Offshoring SMSF administration and compliance work is becoming more common among accountants as the services receive more take-up and the quality of work improves.
Krystine Lumanta from SelfManagedSuper writes about the general acceptance of outsourcing in the accounting industry after speaking with Odyssey Resources CEO David Carter.
Many small and medium enterprises are already using offshore resources ranging from Virtual assistants to marketing SEO specialists so they are comfortable with the concept of engaging overseas resources. This in turn is prompting them to ask their accountants why they aren’t using similar resources.
At the same time, some overseas companies such as Odyssey Resources have been providing Australian outsourced tax, bookkeeping and data migration services for over a decade.
This leads to a recognition that work can be done overseas at a good quality by firms that have invested properly in resources, training, systems and procedures.
We will reach the tipping point where outsourced offshore services will cater to over 50% of the compliance market, and that tipping point will likely be in the next 5 years.
At the same time, Australian accountants haven’t developed enough service offerings to fill the gap that has arisen due to the Cloud offerings flattening out the annual compliance workload, and offshore resources taking on an increased amount of that compliance work.
More information at: SelfManagedSuper.