use of contractors and outsourcing.
Many firms had invested in cloud technology and made the transition to working from home, some quite seamlessly during coronavirus, though more investment is expected in more tech and cybersecurity.
Also, the impact of coronavirus affected overheads of many firms and they looked to reduce the cost of their labour as one of the major costs of their businesses.
As a result of the economic climate arising from coronavirus, more firms will be looking to diversify income, as well as introducing new (digital) ways to deliver product and services to clients. In the short term there will be a shift over the next 12 months into business advisory services and insolvency.
Flexibility was one of the focus points for accounting firms during coronavirus, and many firms were looking closely at how to manage a continuous service offering whilst delivering flexible working arrangements for staff.
However, compliance work still needs to be done, and 36% of the firms surveyed indicated tax compliance work would be the highest demand on their firms, while 21% indicated superannuation would be the highest demand.
With the move to flexibility of working arrangements, and the continued need to ensure compliance work is done, alongside with the shift over the next couple of years to more outsourcing, it’s an ideal time to consider Odyssey’s Ad-hoc compliance offering.
Please drop us a line if you’d like to discuss more about how we can assist your firm with ad-hoc compliance work, while you focus on other revenue generating income streams, or even planning for some time off for wellbeing for your staff or yourself.