04

Jun 2020

Working-from-home-isn’t-just-about-moving-your-office-computer-home.

Australian compliance: Working from home isn’t just about moving your office computer home

By: Odyssey Outsourcing
Tags: Australian tax compliance outsourcing, cyber risks, Data security, WORKING FROM HOME

COVID-19 has displaced workforce around the world, including offshore locations where staff are usually working in a secure office environment. Many offshore providers note their security restrictions such as no iphones in the office, 24 hour security guards, restricted fingerprint access to office environment. The list goes on. What’s really interesting, is many of these have jumped on the internet …

28

May 2020

Remote-workers-Pulling-the-plug-and-impacts-on-profitability

Remote workers: Pulling the plug and impacts on profitability

By: Odyssey Outsourcing
Tags: ad-hoc model, Australian tax compliance, forex risk, offshore labour, Outsourced offshore

We’ve previously touched on risks that offshore labour services providers like to gloss over when selling their “cheap and cheerful” full time labour resources. These risks include pushing the foreign exchange risk back onto the Australian accountant, wherein paying for the actual salary of a full time worker in foreign currency leaves the Australian accounting firm exposed to detrimental movements …

21

May 2020

Australian accountants working at home-is the myth of the full time home worker finally over

Australian accountants working at home: Is the myth of the full time home worker finally over?

By: Odyssey Outsourcing
Tags: ACCOUNTANTS, Ad hoc work, australian accounting, work life balance, WORKING FROM HOME

For those of us that have been trying to work from home, while at the same time keeping a glancing eye on our children also doing school from at home, there must have been some questions in the backs of our minds, especially related to the fees we are paying for our children’s education. Regardless of whether our children are …

14

May 2020

Australian-accounting-outsourcing-Is-the-genie-out-of-the-bottle.jpg

Australian accounting outsourcing: Is the genie out of the bottle?

By: Odyssey Outsourcing
Tags: artificial intelligence, Australian Accountant, Bots, Cloud Accounting, offshore, OUTSOURCING PERFORMANCE

We’re already seeing some interesting changes in the Australian medical profession recently. More doctors are doing online consultations, and it’s a new strange world. Are we one step away from allowing foreign doctors handle online consultations. There are already specialists in offshore places analysing x-rays and various reports. How far away are we from a computerised system that can handle …

07

May 2020

The-bitterness-of-poor-quality-remains-long-after-the-sweetness-of-low-price-is-forgotten.jpg

Australian accounting tax Outsourcing: ” The bitterness of poor quality remains long after the sweetness of low price is forgotten”

By: Odyssey Outsourcing
Tags: Australian Accountant, Compliance Work, Outsourcing potential risk, Price, Quality

More than ever Australian accounting firms are looking at utilizing offshore resources to assist with their compliance work, and in this unsure age where the SME client numbers are unstable, more Australian accounting firm owners are looking to ad-hoc resource suppliers, just in case the workload increases significantly beyond inhouse capacity. At the same time, the complexity of the recent …

30

Apr 2020

Australian tax specialists: Remote learning options coming to the fore

By: Odyssey Outsourcing
Tags: ACCOUNTING CONFERENCE, Australian Accountant, compliance, REMOTE LEARNING, THE AUSTRALIAN TPB

With many Australian accountants being under restricted movements, the requirements for professional learning haven’t ceased. At the same time, with social distancing rules in place across much of Australia, the bottom has fallen out of physical conferences, as well as the opportunity for many suppliers to get their services or products in front of Australian accountants. Hence there is a …

23

Apr 2020

Australian-accountants-Are-you-working-as-best-as-you-can-in-remote-mode.jpg

Australian accountants: Are you working as best as you can in remote mode?

By: Odyssey Outsourcing
Tags: Accounting Firms, Ad hoc work, Australian Accountant, Compliance Work, WORKING FROM HOME

We’re seeing and hearing from our clients that some of them have been taken by surprise by the recent and quick move to lock down in Australia. Despite providing pretty much the same compliance services to the public, remote work for firms has been a huge range from “not a problem” to “very difficult”. For more progressive firm owners who …

16

Apr 2020

Accounting Compliance firms valuation drops in the face of SME closures

By: Odyssey Outsourcing
Tags: Accounting Firms, Australian compliance, COVID19, systemisation, valuation

I was speaking to an accountant who has a business assisting accounting firms get their practices ready for sale, usually when they are retiring. He assists both buyers and sellers. Basically the premise of valuation of an accounting firm is a multiple of the annual revenue, with individual returns having a lower multiple than other “stickier” clients. There’s a lot …

09

Apr 2020

Australian-SMSF-auditors-including-the-extra-Coronavirus-Disease-COVID-19-Notification.jpg

Australian SMSF auditors: including the extra Coronavirus Disease (COVID-19) Notification

By: Odyssey General
Tags: Australian Accountant, COVID19, SMSF, SMSF audit, SMSF auditors

With the longer term impact of COVID-19 as yet one of the unknowns, there has been recent news regarding disclosure requirements for SMSF trustees who have not yet completed their 2019 financial year accounts. We’ve seen some recommendations related to the need to disclose the pandemic as a significant event in the “Events subsequent to Balance Date”. Accountants should be …

02

Apr 2020

Australian-Tax-Compliance-offshore-Cracks-in-the-offshore-full-time-labour-model

Australian Tax Compliance offshore: Cracks in the offshore full time labour model

By: Odyssey Outsourcing
Tags: Ad hoc resources, Australian compliance, Cost Savings, Fixed offshore model, Future for offshoring

Australian accountants are looking to a 6-12 month business slowdown, and possibly longer, and are starting to cut fixed costs. Those fixed costs which can easily be released are the offshore full time labour force, which usually require 1-3 months notification to let the staff be returned to the offshore labour firm. Those firms will still need resources for ad-hoc …