In Australia, the coronavirus pandemic virus variants coupled with vaccination lethargy and ongoing lockdowns is prompting a major rethink on the importance of outsourcing as Australian accounting firms look for new ways to be more competitive in an increasingly disrupted world.
Many firms are struggling with assisting their clients through the raft of legislation changes and support by the government, with border closures and lockdowns adding to the complexity of the problem. Added to this issue is a shortage of skilled trained compliance staff and a pipeline of graduates that is going to dry up due to closure of borders.
While wrestling with the economic impacts of Covid-19 on their clients, many Australian accounting firms have been forced to accept new ways of working.
It’s difficult for many Australian accounting owners to do anything more than focus on the daily deluge of client communication, and little thought is given to a structured approach to compliance.
Finding better ways to handle workflows and processes for Australian accounting firms is becoming more critical. This has led to a lot more firms turning to outsourcing to help them be more agile and competitive in an environment which requires constant monitoring for changes. At the same time, firms need an ad-hoc resource that allows a more effective way to complete Australian bookkeeping, accounting and tax work.
Quality firms providing Australian accounting outsourcing from offshore have seen strong growth in the last year of uncertainty. The pandemic along with move to digital has opened up the possibility for outsourcing offshore for many smaller Australian accounting firms, who have avoided the need to consider outsourcing over the past 20 years.
Prior to engaging a firm such as Odyssey, some Australian accounting firms had avoided outsourcing for many reasons, such as the belief offshore staff could not match the quality of work performed by onshore teams.
Outsourcing to longer term firms such as Odyssey (formed in 1998) allows Australian accounting firms to not only have access to experienced ad-hoc resources, but also to take advantage of the outsourcing management systems that enable real time visibility of work, online query and query responses, online job management, online job completion, and online invoicing.
Taking advantage of Odyssey’s ad-hoc resources enables smaller Australian accounting firms to manage the peaks and troughs of the work, and removes the headache involved with competing for resources, recruiting, training and managing staff, as well as the raft of complex payroll and HR issues
By providing both ad-hoc and fixed resource solutions, Odyssey is assisting smaller accounting firms streamline their business processes through deployment of best practices.
At the end of the day, outsourcing enables Australian firms to focus on value add, as high quality outsourcing gives key staff back time to focus on key growth areas, directly impacting the bottom line. To learn more about how Odyssey can assist with outsourcing your ad-hoc work, please reach out to us.