17

Aug 2017

Why Value Based billing isn’t dominating in Australian Accounting Compliance

By: Odyssey Outsourcing
Tags: compliance work commoditization, Timesheets, value based billing, value pricing

For anyone who has been in the Australian accounting compliance arena for any length of time, the argument for “Value Based Billing” (VBB) is an ongoing Holy Grail.  For some who have eliminated timesheets and moved to Value based billing the proof seems to be there, but for the majority of accountants we don’t see a stampeded to VBB. Somewhere …

10

Aug 2017

5 Threats to Australian compliance work today

5 Threats to Australian compliance work today

By: Odyssey General
Tags: Australian compliance, Automation, Outsourcing, pricing pressure

In this blog we put down our thoughts on the 5 big threats to the future of Australian compliance. Software houses and Artificial Intelligence Starting the countdown from the most important threat (I guess that means we have the drumroll first), is Software houses and Artificial Intelligence. We put these at the top of our list, and research shows that …

03

Aug 2017

Finding work life balance for Australian accounting firm owners

Finding work life balance for Australian accounting firm owners

By: Odyssey General
Tags: flexible resources, on-demand economy, workforce, young generation

Looking at the next generation entering the workforce the older generation frequently comment “things were different” when they entered the workforce, and that older generation were lucky to have a job. That older generation probably forgets that each new generation is accused of being less resilient than the previous generation. Certainly it can’t be denied that a “job for a …

27

Jul 2017

Australians taking tax shortcuts overseas

Australians taking tax shortcuts overseas. Short term gain, long term pain.

By: Odyssey Legislation
Tags: law, overseas tax, Vietnam

After almost three decades overseas, we’ve seen some interesting behavior from Australians taking shortcuts overseas. Below are several of the examples, and some of the more interesting cases we’ve seen. Starting off with the interesting story of an Australian who killed a taxi driver over a $10 dispute on a taxi fare. However, let’s look at some of the issues …

20

Jul 2017

The Future of the Professions – Commoditisation and Automation all around

The Future of the Professions – Commoditisation and Automation all around

By: Odyssey Automation
Tags: Big data, future of professions, lawyers

We had an Australian lawyer visit our office the other day. This is pretty unusual, especially as we’re pretty much just about accounting for accountants. Anyway, he’d been referred by his friend, an accountant, who said he should look us up if he was ever in Vietnam. He’d more recently been feeling the pressure of the legal profession, and the …

06

Jul 2017

How Australian accounting firm owners can semi-retire with lower risk…

By: Odyssey Outsourcing
Tags: Client comments, Offshoring, Outsourced Services

I received a message from an Australian accountant the other day. The message went something like this: Hi David, Just some feedback from my Partner in business (an old school hardworking now moving to retiring not the easiest lady to impress). You made it easy the questions that came back were of calibre and clearly indicated that you had certainly …

29

Jun 2017

Selling the Accounting practice ball and chain… Thoughts part 2

By: Odyssey General
Tags: accounting, Outsourced Services, retirement strategy, tax services

We thought this week we’d start off with a great Getty image of an accountant at a beach. Then as the dream of the beach disappears (sorry) we thought we’d recount a recent conversation we had with an Australian accountant. This accountant was a principal of a firm in Perth. He was a part owner, with other major owners being …

22

Jun 2017

Selling the Accounting practice ball and chain… Thoughts part 1

By: Odyssey General
Tags: accounting, Outsourced Services, retirement strategy, tax services

As many Australian accountants come to considering when to sell up their main asset of their working life, their accounting practice, it’s interesting to see how people start to consider readying their practice for sale. As Odyssey has been providing outsourcing services to Australian accountants for over a decade, we’ve seen a few accountants sell up their practice or consider …

15

Jun 2017

Why bringing your outsourced work back inhouse often isn’t seamless…

By: Odyssey Outsourcing
Tags: Ad hoc work, compliance, Full time resources, Outsourcing models, Overseas outsourcing

An ex client of Odyssey reached out to me last week, and wrote the following: Dear David, It has been some time since I have made contact. I was wondering if we could touch base. We used Odyssey for the majority for SMSF clients in the 2016 year, approximately 40-50 funds. Most of these were handled by our senior accountant …