The June 2022 Hays Salary guide recently released had some auspicious information for Australian accounting firms struggling to find employees to man the computers in the Australian accounting compliance space. The majority of employers (88%) are going to be increasing the salaries of their employees in the next review. And 77% say the skills shortage has forced them to offer …
Australian accountants: why now is the best time to put up your prices
Inflation is continuing to rise in many countries doing business with Australia, or aligned economically or geographically with Australia. In the US, inflation was recorded just shy of 10% in July 2022. And over the ditch in New Zealand, inflation rose to 7.3pc, its highest in 32 years. Australian inflation is also on the increase, with Australia’s Q1 2022 inflation …
ABS Census data: what it means for Australian accounting firm owners
The annual Australian Bureau of Statistics 2021 census data was recently released, and there are some nuggets of information for Australian accounting firm owners. Some of the stranger numbers must be attributed to Covid, and the particular states approach to lockdowns. Many city dwellers have moved to regional locations away from the cities, especially those that had tough long lockdowns. …
Upsurge in accounting salaries, skills needed in data visualization and SME insight analysis
As the AFR recently noted, we’re still seeing the war for Australian accounting talent is becoming increasingly fierce. At the smaller end of the town, in the suburbs and the regional areas, it’s becoming increasingly difficult to compete with the larger salaries being offered by the bigger firms. One recent article mentioned “raids” of smaller firms by bigger companies, often …
Job vacancies at all-time high
It’s a difficult time to be looking for more accounting resources. We’re seeing increased pressures on accounting wages domestically due to the three prong factors of limited skilled short term and long term immigration exacerbated by budget cuts in the home affairs department (responsible for processing skilled visas), reduction of international students in the Australian universities, and high job vacancy …
How the fluctuating Australian accounting dollar impacts overseas labour hire companies
It’s no secret that many Australian SME firms have been seeking labour hire overseas, with the risk as these services are usually quoted and paid in the foreign country source currency. With an Australian accounting dollar noted as a fluctuating currency, and the recent economic turmoil, especially in times of high inflation, it’s sure the foreign country source currency can …
Inflation and wage rises to affect Australian accounting firm owners
Over the next 12 months we can expect increased pressures on pricing for domestic Australian accounting employees. At the moment, the Australian Bureau of statistics has the November 2021 Full-time adult average weekly total earnings at just under $2,000, with specific higher demand industries being above average. The Australian accounting news sources are already reporting large salaries being offered to …
Focus on the client and leave the Australian compliance tax work to Odyssey outsourcing
Are you too busy? We recently received a comment from a client that pretty much summed up everything good about outsourcing your compliance work. Odyssey believes that Australian SME businesses are best served when Australian accounting firms are providing additional work outside the compliance space. And with a never ending raft of new tax laws, guidance notes, practice notes and …
The worker shortage continues
Australian accounting, finance and legal professional services staff are being offered pay rises of up to $40,000 (on a $90,000 salary) to stay in their current jobs, and up to $100,000 sign-on bonuses. Costs of hiring have more than doubled and employers are forced to wait an average six weeks to hire new employees, potentially delaying growth plans for some …
Why Australian accounting firm owners need to get out of the office (permanently)
The successful practice does not need the Australian accounting firm owner to be present in the office, and should not need the owner to be contributing to the bottom line. Allow me to explain by way of the evolution of the accounting firm. In the first quadrant, an accountant gains experience through working for another accounting firm as an employee. …
