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that there is a slowdown in offshore visa processing, with older and more experienced workers being discouraged and an out-of-date priority jobs list.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 …
We Live in Unsettling Times: Inflation To Affect Wages and Wage Growth
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 …
Are you ready to disclose your Australian accounting outsourcing: 1 July 2021 APES305
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 …
Top 5 reasons why “Outsourced” Remote staff are outperforming local office workers
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 …
6 Good Reasons to outsource your Australian Compliance work to an expert
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 …
Australian Accounting Firms: How to effectively Outsource your SMSF work
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 …
Australian Accounting firm: Which outsourcing model can work best for your business?
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 …
Australian accounting firm owners: It’s about managing Energy, not Time
A lot of the Australian accounting firm owners are hard pressed to manage the work they have inhouse, and come to talk to Odyssey when their growth is improving, or their resources shrinking in efficiency. And it may be that both may be happening at the same time. Earlier this week we spoke to an accounting firm owner whose bookkeeping …
Australian accountants working at home: Is the myth of the full time home worker finally over?
For those of us that have been trying to work from home, while at the same time keeping a glancing eye on our children also doing school from at home, there must have been some questions in the backs of our minds, especially related to the fees we are paying for our children’s education. Regardless of whether our children are …
Forex Risks: It’s time for Australian accounting firms with offshore labour resources to look at the fine print
The Australian dollar is diving down. Australian SME’s need to not only manage supply chains in a difficult time, but also manage the foreign exchange issues. Since the beginning of 2020, many offshore markets such as Vietnam, India and Philippines are observing a big down in foreign exchange rate with Australian dollar. For example, Philippine peso has gone down from …
