07

Jan 2021

The-Story-behind-Odyssey’s-“same-day”-SMSF-compliance-service-offer

The Story behind Odyssey’s “same day” SMSF compliance service offer

By: Odyssey Outsourcing
Tags: accounting outsource, accounting outsourcing australia, accounting outsourcing Vietnam, Australian Accountant, australian tax return outsourcing vietnam, outsourced accounting firm, outsourcing services in australia, SMSF outsourcing

It’s hard to believe that Odyssey’s 5 year plan to move their processing from 5 working days down to “same day” service was created at the start of 2016.

To understand how Odyssey managed to provide a quality “same day” SMSF compliance service, it’s worthwhile to revisit the groundwork for this “overnight success”.

Odyssey the company was setup in 1998 and moved into Australian compliance outsourcing in the mid 2000’s, about 10 years before Outsourcing became in vogue.

As of today, Odyssey’s been preparing outsourced offshore SMSF’s from Vietnam for over 15 years.

Around 5 years ago, Odyssey’s CEO set a BHAG (Big Hairy Audacious Goal) of moving the current processing to all funds being completed in 10 working days by the end of 2016, then from all funds consistently being returned in 10 working days in 2017, down to 5 working days in 2018, 3 working days in 2019, and then 1 working day by 2020.

In mid 2020, we clarified the goal of “1 working day” (i.e. 24 hours) to “same day” service, so a superfund that arrives in Odyssey will be returned the same day.

As with most BHAG, when the CEO announced the goal of 1 working day by 2020 there was significant eye rolling in the room, and some questions of the CEO’s goals. After some denial, the Management team worked through what needed to be done to move towards the goal.

In the shorter term, there were simple efficiencies required to streamline the current systems, to achieve the goal of moving the processing to 5 working days for all funds.

Understanding that simply throwing more people at the same system doesn’t accomplish consistent quality, and that you can only speed up processing so much without quality being compromised, Odyssey also made a commitment to larger inputs.

So 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.

And it’s these longer term big project items that have allowed Odyssey to provide the “same day” service.

Odyssey remains the acknowledged market specialist in offshore outsourcing SMSF compliance work, and we hope this background information has given some