16

Jun 2022

Why Australian accounting firm owners need to get out of the office (permanently)

By: Odyssey General, Outsourcing
Tags: Australian Accountant, australian accounting, compliance, Offshoring, outofoffice, Outsourcing, Post-COVID, Remote working

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. …

09

Jun 2022

Best Practices in banking security

Australian Accountants, Time To Re-Look At Your Banking Security

By: Odyssey General, Outsourcing
Tags: Australian Accountant, australian accounting, Australian Accounting firm owners, Bank security, Outsourced Accounting, Outsourcing

In the last 3-5 years, there has been increased losses through lax security around bank accounts. Instances include loss of email accounts of senior executives and these accounts are used to email the junior payable accountants requesting payments to fraudsters bank accounts, all the way to loss of control of bank accounts through loss of control of mobile phone banking. …

26

May 2022

Email security

Australian Accountants, Why You Need At Least 3 Email Addresses

By: Odyssey General, Outsourcing
Tags: Australian Accountant, australian accounting, email security, outsourcedaccounting, Outsourcing

In today’s secure environment, it’s no longer acceptable for Australian accounting firms to deploy just one email address. Indeed, Australian accounting firm owners should be deploying at least 3 email addresses. The 3 email addresses we suggest are: A public company email address A public personal email address A private personal email address Let’s get down to the reasons for …

19

May 2022

Delay of 3-5 years before immigrants, international students and seasonal workers return to pre-pandemic levels?

By: Odyssey General, Outsourcing
Tags: Australian Accountant, australian accounting, immigration, labour shortage, Offshoring, Outsourcing

Despite the Australian borders being open, there has been an unremarkable number of new immigrants flooding into Australia, with an indication that Australia might not be winning the competitive global war for talent. There are indications that there is a slowdown in offshore visa processing, with older and more experienced workers being discouraged and an out-of-date priority jobs list. There …

05

May 2022

Inflation to affect wages and wage growth

We Live in Unsettling Times: Inflation To Affect Wages and Wage Growth

By: Odyssey General, Outsourcing
Tags: Australian Accountant, australian accounting, inflation, Outsourcing, wagegrowth

Headline inflation in 1Q22 rose to 5.1% and this is the highest inflation rate since 2001.  Yesterday the RBA surprised many punters by raising the interest rates by 0.25%. There is now discussion of increases in wages increases between 3 and 4 percent.   At the same time, the central forecast for 2022 is for headline inflation of around 6 …

11

Mar 2021

APES 305 Disclosure accounting outsourcing

Are you ready to disclose your Australian accounting outsourcing: 1 July 2021 APES305

By: Odyssey Legislation
Tags: apes 305, australian accounting, Disclosure, Outsourcing, terms of engagement

APES 305 sets the standards in respect of Terms of Engagement for Members in Public Practice in the provision of quality and ethical Professional Services to Clients. In December 2020 a revised APES 305 was released with a mandatory requirement, effective 1 July 2021, to disclose material outsourcing. In section 3.6 Where a Member in Public Practice will utilise Outsourced …

03

Dec 2020

The-5-top-reasons-why-“Outsourced”-Remote-staff-are-outperforming-local-office-workers.jpg

Top 5 reasons why “Outsourced” Remote staff are outperforming local office workers

By: Odyssey Outsourcing
Tags: Australian Accountant, australian accounting, Australian compliance, Data security, Fixed offshore model, offshore labour, Outsourced Services, Outsourcing, Overseas outsourcing

In a recent Harvard Business Review report the number of people who say they can’t concentrate at their desk has increased by 16% since 2008, and the number of those who don’t have access to quiet places to do focused work is up by 13%. Office space design today seems to come with noises and other distractions that break concentration or inhibit …

05

Nov 2020

6-Good-Reasons-to-outsource-your-Australian-Compliance-work-to-an-expert

6 Good Reasons to outsource your Australian Compliance work to an expert

By: Odyssey Outsourcing
Tags: australian accounting, Compliance Work, Odyssey Resources, Outsourced Services

Outsourcing (and not offshore labour hire) can bring many benefits to your business. It’s critical that business owners remain alert and agile to ever present changing market conditions. Outsourcing now is a business norm, and yet there are still a few Australian accountants not yet fully into Outsourcing. With change an ever constant, especially not only as we’ve recently seen …

22

Oct 2020

SMSF.jpg

Australian Accounting Firms: How to effectively Outsource your SMSF work

By: Odyssey Outsourcing
Tags: ad hoc, australian accounting, Compliance Work, SMSF, Turnaround times

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 …

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 …