Dec 2018

accounting outsourcing best practice

Australian Accounting Outsourcing Best Practice: why Outsourcing is the game changer.

By: Odyssey Outsourcing
Tags: game changer, offshore labour, Outsourcing Best practice

We’ve found some accounting firms headed over to the Philippines in search of additional resources, and thought it might be time to mention a few interesting facts.

The offshore labour force is really an extension of your own office, but with labour issues occurring remotely. Most older style accountants still struggle with the new business model: don’t own your clients, don’t own your software, don’t hire your staff.

It’s those accountants who seem to see the value proposition of their retirement nest egg (their shareholding) disappearing in this time of digital disruption. While at the same time they are likely deploying cloud technology in their firms, and happily surfing on their mobile phones.

One of the main problems with the deployment of offshore labour is that each staff member must be trained from scratch. You are not going to find a 5 year Australian experienced Senior, but more likely be the recipient of someone who will need to be trained as if they are a new grad.

Once this training happens, then it still continues to be a one way street. Anything that needs to be taught to your Australian onshore employees, must also be taught to your offshore labour force.

And herein comes the advantage of engaging Outsourced services. The Outsourcing company is responsible for the technical knowledge of their employees, and is responsible for keeping this technical knowledge up to date.

This knowledge and the deployment within the compliance world, has to be at best practice. This best practice occurs regardless of where your firm stands in the best practice space. That is, anytime you engage an outsourcing services company, you should expect and should receive a best practice service.

In this way, we expect it’s easy to see that the Australian accounting firm is responsible for deploying best practice for their local and offshore employees, and it’s doubtful they can match the resources and expertise of an outsourcing company.

Outsourcing is the game changer for Australian Accounting Outsourcing Best Practice!

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