22

Sep 2022

Geographical and geopolitical risks for outsourcing Australian accounting and tax returns

By: Odyssey Uncategorised
Tags: Australian Accountant, Geographical risk, Geopolitical risk, Offshoring, Outsourcing, Post-COVID, Price surges

Post COVID there has been significant global and economic factors contributing to upheaval of the traditional ways of doing business. COVID contributed to significant pressures on the global supply chain, for which the world has not yet recovered. There’s a shortage of everything from shipping containers to microchips. China continues to establish an increasing presence in the world stage, and …

08

Sep 2022

Australian accounting firms’ new norm: remote working is in

By: Odyssey Uncategorised
Tags: Australian Accountant, Hybrid working, Outsourcing, Post-COVID, Remote working, Working conditions

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 …

25

Aug 2022

Australian accountants: why now is the best time to put up your prices

By: Odyssey Uncategorised
Tags: Australian Accountant, Australian compliance, inflation, Outsourcing, Profit margin

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 …

11

Aug 2022

ABS Census data: what it means for Australian accounting firm owners

By: Odyssey Uncategorised
Tags: Australian Accountant, australian tax return outsourcing vietnam, compliance, digitization, migration, Post-COVID

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. …

28

Jul 2022

Upsurge in accounting salaries, skills needed in data visualization and SME insight analysis

By: Odyssey Uncategorised
Tags: Australian Accountant, compliance, Cyber Security, Data security, inflation, Upskilling

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 …

21

Jul 2022

Job vacancies at all-time high

By: Odyssey Uncategorised
Tags: Australian Accountant, job advertisements, labour shortage, offshore, Outsourcing, Post-COVID, visas

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 …

19

Nov 2020

The 3 Important Tips to Make Outsourcing a Success

By: Odyssey Outsourcing, Uncategorised
Tags: accounting outsource, accounting outsourcing australia, accounting outsourcing Vietnam, Australian Accountant, australian tax return outsourcing vietnam, outsourced accounting firm, outsourcing services in australia

From the past years, we’ve identified 3 tips important to make outsourcing a success: Tip 1. Select a large Outsourcing services provider who has plenty of experience in the marketplace, and plenty of resources to allow you to expand. Whilst the newer comers into the Outsourcing space might seem attractive, the lower cost usually comes at a price. The lack of a …

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 …

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 …