Recently the Australian tax office postured that eventually there would be no need to lodge tax returns, as the ATO moves to a system of automatic data exchange which will end the annual lodgement requirements. Before we throw this thought as impossible, it’s worth considering Australia’s tax system versus other tax systems. In some other countries, the employer is responsible …
ABS Census data: what it means for Australian accounting firm owners
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. …
Upsurge in accounting salaries, skills needed in data visualization and SME insight analysis
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 …
Focus on the client and leave the Australian compliance tax work to Odyssey outsourcing
Are you too busy? We recently received a comment from a client that pretty much summed up everything good about outsourcing your compliance work. Odyssey believes that Australian SME businesses are best served when Australian accounting firms are providing additional work outside the compliance space. And with a never ending raft of new tax laws, guidance notes, practice notes and …
Why Australian accounting firm owners need to get out of the office (permanently)
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. …
Australian tax specialists: Remote learning options coming to the fore
With many Australian accountants being under restricted movements, the requirements for professional learning haven’t ceased. At the same time, with social distancing rules in place across much of Australia, the bottom has fallen out of physical conferences, as well as the opportunity for many suppliers to get their services or products in front of Australian accountants. Hence there is a …
Australian Accounting Firms: Do you tell your clients about the value they receive from your Outsourcing Partner?
While outsourcing bookkeeping, accounting, and compliance jobs has become a common trend for Australian accounting firms, there’s always a different reason for which you are outsourcing. Maybe you’re short on in-house resources, maybe you don’t have enough staff for some rush periods, and you could need outsourcing to catch your deadlines. You could also be outsourcing if you want to …
Let’s look inside the current Australian accounting compliance Bots and the hidden offshore processing behind the scenes!
With the rise of automation and AI in the Accounting industry, many accounting firms invest in cloud software packages. Cloud bookkeeping is becoming a standard for many businesses enabling them access to accounting information and management reports in real time. Indeed, AI / automation are the keys providing the processing speed that is required for the “real time” promise. But …
Top 5 reasons why Australian Accounting firms are outsourcing overseas
Australian accounting firms are moving into cloud, automation, and outsourcing at an increasing pace. In 2012 Odyssey’s CEO presented at the IPA Conference on “Outsourcing: Out of the closet and into the Cloud”. Fast forward to today, and everyone knows about outsourcing, and it’s widely accepted amongst the Australian accounting community. Certainly Australian accounting and tax compliance outsourcing has come …
Quality Australian Tax compliance outsourcing: the shift to review
Australian outsourced tax preparation outsourcing services can help public accounting firms of all sizes. Regardless of size of the Australian accounting firm, a quality outsourced services provider will return high quality work, in an exceptional format, in a timely manner. Today we have a quick look at one area many accounting firms struggle to control: preparing and reviewing quality compliance …
