26

Mar 2020

Forex Risks- It’s time for Australian accounting firms with offshore labour resources need to look at the fine print

Forex Risks: It’s time for Australian accounting firms with offshore labour resources to look at the fine print

By: Odyssey Outsourcing
Tags: ad-hoc model, australian accounting, Fixed offshore model, forex risk, Outsourced Services

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 …

27

Feb 2020

Design-Metrics-to-Measure-your-Australian-Accounting-Outsourcing-Performance

Design Metrics to Measure your Australian Accounting Outsourcing Performance

By: Odyssey Outsourcing
Tags: Accounting Firms, Australian compliance, Management Accounting, Outsourced Services, OUTSOURCING PERFORMANCE

When outsourcing accounting work to overseas has become a trend to many Australian accounting firms, measuring your outsourcing partner’s performance is important for your firm growth and to optimize the outsourcing benefits. In a previous article, we talked about the Guidelines to choose the right outsourcing partner. Metrics are useful for decision-making. Let’s design the metrics (Key Performance Indicators) to …

12

Dec 2019

Australian Accounting Revolutio-Free your team up for better advisory services

Australian Accounting Revolution: Free your team up for better advisory services

By: Odyssey Outsourcing
Tags: ACCOUNTING ADVISORY, australian accounting, Australian compliance, Outsourced Services, tax services

In the recent years, the Australian accounting industry has been experiencing a significant movement from accounting compliance to accounting advisory. Nowadays, Australian SMEs are not only looking for an accounting firm that can help them on compliance work. Yet they also need a true advisor who can give them strategic guidance in financial reporting and taking better decisions for their …

28

Feb 2019

Those that can

Those that can, Outsource. Those that can’t, Offshore.

By: Odyssey Outsourcing
Tags: offshore, offshore labour, Outsourced Services

This week we thought we’d clarify more about the differences between Outsource Service providers and their poor cousin, the Offshore service providers. Those who understand Compliance work, create Outsourcing companies Those that can’t, create offshore companies The Outsource services providers, such as Odyssey, are usually owned and operated by Australian accountants. The better firms are operated by Australian accountants who …

06

Jul 2017

How Australian accounting firm owners can semi-retire with lower risk…

By: Odyssey Outsourcing
Tags: Client comments, Offshoring, Outsourced Services

I received a message from an Australian accountant the other day. The message went something like this: Hi David, Just some feedback from my Partner in business (an old school hardworking now moving to retiring not the easiest lady to impress). You made it easy the questions that came back were of calibre and clearly indicated that you had certainly …

29

Jun 2017

Selling the Accounting practice ball and chain… Thoughts part 2

By: Odyssey General
Tags: accounting, Outsourced Services, retirement strategy, tax services

We thought this week we’d start off with a great Getty image of an accountant at a beach. Then as the dream of the beach disappears (sorry) we thought we’d recount a recent conversation we had with an Australian accountant. This accountant was a principal of a firm in Perth. He was a part owner, with other major owners being …

22

Jun 2017

Selling the Accounting practice ball and chain… Thoughts part 1

By: Odyssey General
Tags: accounting, Outsourced Services, retirement strategy, tax services

As many Australian accountants come to considering when to sell up their main asset of their working life, their accounting practice, it’s interesting to see how people start to consider readying their practice for sale. As Odyssey has been providing outsourcing services to Australian accountants for over a decade, we’ve seen a few accountants sell up their practice or consider …

03

Mar 2016

Accounting Market Pulse

By: Odyssey In the Press
Tags: Offshoring, Outsourced Services

In December 2015 the CommBank released their regular Accounting market pulse. As one managing partner commented: Accountants need to think differently going forward if they are to maintain revenue and margin. The trend to outsource and/offshore compliance based or shared services to lower cost providers continues. In terms of outsourcing, 100% of large firms will increase their outsourcing over the …

02

Mar 2016

Offshoring: Pursuing a more efficient frontier

By: Odyssey Odyssey in the Press
Tags: Odyssey, offshore labour, Offshoring, Outsourced Services, Outsourcing

Constant pressure on the bottom line and a desire to do more with less have resulted in a number of SMSF businesses investigating offshoring opportunities as a viable way to cut costs, improve efficiency and increase their profit margins. Odyssey Resources which started a decade ago and is the largest offshore services provider to Australia, now has around 250 staff …

25

Feb 2016

What is the future for Offshoring?

By: Odyssey Publication
Tags: Offshoring, Outsourced Services

In December 2015 the CA’s future[inc] released a report on the future of offshoring. Globalisation, technology, reduction in barriers to services trade and pressure on fees have impacted outsourcing and offshoring. Labour is no longer tethered to fixed capital and tasks can now easily be outsourced offshore or even automated via the cloud. With the demographic tide turning, Australia will …