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 …


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 …


May 2017

Australian Compliance, Outsourcing

Is a black swan event just around the corner for Australian compliance?

By: Odyssey Outsourcing
Tags: Australian compliance, compliance, offshore

With Mother’s Day just past there has been some interesting online discussion about the commoditisation of the florist industry. There are many similarities to the “Commoditisation of Compliance”. We are all familiar with Airbnb, Uber and the other connectors in the industry, and their margins are well known. Airbnb offers a more unique product while Uber offers a transport which …


May 2017

The Ethical dilemma of offshore providers supporting non registered tax agents

By: Odyssey Outsourcing
Tags: ethics, Overseas outsourcing, tax outsourcing

Had an interesting phone call today. Odyssey was called by an Australian accountant who was wholesaling to other Australian accountants.  The conversation progressed well and they were impressed by our business model, pricing and reputation for quality. They particularly liked our ad hoc approach to receiving jobs. Afterwards as we moved towards preparing a services agreement for them we ran …


May 2017

Australia’s new data breach notification laws. Are your suppliers ready?

By: Odyssey New Legislation
Tags: cloud, Data breach, Data security, Disclosure, due diligence

With an increase in data now on the cloud, and a number of third party services providers assisting Australian accountants, it’s a good time to look at the ever changing laws on data breaches. More recently, there was the “Can you hear me” scam reaching Australia. The scammer only needs to record you saying “yes” over the phone. The intention …


Apr 2017

Disruption in the real estate sector, lessons for Australian compliance

By: Odyssey General
Tags: Automation, Digital Disruption, Outsourcing, real estate, time on compliance

Watching the recent changes in the Australian real estate sector has been interesting, along with comments about McGrath and the newly formed “The Agency”. An interesting comment surfaced recently: “Going back before the float I could see the fragmentation of the industry – the huge impact the internet is having on our business model, the unprecedented low stock levels, and how …


Apr 2017

The 2017 salary rise forecast indicates up to 6.3% raises for Tax Compliance staff. Time to outsource?

By: Odyssey Publication
Tags: pay rise, Robert Half, salary guide

Robert Half released their 2017 Salary guide with insights into the latest salary ranges for finance and accounting, technology and administration and office support professionals. The report says the biggest gains in starting salaries are in Brisbane, with pay cheques in finance and accounting jobs set to rise by 3.5 percent. Melbourne is second with increases of 2.5 per cent. The top …