Walking along the street the other day I overheard a discussion, which revolved around a head office surrendering their space downtown, and the staff being offered flexible shared workspaces by a third party provider.
As the discussion progressed, the head office employee mentioned there was still a shift change needed by the owners of commercial space, who were still pursuing 8 years fixed length leases on commercial space.
Given the nature of the Australian economy as it recovers from the downturn in business after covid, along with fears of runaway inflation, mixed with the risk of further virus impacts or other events that may affect global economic stability, it seems likely and prudent that Australian accounting firms also consider reducing fixed costs such as leasing costs in the short term.
At the same time, those Australian accounting firm owners with their office or commercial space in their investment vehicles (superannuation or trusts) may need to consider the economic value of the rent charged for these office spaces.
And with reduced demand for office rental, it is likely Australian accountants will look to outsourcing more of their non-critical cost, and for peaks in compliance workloads consider relying more on Australian accounting outsourcing companies.
If you’d like to talk more about how Odyssey can assist with your compliance outsourcing then drop us a line.