Outsourcing (and not offshore labour hire) can bring many benefits to your business. It’s critical that business owners remain alert and agile to ever present changing market conditions.
Outsourcing now is a business norm, and yet there are still a few Australian accountants not yet fully into Outsourcing.
With change an ever constant, especially not only as we’ve recently seen in politics, but also in our compliance legislation, it’s no wonder Australian accountants are on the back foot with not only the ongoing myriad of legislative changes, let alone those that might or might not become law, but at the same time there is an ever changing number of tools in the cloud for compliance work. At the same time, accounting firm owners have to be on top of their marketing and sales, including digital marketing.
So it’s staggering to try to grasp why Australian accounting firm owners are continuing to hold onto compliance work, when it should be sent out to a competent quality outsourcing provider, so Australian accounting firm owners can get on the front foot in communicating and servicing their clients.
And so, onto our top 6 reasons why your should outsource your Australian compliance work (to Odyssey!!):
- Confidence in the quality of the work done. Outsourcing to a proven compliance provider allows you to have confidence in the work done. This gives you an ability to focus on other areas, but also means that if the ATO or anyone comes knocking that you have a robust bulletproof set of working papers to support the work
- Outsourcing lets you focus on leading edge issues. Outsourcing lets you and your key workers get out there and get amongst your clients making them competitive and profitable!
- The cost savings are considerable. Outsourcing to a good provider not only results in high quality work, but should also result in cost savings due to offshore labour arbitrage.
- Higher levels of service for your customers. Once you are pushing the compliance work out the door to the outsourcer, you should have time to provide a higher service level to your customers. That means meeting them more than once a year when they bring in their tax return!
- When sending the more mundane compliance work to a competent outsourcing company, your employees will be more engaged, on leading edge tasks. That should mean not only higher earnings per staff, but also better employee engagement and better retention of local staff
- A good outsourcing company offers flexibility in use of their services. Flexibility is key in today’s compliance arena. If you haven’t heard the words “pivot-turn” frequently enough then you haven’t been reading enough of your social media links! If you want to take some out-time from your work, then you need a good provider who can ramp up or ramp down their service levels depending on your needs. Take a break shouldn’t involve you worrying whether there is enough work for your local (or offshore) labour!
And if you need assistance with your ad-hoc compliance work then please reach out to the Odyssey.