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 a long way in the 15 years Odyssey has been providing services to Australian accounting firms. It’s well understood that professional accounting outsourcing companies which offer compliance services are equipped with the right skill set, culture, systems and processes to execute tasks efficiently.
And in today’s highly competitive business environment, it has become essential for Australian accounting firms to outperform their competitors. Outsourcing offers the ability to focus on key areas, while making sure the compliance takes care of itself.
Our Top 5 reasons why Australian Accounting firms are outsourcing overseas:
- Reduced costs and increased service levels. Cost should only be one driver, but in this increasingly competitive compliance world it is important. However, the outsourced provider should allow you to focus on other areas, resulting in increased service levels to your clients.
- Access to the best talent and resources. A good outsourcing provider should have staff in divisions, and be allocate work across these divisions depending on the work type. Bookkeeping work to the bookkeeping division, SMSF work to the SMSF division, Compliance work to the compliance division, and conversion work to the conversion division. This puts the best person on the job. Also, a good firm should have plenty of resources to return work in a timely manner.
- Timely work. A good provider should be able to competently give you an accurate return date, and be able to manage these dates throughout the various busy seasons during the year. Any provider giving standard return dates regardless of the business of their firm isn’t doing you a service.
- Enhanced security. A quality outsourcing provider will be fanatical about security. Any security breaches will damage the reputation of the provider. The bigger the provider will mean the better their systems operate.
- Saves internal time. This is one of the bigger benefits. When utilizing resources (internally or through offshore labour hire services) there is still the need to manage, monitor and review the work done by these resources. A good outsourcing operation will return excellent quality work, which frees up your managers and senior staff to focus on other higher value areas.
Drop us a line if you are interested in discussing how Odyssey can assist your Australian accounting and tax compliance in an ad-hoc or through a dedicated resource.