For those of us that have been trying to work from home, while at the same time keeping a glancing eye on our children also doing school from at home, there must have been some questions in the backs of our minds, especially related to the fees we are paying for our children’s education. Regardless of whether our children are …
Australian accounting outsourcing: Is the genie out of the bottle?
We’re already seeing some interesting changes in the Australian medical profession recently. More doctors are doing online consultations, and it’s a new strange world. Are we one step away from allowing foreign doctors handle online consultations. There are already specialists in offshore places analysing x-rays and various reports. How far away are we from a computerised system that can handle …
Australian accounting tax Outsourcing: ” The bitterness of poor quality remains long after the sweetness of low price is forgotten”
More than ever Australian accounting firms are looking at utilizing offshore resources to assist with their compliance work, and in this unsure age where the SME client numbers are unstable, more Australian accounting firm owners are looking to ad-hoc resource suppliers, just in case the workload increases significantly beyond inhouse capacity. At the same time, the complexity of the recent …
Australian tax specialists: Remote learning options coming to the fore
With many Australian accountants being under restricted movements, the requirements for professional learning haven’t ceased. At the same time, with social distancing rules in place across much of Australia, the bottom has fallen out of physical conferences, as well as the opportunity for many suppliers to get their services or products in front of Australian accountants. Hence there is a …
Australian accountants: Are you working as best as you can in remote mode?
We’re seeing and hearing from our clients that some of them have been taken by surprise by the recent and quick move to lock down in Australia. Despite providing pretty much the same compliance services to the public, remote work for firms has been a huge range from “not a problem” to “very difficult”. For more progressive firm owners who …
Australian SMSF auditors: including the extra Coronavirus Disease (COVID-19) Notification
With the longer term impact of COVID-19 as yet one of the unknowns, there has been recent news regarding disclosure requirements for SMSF trustees who have not yet completed their 2019 financial year accounts. We’ve seen some recommendations related to the need to disclose the pandemic as a significant event in the “Events subsequent to Balance Date”. Accountants should be …
Forex Risks: It’s time for Australian accounting firms with offshore labour resources to look at the fine print
The Australian dollar is diving down. Australian SME’s need to not only manage supply chains in a difficult time, but also manage the foreign exchange issues. Since the beginning of 2020, many offshore markets such as Vietnam, India and Philippines are observing a big down in foreign exchange rate with Australian dollar. For example, Philippine peso has gone down from …
The Coronavirus challenge: Forget the historical Compliance work, now is the time for Australian accounting firms to be working real-time with their SME clients to support and ensure their survival…!
The world has been scrambling to deal with the outbreak of Coronavirus. Governments are limiting travel and imposing quarantines to curb the spread of the Virus. Conferences and meetings are being cancelled. Key supply chains around the world are disrupted. Many businesses are struggling, releasing staff, or just shuttering their doors. Accounting firms are operating in a difficult environment with …
Top 5 Accounting Trends Which Will Shape Australian Accounting Industry in 2020, and Beyond
Being an Australian accounting professional, you will wish to maintain your competitive advantage in 2020 and beyond. For that, it’s vital that you understand important accounting trends. The prominent of Cloud-based Software and AI The technology has continuously developed and provided more effective applications to boost various accounting tasks, such as bookkeeping and tax preparation. Among technology trends in accounting, …
Design Metrics to Measure your Australian Accounting Outsourcing Performance
When outsourcing accounting work to overseas has become a trend to many Australian accounting firms, measuring your outsourcing partner’s performance is important for your firm growth and to optimize the outsourcing benefits. In a previous article, we talked about the Guidelines to choose the right outsourcing partner. Metrics are useful for decision-making. Let’s design the metrics (Key Performance Indicators) to …
