27

Aug 2020

The-SMSF-auditor-is-tougher-this-year.

The SMSF auditor is tougher this year. Sorry, not sorry

By: Odyssey Outsourcing, Uncategorised
Tags: ATO, low cost, Outsourcing Best practice, Quality work, SMSF, SMSF auditors

We recently noticed a complaint from one of our accounting firm clients, that the SMSF auditors we were using (we switched to a panel of SMSF auditors) were making things difficult by asking for signed documents from the trustees, pieces of information to prove ownership and valuation, and generally just making the SMSF audit process a lot more difficult, in …

20

Aug 2020

Adhoc-is-winning-this-black-swan-moment.jpg

Why Australian ad-hoc resources flexibility is winning during this black swan moment

By: Odyssey Outsourcing
Tags: Ad hoc resources, Australian compliance, flexibility, offshore

This week we thought we’d share an email that came from a client last week. It’s pretty easy to summarise: Have been using Odyssey for SMSF and larger compliance jobs Hired an offshore staff from the Philippines, but they moved on (in under a year) after being trained Wants a flexible offering, including compliance work and bookkeeping Doesn’t have enough …

13

Aug 2020

Signs-a-tyre-kicker-prospect-has-turned-up-to-your-accounting-compliance-practice

Signs a tyre kicker prospect has turned up to your accounting compliance practice

By: Odyssey Outsourcing
Tags: australian accounting firm, Australian tax compliance, commoditization of compliance, Outsourced Services

The first most important thing about handling potential customers who contact your company is to have a clear idea of the type of company you are, and the type of customer you best serve. This might sound strange, especially for compliance firms which can be frequently mentioned as commoditised, but at the end of the day you are going to …

05

Aug 2020

Australian-tax-and-accounting-compliance-Outsourcing-forecast-to-increase-75-from-2020-to-2022.jpg

Australian tax and accounting compliance Outsourcing forecast to increase 75% from 2020 to 2022

By: Odyssey Outsourcing, Uncategorised
Tags: Australian compliance, commbank, COVID19, Outsourcing, superfund

Commbank released their June 2020 marketing pulse recently. Most interestingly Australian tax and accounting compliance Outsourcing forecast to increase 75% from 2020 to 2022. As a direct result of their coronavirus experience, 21% of firms responded that they would increase their use of contractors and outsourcing. Many firms had invested in cloud technology and made the transition to working from …

30

Jul 2020

Which-outsourcing-model-can-work-best-for-your-business.jpg

Australian Accounting firm: Which outsourcing model can work best for your business?

By: Odyssey Outsourcing
Tags: ad-hoc model, australian accounting, Australian compliance, Fixed offshore model, Outsourcing models

Outsourcing your Australian compliance work to overseas is an important undertaking. If done properly, it can greatly improve the way you do accounting business and give you a more competitive advantage. With the time, money, and resources you will invest, you need to ensure that you get your money’s worth. Let’s quick go through the checklist below to choose the …

23

Jul 2020

who-is-responsible-for-the-retention-of-documents-for-past-tax-returns.jpg

Selling your accounting firm: who is responsible for the retention of documents for past tax returns

By: Odyssey Outsourcing
Tags: ATO, outsourcing provider, record retention, Tax Agent, tax returns

In this highly evolving and moveable world, we’ve seen recently several issues related to record retention involving tax agents who have moved to other software providers, moved from desktop to cloud, or sold their practices but then needed access to the data. Instances where tax agents needed access to the data included one accountants who had accepted the client after …

16

Jul 2020

fly_by_night.jpg

What to look for in a dodgy “fly by night” outsourcing provider

By: Odyssey Outsourcing
Tags: ad-hoc model, australian accounting firm, Australian tax compliance outsourcing, outsourcing provider, Quality work

Like everyone else, despite the fact we’re an outsourcing provider, our email inboxes are frequently filled with outsourcing providers offering their services. There are some great checklists online, but like virus and phishing spam, there are some quick “eye ball” checks you can do on an email arriving from a purported outsourcing provider. Here are our top 10 things you …

09

Jul 2020

Australian-compliance-–-discounting-only-comes-back-to-bite-you.jpg

Australian compliance – discounting only comes back to bite you

By: Odyssey Outsourcing
Tags: accounting, ad hoc, Australian compliance, discounting, pricing pressure

Discounting to win work is probably the second most damaging thing an Australian accountant can do in their firm. Of course, the first is to allow “scope creep” or “write-offs” as a result of scope creep. So this week we’ll have a quick chat about why discounting is so damaging to your firm. Customers who ask for discounting usually have …

02

Jul 2020

Australian-accounting-firm-owners-It’s-about-managing-Energy-not-Time.png

Australian accounting firm owners: It’s about managing Energy, not Time

By: Odyssey Outsourcing
Tags: australian accounting, bookkeeping, Cost Savings, Outsourced Services, time on compliance

A lot of the Australian accounting firm owners are hard pressed to manage the work they have inhouse, and come to talk to Odyssey when their growth is improving, or their resources shrinking in efficiency. And it may be that both may be happening at the same time. Earlier this week we spoke to an accounting firm owner whose bookkeeping …

25

Jun 2020

Firing clients the right way

Australian accounting firms: Firing clients the right way

By: Odyssey Outsourcing
Tags: Accounting Firms, ad-hoc model, Australian Accountant, Compliance Work, profitability

We’ve all seen the silos of different client types: Type A – clients you love working with and are highly profitable, the kind of clients you’d go on holiday with.. Type B – clients you like working with and are profitable Type C – clients that are ok and you make some profit Type D – clients that cost you …