The coronavirus pandemic continues to impact Australian accounting firms at several levels including technology adaptation, staffing issues, customer issues, online training, and scammers adopting to a new scams in a Covid reduced travel world.
Working from anywhere has opened up Australian accounting outsourcing to overseas destinations, making this more relevant than ever before! If your firm is using work from home, which is said to be the ‘new normal’, then outsourcing is just the natural extension of working remotely, and also allows to create safer workplaces.
Many accounting firms have deployed overseas outsourcing as part of their business continuity plan in this unstable environment.
What are the main directions Australian accounting firms need to focus on in a post-pandemic world?
- Work from home is the ‘new normal’ and has its challenges
For several months, the initial positiveness of working from home, turned to an appreciation and understanding of the long terms issues and risks for Australian employers/employees. What was thought of as a temporary issue, is now accepted as the ‘new normal’.
Like travel and many other things that have irrevocably changed, it is not going to get back to the way it was before. Something different and something new will occur.
This new remote working environment brings many challenges, and one of them is the cybersecurity and data confidentiality. How do you make sure that your clients’ data is secure? There are organizational (setting up security policies) and technological solutions (VPNs, disk and email encryption, Data Loss Prevention, etc.), but it comes at a high cost for accounting firms: purchasing the licenses, installation and configuration, maintenance and last but not least: operating and monitoring.
Using an experienced outsourcing provider with strong systems and strict security policies can help relieve you from the burden of keeping up with high security requirements in a remote working environment.
- Australians aren’t changing jobs – finding local flexible resources
This pandemic has affected Australians ability to be mobile. New jobs and new locations aren’t necessarily possible. And many employees are just hanging onto their current job. Recruiting new staff in Australia has proved difficult.
During the pandemic maybe more than ever, we have seen that the ad-hoc model was the only model able to provide immediate solutions for Australian accounting firms, bringing flexibility where it was needed.
Once the crisis is over, we expect there will be a bigger demand for these compliance outsourcing services. And with ad-hoc engagement, it can greatly improve the way of doing business and give Australian accounting firms more competitive advantages: it’s a cost-effective model with immediate return on investment, as you only pay for what you use, and after work is done.
As the outsourcing supplier will be responsible for the output of jobs, outsourcing compliance work can also help Australian accounting firm to not fall behind in their compliance work.
- Making time to support your SME clients.
Australian accounting firms need to be in constant contact with their SME clients given the raft of new legislation, and supporting SME’s long term viability is critical. Australian accounting firms are in a key position to support their SME clients.
With the ever changing SME business operating restrictions, it’s important Australian accountants prepare for their SME clients several options ready to deploy.
And if you need assistance with your ad-hoc compliance work then please reach out to the Odyssey. We’ll be happy to assist while you are focusing on other important plans for your business.