In the first part of this series, we discussed the benefits of outsourcing accounting, taxation and bookkeeping compliance to an offshore provider. Understanding the risks associated with the outsourcing is as important as evaluating the benefit. Outsourcing has 3 key success factors / risks: Quality, timeliness, price. Generic business risks are generally well understood and relate to a large extent to these key …
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 …
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 …
Goodbye to Compliance Jobs, but will Robots meet with your clients?
Goodbye and Good Riddance to Compliance. But just how far will robots and automation shave off the compliance workload. And will robots meet with your clients? In mid last year there was excitement on the release of robots which mimic human walking habits, with videos released of the humanoid Durus. Later last year a massive 4 metre Avatar like robot was built in South …
Automation decimates Australian compliance
This week we thought we’d switch back to a date in history. The installation of traffic lights in Brisbane. Starting with the end of the story. After the traffic lights were installed and switched on, it was reported that the police officer on point duty at this intersection walked off his post for the last time just as the Minister for …
Netflix Tax is coming… Are you ready?
The new GST tax is coming. There’s been plenty of news about retailers being unable to compete with imports under $1,000 not having GST, but now the government is extending GST to digital products and other services imported by consumers. Introduced as the amazing Australia “Netflix tax” back in April 2015, and a move which would “level the playing field” it …
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 …
Corrupt insiders at offshore call centres sell private data…
Powering into the Australian news recently is the investigation by Fairfax media into the sale of private details of Australian customers. A Mumbai-based security firm is asking between $350 and $1000 in exchange for the private information. And there may be several private companies selling phone records, home addresses and other private details of Australian telecommunication company customers. What’s the risk? This …
The bots take on the offshore army
There has been a lot of online angst recently at the inability to purchase tickets to various events. Consumer Outrage! Reads one heading, and consumers requesting controls to prevent bots from purchasing tickets before people have the chance. So, it seems bots can move faster than humans in an online area. Bots aren’t anything new. We’ve all long been aware …
Should offshore workers throw away their timesheets?
In the Australia CPA September edition of the “In the Black” magazine, there is an interesting article on “Time out on billing”. Part of this article mentions of course the Value pricing that has been proposed by consultants to accounting firms for all of this current century, if not well into last century. Ron Baker, the founder of the VeraSage …
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