15

Aug 2019

smsf-outsourcing

Accounting firms: How to effectively Outsource your SMSF work

By: Odyssey Outsourcing
Tags: ad-hoc model, capacity, gig economy, SMSF outsourcing

Need to know the who, what, when, where and why of outsourcing your compliance work. But first, here’s the maths behind the argument that full time SMSF compliance workers don’t work, either locally or foreign hired. Australian accounting firm owners know that tax returns arrive in individual jobs, and at the same time the resources needed to be hired to …

08

Aug 2019

why-the-hourly-partner-recovery-rate-isnt-making-any-sense

Why the hourly partner recovery rate isn’t making any sense

By: Odyssey Outsourcing
Tags: flog, partner, recovery rate, super star

I see a lot of coaches for Australian accounting business owners, and they’re comparing stats amongst firms with various partner levels and employee levels, and they invariably have some maths that leaves me scratching my head. For instance, take the total revenue and divide that by the number of chargeable partner hours per partner, in order to get an actual …

25

Jul 2019

business-owners-have-it-wrong

Accounting business owners model is all wrong. Why hiring full time staff isn’t making sense in the using economy

By: Odyssey Outsourcing
Tags: accounting, Outsourcing, SMSF outsourcing

This week we’re looking at the full time employment model, which is the model most people are probably used to. You know, the one where you grow up, maybe go to uni (or take on a cadetship while you study), then graduate and get a job. And that job is a full time gig. 40 hours a week plus or …

11

Jul 2019

why-micromanaging-is-wrecking-your-australian-accounting-firm

Why micromanaging is wrecking your Australian accounting firm

By: Odyssey Outsourcing
Tags: Australian Accountant, micromanagement, Outsourcing

This week we’re talking about micromanagement by Australian accounting firm owners.  We’ve all read the negatives associated with micromanagement, which is, for Australian accounting firms, one step removed from doing the work yourself. There are still plenty of Australian accounting firm owners who love nothing more than getting on the tools and getting out a tax return. And there’s plenty …

27

Jun 2019

how-to-evaluate-outcomes-of-using-the-outsourcing-service-provider

How to evaluate outcomes of using the Outsourcing Service Provider

By: Odyssey Outsourcing
Tags: Outsourcing

Following the post-implementation review step, you should now evaluate the outcomes of the project to decide your next move in outsourcing. Whether the outsource agreement should be renewed, transferred or exited depends on how you identify the achieved outcomes. You should answer 4 questions below: What was the rate of productivity improvement? Did the transition meet expectations? Were staff time …

20

Jun 2019

true-cost-of-outsourcing-to-the-philippines

True cost of outsourcing to the Philippines

By: Odyssey Outsourcing
Tags: ad-hoc model, Australian compliance, outsourcing vs offshore labour hire

If you have considered engaging offshore labourers, you have probably wondered about the real cost savings your practice can make. Offshore labour firms like to push percentages of savings, comparing expensive Australian workers and cheaper offshore labourers, citing 50%, 60%, 70% savings! Over here at Odyssey, we thought we’d run through what our clients have been telling us about some …

13

Jun 2019

outsourcing-to-a-tax-agent-complying-with-the-code

Outsourcing work offshore to an Australian tax agent – complying with the Code of Professional Conduct

By: Odyssey Outsourcing
Tags: Australian tax compliance, Code of Professional conduct

This week I was listening to the TPB webinars and a recent webinar on “Work related expense claims”. The webinars are a great way to keep up to date with the TPB’s latest initiatives and thinking, while at the same time getting some Continuing Professional Obligations to meet the CPE requirements. The link is here for those interested → TPB …

06

Jun 2019

offshore-labour-hire-cocaine-for-accountants

Are offshoring labour hire services for Australian Compliance just like Cocaine for accountants?

By: Odyssey Outsourcing
Tags: Compliance Work, hidden costs, outsourcing vs offshore labour hire

This week I had the opportunity to chat to an Australian accountant, who was talking about his decision to outsource work over to Odyssey. He mentioned that a lot of Australian accounting firms are being sold the opportunity to source a lower cost employee overseas, but on investigation involved a myriad of hidden costs: Recruitment fees of $2,000 to $4,000. …

23

May 2019

How to conduct a Post-Implementation Review

How to conduct a Post-Implementation Review

By: Odyssey Outsourcing

When it comes to the management and monitoring stage in the outsourcing, you should conduct a post-implementation review to assess how well the transition went. This is to measure the results of the project, identify key lessons learned and develop an action plan in accordance with the findings. The list of questions below gives you a guideline of what issues …