To understand how Odyssey is able to provide a Quality “same day” SMSF compliance service offer, at no increased pricing than our normal SMSF processing, it’s worth quickly noting that Odyssey’s CEO started the move towards “same day” processing in 2016, with the culmination of this effort arriving mid 2020 with the announcement and launch of Odyssey’s “Same day” SMSF compliance processing offer.
The background story was previously covered in a separate blog, but for this blog we’d like to expand further on what was required to put together a quality “Same Day” SMSF offer.
In moving towards the goal of “same day” service, there was several longer term components that needed to be resolved/improved/created, including streamline training, ongoing hiring in front of demand, new infrastructure, new systems, administration, and operations staff.
Hiring, Hiring, Hiring
In order to ensure sufficient resources are available such that every SMSF job arriving can be worked on “as soon as it arrives” into Odyssey, it was critical to create a dedicated hiring manager, along with 2 assistants. Simply hiring a HR hiring manager wasn’t the solution in itself, as feedback systems from the training manager, along with line operational managers, ensure external feedback is pushed back into the hiring process.
At the same time, the HR department continually modifies hiring procedures: changing advertisements, attending different industry events, modifying the testing process and tests, and undertaking critical analysis whenever newly hired employees depart.
Training, Training, Training
Odyssey created a separate SMSF training function, and placed a dedicated training manager in the role of training new staff. The training manager is responsible not only for developing and updating the training programs: both for new legislation, but critically to enable content to be taught and absorbed easily.
The training manager receives feedback from the line Operational managers on any skills deficiencies in the training process, and also works with the HR hiring Manager to evaluate new applicants.
Infrastructure and Systems
Odyssey has a dedicated inhouse IT department, which includes several inhouse programming staff.
This has allowed Odyssey to develop it’s own job management system, the Odyssey Outsourcing portal, and the Odyssey app to track jobs. At the same time, the inhouse programmers have enabled the systems to immediately and automatically receive a job and allocate to an accountant, such that there is no need for any administration involvement in the receipt of an SMSF.
At the same time, Odyssey’s systems will automatically allocate the job to the best person available for that job, which consists of a complex system incorporating experience with that job previously, experience with the client’s work, experience in that software, and a large number of other variables.
Like many other outsourcing providers, Odyssey had a fairly manual administration system when jobs first started arriving back in 2005.
It’s been an ongoing goal to remove any administration processes that prevent the smooth processing of an SMSF.
For example, when an SMSF is completed by an Odyssey accountant, it needs to be internally reviewed by a manager. That process used to be manual. These days, the job smoothly is notified as being ready to review to the manager, through Odyssey’s internal systems.
Having sufficient operations staff available and ready to meet the demand, and indeed ahead of demand, has been the goal of the “same day” service.
That means, any job which arrives into Odyssey on any day, will be immediately analysed by a manager to ensure there is sufficient information to commence the job, and will be then automatically passed to the accountant available for that job. Any job that doesn’t have sufficient information will immediately be placed on query.
Putting it all together
Whilst 2020 has been a strange year, we can comment that Odyssey’s SMSF compliance work increased 14.7% in 2019, proof that the 5 year investment in the SMSF division and associated supporting divisions has been worthwhile.
If you’d like to find out more about Odyssey’s “Same day” SMSF compliance service then please drop us a line.