Accenture recently announced a shedding of significant staff, where the last shedding was almost 17 years ago. What’s interesting about this is that a week ago the firm Deloitte announced it is set to dissolve one of its six business units, Deloitte Private, an advisory arm aimed at small and medium enterprises and high net-worth individuals, and move its partners, …
True cost of outsourcing to the Philippines
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 …
What kind of services can accounting firms outsource?
Accounting firms normally outsource the business activities related to accounting, taxation and bookkeeping compliance. In the digital age, many firms are considering the outsourcing of other ancillary services such as marketing, sales and administration. The checklist below will help you identify which areas and which services you wish to outsource. Accounting function services Accounting compliance is the usual standard service …
The 7 top challenges in auditing SMSF’s over the next decade
With many recent developments in the SMSF area, it’s hard to take a step back and take a hard look at the future of the SMSF audit, and even the SMSF auditing profession as a whole. Certainly, there are some very close “in your face” issues that are at the forefront of SMSF auditors minds: Visits by the ATO, ASIC or …
Australian Accounting Compliance workplace experience is needed to fight the rise of the machines!
We live in a dramatically different world that is different because of globalization and technology. Outsource your work to a quality company like Odyssey, and get on with adopting new technology. Your future, and your children’s future, depends on it! As we head into this New Wave of industrialization, there is a need to look at not only where the compliance …
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 …
Will the rise of the Gig economy hit Australian compliance, or outsourcing?
It was interesting to note the Australian economists remarking on the Australian economy earlier this year note that in January there was a 16k increase in employment consisting of a 50k drop in full-time employment and a 66k increase in part-time work. At that time the economists were estimating a 20k increase in employment. It’s interesting to think further on …
5 Threats to Australian compliance work today
In this blog we put down our thoughts on the 5 big threats to the future of Australian compliance. Software houses and Artificial Intelligence Starting the countdown from the most important threat (I guess that means we have the drumroll first), is Software houses and Artificial Intelligence. We put these at the top of our list, and research shows that …
Is a black swan event just around the corner for Australian compliance?
With Mother’s Day just past there has been some interesting online discussion about the commoditisation of the florist industry. There are many similarities to the “Commoditisation of Compliance”. We are all familiar with Airbnb, Uber and the other connectors in the industry, and their margins are well known. Airbnb offers a more unique product while Uber offers a transport which …
Will Australia’s minimum wage force more work offshore?
Quick Question: In what country is it permissible under law to pay a minimum wage of US$2.13 per hour plus tips, or US$4.25 an hour for the first 90 calendar days of employment if under 20? Ok so yes, we agree the US$7.25 minimum wage in the US is probably a more reflective figure. But it’s still remarkably lower than the …
