11

Jul 2019

why-micromanaging-is-wrecking-your-australian-accounting-firm

Why micromanaging is wrecking your Australian accounting firm

By: Odyssey Outsourcing
Tags: Australian Accountant, micromanagement, Outsourcing

This week we’re talking about micromanagement by Australian accounting firm owners.  We’ve all read the negatives associated with micromanagement, which is, for Australian accounting firms, one step removed from doing the work yourself. There are still plenty of Australian accounting firm owners who love nothing more than getting on the tools and getting out a tax return. And there’s plenty …

04

Jul 2019

the-top-5-regrets-when-your-accounting-career-is-over-hint-they-arent-what-you-think

The top 5 regrets when your accounting career is over. Hint: They aren’t what you think

By: Odyssey General
Tags: Outsourcing, preparing for retirement, work life balance

Though it’s been around for a while, we frequently see on the social media the “The Top 5 Regrets Of The Dying”, and no, we aren’t talking this week about the death of compliance. We’re talking this week about the ability to stop for a moment in our day, not put our heads down and start at our iPhones, and …

27

Jun 2019

how-to-evaluate-outcomes-of-using-the-outsourcing-service-provider

How to evaluate outcomes of using the Outsourcing Service Provider

By: Odyssey Outsourcing
Tags: Outsourcing

Following the post-implementation review step, you should now evaluate the outcomes of the project to decide your next move in outsourcing. Whether the outsource agreement should be renewed, transferred or exited depends on how you identify the achieved outcomes. You should answer 4 questions below: What was the rate of productivity improvement? Did the transition meet expectations? Were staff time …

20

Jun 2019

true-cost-of-outsourcing-to-the-philippines

True cost of outsourcing to the Philippines

By: Odyssey Outsourcing
Tags: ad-hoc model, Australian compliance, outsourcing vs offshore labour hire

If you have considered engaging offshore labourers, you have probably wondered about the real cost savings your practice can make. Offshore labour firms like to push percentages of savings, comparing expensive Australian workers and cheaper offshore labourers, citing 50%, 60%, 70% savings! Over here at Odyssey, we thought we’d run through what our clients have been telling us about some …

13

Jun 2019

outsourcing-to-a-tax-agent-complying-with-the-code

Outsourcing work offshore to an Australian tax agent – complying with the Code of Professional Conduct

By: Odyssey Outsourcing
Tags: Australian tax compliance, Code of Professional conduct

This week I was listening to the TPB webinars and a recent webinar on “Work related expense claims”. The webinars are a great way to keep up to date with the TPB’s latest initiatives and thinking, while at the same time getting some Continuing Professional Obligations to meet the CPE requirements. The link is here for those interested → TPB …

06

Jun 2019

offshore-labour-hire-cocaine-for-accountants

Are offshoring labour hire services for Australian Compliance just like Cocaine for accountants?

By: Odyssey Outsourcing
Tags: Compliance Work, hidden costs, outsourcing vs offshore labour hire

This week I had the opportunity to chat to an Australian accountant, who was talking about his decision to outsource work over to Odyssey. He mentioned that a lot of Australian accounting firms are being sold the opportunity to source a lower cost employee overseas, but on investigation involved a myriad of hidden costs: Recruitment fees of $2,000 to $4,000. …

30

May 2019

is-it-time-to-exit-older-accounting-firm-owners

Is it time to exit older accounting firm owners?

By: Odyssey General
Tags: Accounting firm owners, Change, Cloud software

After years of talking to Accounting firm business owners, we’re starting to see a trend. Older accounting firm owners are starting to be pushed out of their firms, or just closing shop. And it’s not just us noticing the trends: ‘The doomsayers are wrong’: Accounting industry younger and thriving ATO Assistant Commissioner Colin Walker has revealed new demographics for the …

23

May 2019

How to conduct a Post-Implementation Review

How to conduct a Post-Implementation Review

By: Odyssey Outsourcing

When it comes to the management and monitoring stage in the outsourcing, you should conduct a post-implementation review to assess how well the transition went. This is to measure the results of the project, identify key lessons learned and develop an action plan in accordance with the findings. The list of questions below gives you a guideline of what issues …

16

May 2019

workpapers-australian-accountants-dirty-little-secret

Workpapers: Australian accountants dirty little secret

By: Odyssey General
Tags: ATO, future of compliance, working papers

This week seemed to be a meeting of a number of issues that led us to consider the future of Australian taxation compliance. We believe that Odyssey completing some 50,000 jobs annually for some 500 Australian accounting firms gives us the opportunity to have higher level visibility than most firms. This week started with receiving a garbage set of prior …