08

Apr 2021

Why it’s critical for Accounting firm owners to get out of the business, and turn it into an investment

By: Odyssey General
Tags: cashflow, community, investment, leadership, value

We’ve all seen the cash flow quadrant which encourages people to move from being an employee (having a job) into being self-employed (owning a job) to being a business owner (owning a system) and into being an investor (owning investments). Whilst it’s a sobering thought of the massive number of companies that don’t make it to the second year, let …

01

Apr 2021

Are you ready to disclose your Australian accounting outsourcing: 1 July 2021 APES305

By: Odyssey Legislation
Tags: accounting outsourced services, actuarial certificate, apes 305, Cloud computing, Disclosure

In December 2020 a revised APES 305 was released with a mandatory requirement, effective 1 July 2021, to disclose material outsourcing. In section 3.6 Where a Member in Public Practice will utilise Outsourced Services in the provision of Professional Services to a Client, the Member shall document and communicate the details of the Outsourced Service Provider, the geographical location of …

25

Mar 2021

Australian tax compliance Client confidentiality and the TPB’s take

By: Odyssey General
Tags: Cloud computing, confidentiality, data loss, TPB

In 17 November 2020 the TPB released some Question and Answer comments on Cloud computing and confidentiality as a result of questions received during the webinar. There are a couple of very interesting answers that will surprise most accountants. It’s worth also referring to the TPB practice note TPB(PN) 1/2017 on Cloud computing and the Code of Professional Conduct which …

18

Mar 2021

APES 305 Disclosure Cloud Computing

APES 305 – Australian accountants required to disclose details of cloud computing effective 1 July 2021

By: Odyssey Legislation
Tags: apes 305, Cloud computing, Disclosure, terms of engagement

APES 305 arrived with not too much fanfare in December 2020, and it hasn’t received too much news at present. In December 2020 a revised APES 305 was released with a requirement, effective 1 July 2021, to disclose material outsourcing. A Member in Public Practice shall document and communicate to the Client the Terms of Engagement. Utilising Outsourced Services or …

11

Mar 2021

APES 305 Disclosure accounting outsourcing

Are you ready to disclose your Australian accounting outsourcing: 1 July 2021 APES305

By: Odyssey Legislation
Tags: apes 305, australian accounting, Disclosure, Outsourcing, terms of engagement

APES 305 sets the standards in respect of Terms of Engagement for Members in Public Practice in the provision of quality and ethical Professional Services to Clients. In December 2020 a revised APES 305 was released with a mandatory requirement, effective 1 July 2021, to disclose material outsourcing. In section 3.6 Where a Member in Public Practice will utilise Outsourced …

04

Mar 2021

Audit Independence

Is independence really so difficult? Comments on APES110 Auditor independence

By: Odyssey Legislation
Tags: accounting outsourcing, ATO, SMSF audit, SMSF Auditors independence, SMSF outsourcing

The APES 110 Code of Ethics for Professional Accountants (including Independence Standards) has been in the news more recently as the SMSF Association has sought to secure an extension for the deadline by which auditors are required to comply with the amended independence standard defined by APES 110. There has been plenty of news, social media commentary, podcasts and discussion groups …

11

Feb 2021

Overseas-call-centres-returning-to-Australia-Lessons-from-the-Telstra-experience.jpg

Overseas call centres returning to Australia: Lessons from the Telstra experience

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

Recently Telstra CEO Andy Penn announced Telstra aims to bring all of its call centres back to Australia within the next 18 months and allow more employees to work from home. Part of the reason for this is the declining call volumes: The number of calls Telstra receives has fallen from 50 million in 2016 to 15 million a year …

04

Feb 2021

A-healthier-work-life-balance-solution-for-accounting-business-owners.jpg

Australian Compliance Outsourcing: A healthier work-life balance solution for accounting business owners

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

Many people who start their Australian accounting business have chosen outsourcing because they want freedom. It might be freedom to make decisions or freedom around their time and choosing where and when they work. There is a temptation to do everything yourself, often because you feel the need to control everything. Eventually though, you realise you are better off hiring …

28

Jan 2021

Key-Criteria-to-choose-a-Right-Australian-Accounting-Outsourcing-Partner-for-your-firm.jpg

Key Criteria to choose a Right Australian Accounting Outsourcing Partner for your firm

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

During the festive season, many Australian accounting firms have closed and not work on their compliance jobs. In order to reduce the burden of deadlines after the holiday, Australian accounting firms can choose a better solution: outsourcing. Indeed, most of outsourcing firms in Asia countries like Vietnam still process work during the Christmas and New Year season. However, it is …