11

Jan 2018

10 key reasons why Bookkeeping outsourcing is critical for Australian accounting firms

10 key reasons why Bookkeeping outsourcing is critical for Australian accounting firms

By: Odyssey Outsourcing
Tags: australian, benefits, bookkeeping, Outsourcing

There has been a lot of movement into bookkeeping by Australian accounting firms, and this has been well documented in the past year. As compliance moves into the cloud and is automated, it is now more critical that Australian accountants extend their influence and ability into areas of current concern, where their role of trusted adviser can best be utilized. …

28

Dec 2017

An Australian Accounting perspective on Outsourcing

An Australian Accounting perspective on Outsourcing

By: Odyssey Outsourcing
Tags: graduates, Management Accounting, Outsourcing

As outsourcing gains momentum in Australian accounting firms, there still continues to be a dearth of independent research on the use and success of outsourcing. Of particular concern is the scarcity of research into human resource issues through outsourcing. This is compounded by the complexity of the different models of outsourcing domestically and offshore, along with different ownership models adopted …

21

Dec 2017

Offshore labour firms are not your friends

Offshore labour firms are not your friends

By: Odyssey Outsourcing
Tags: hidden fees, offshore labour, Philippines

As the Philippines market matures, we’re seeing that the offshore labour model continues to challenge Australian accountants in terms of actual productivity benefits. The dominant offshore model is still the offshore outsourcing model, where the risk and responsibility is fully transferred to an overseas provider. But at the moment, we’re seeing massive competition amongst the offshore labour providers, and the …

06

Dec 2017

The full Monty. When others do your compliance work..

The full Monty… When others do your compliance work

By: Odyssey Outsourcing
Tags: engagement letters, full monty, outsourcing disclosure

So, you are considering outsourcing, and you don’t know your responsibilities. The common recommendation is that the consent is sought in the Engagement letters. So who is interested in what you put in you engagement letters, and what do you really need to put in them anyway… Who is interested in what you put into your engagement letters: TPB: Letters …

23

Nov 2017

Offshoring versus Outsourcing? Why the confusion remains

Offshoring versus Outsourcing? Why the confusion remains

By: Odyssey Outsourcing
Tags: Offshoring, Outsourcing, turnover, virtual teams

Our CEO was visiting a client in Canberra the other day, and discussion invariably ended up mentioning the aggressive pursuit by offshore labour providers in the Philippines.  The question then had to be asked: why are some firms considering the Philippines labour hire solutions, while other firms are knocking them back and working with Outsourcing offerings. The response was: Offshoring …

31

Aug 2017

TPB rattles Outsourcing and Offshoring Users

TPB rattles Outsourcing and Offshoring Users. Draft practice note released

By: Odyssey Outsourcing
Tags: Code of Professional conduct, Offshoring, Outsourcing, TPB

A few days ago the Tax Practitioners Board (TPB) released draft Practice Note TPB(PN) D38/2017 to provide practical guidance and assistance to registered tax practitioners in understanding their obligations under the Code of Professional Conduct in relation to the use of outsourcing and offshoring. It should be noted that this is a draft practice note, and submissions and comments are invited …

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 …

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 …

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 …