May 2019

3 tax law benefits of working with an outsourcing partner

Three unknown benefits of Outsourcing Australian compliance work to a Trusted Outsourcing partner with current knowledge of Australian tax laws

By: Odyssey Outsourcing
Tags: australian tax laws, Quality, realtime, up to date

Australian outsourced tax preparation outsourcing services can help public accounting firms of all sizes. Particularly, outsourcing allows smaller practices to compete with the same quality as larger firms that have invested more heavily in training/systems/procedures.

This week we have a look at three often unknown benefits of outsourcing work to a trusted outsourcing partner

Benefit 1: Zero tension regarding Australian Tax Laws

Australian Tax laws and legislation are always changing, and the future of Australian accounting legislation seems up in the air depending on which government is going to come in.

It is challenging for an accountant or tax professional, no matter how good he or she is at the job, to stay up-to-date with all the changes.

A large outsourcing company like Odyssey has the resources to ensure staff are trained up to current legislation standards. Additionally, having access to a large wealth of experienced managers and staff means that the job can be processed efficiently to exacting standards.

Benefit 2: Zero tension regarding processing of specific one off items under current Australian Tax Laws

Leaving aside legislation, there is always going to be specific purchases/sales or mergers/de-mergers that result in copious amounts of information that need to be sifted through. These are one off items, that may involve research into an area that only affects one client.

For a large outsourcing company like Odyssey, which will process around 50,000 jobs in 2019, there is a real likelihood that the tricky merger/demerger will have already been completed on another clients return.

Even without this, having access to dozens of senior managers mean that we can take the time for our accountants to talk to their managers to work through the problems. It simply means you don’t have to take the time to understand the investment purchase/sale, or the merger/de-merger, especially when it might only relate to one client.

It just simply makes no sense for an Australian accountant to spend time on an issue that just affects one client.

Benefit 3: Allowing you time to review your clients online and realtime

Have you ever been surprised on budget night by some previously unknown change that takes effect immediately? Sure, we’ve seen it happen constantly. When this happens you can expect Odyssey will be on the ball immediately with work that is inhouse.

Where the Australian accounting firm owner needs to be on the ball is to make sure that any client affected is contacted so that impact is discussed immediately, and new investment strategies can be developed.

It’s simply no longer acceptable for an Australian accounting firm owner to be telling their client of legislation changes at the time the tax return is prepared. And there can’t be any surprises when the client has bought sometime (investment property), or engaged in a new hire purchase agreement. Certainly not if the Australian accounting firm owner is assisting with processing online and realtime.

To that end, there should be a database of the investment structure of every client, that the Australian accounting firm owner should have constant access to. This database should allow the Australian accountant to know when the work should be arriving, based on the investment profile. For example, a client with 2 I returns and an SMSF with just cash at bank should be processed pretty early in the tax year.

At the same time, there is no excuse to not know what your client is doing. Every client should be on the cloud, and every Australian accounting firm owner should be processing work real-time (including superfunds!), and updating their database on their clients investments. You should know, for every client, when their return is able to be processed, depending on their current investments.

If it’s time to free up your time to start working online and realtime with your clients, then it’s time to contact  Odyssey Outsourcing Vietnam to discuss how we can assist with quality, timely Australian accounting and tax compliance work.

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