The EY Digital Australia: State of the Nation report provides a view of digital engagement amongst Australians. The report noticed a step change in 2015 in smartphone usage. Smartphone usage pushed through the 80% mark in this survey with 96% of 18-34 year olds using a smartphone. Consumers reveal many Australian companies fail to get the basics right, and the …
Fintech: (Re)Shaping Financial Services
PWC have just released their Global FinTech report dated March 2016 titled “Blurred Lines: How FintTech is shaping Financial Services” In the report they note that more than 20% of Financial Services business is at risk to FinTechs by 2020, and 57% are unsure about or unlikely to respond to blockchain technology. Interestingly another word accountants are familiar with is …
Firm of the Future
In 2007 CPA Australia released its Firm of the Future report. Many of the key drivers of change identified in 2007 came about including technology developments, business processes, knowledge management and the mobile workforce. Underlying enablers we now take for granted weren’t in existence at that time. Iphones, ipads, apple watches and swipe technology were still on the drawing board. …
Accounting Market Pulse
In December 2015 the CommBank released their regular Accounting market pulse. As one managing partner commented: Accountants need to think differently going forward if they are to maintain revenue and margin. The trend to outsource and/offshore compliance based or shared services to lower cost providers continues. In terms of outsourcing, 100% of large firms will increase their outsourcing over the …
Offshoring: Pursuing a more efficient frontier
Constant pressure on the bottom line and a desire to do more with less have resulted in a number of SMSF businesses investigating offshoring opportunities as a viable way to cut costs, improve efficiency and increase their profit margins. Odyssey Resources which started a decade ago and is the largest offshore services provider to Australia, now has around 250 staff …
Chartered Accountants Australia + New Zealand examines The Future of Work: How can we adapt to survive and thrive?
The Chartered Accountants Australia + New Zealand have released The Future of Work: How can we adapt to survive and thrive? This publication examines mega-trends that continue to shape Australia, such as the erosion of geographical barriers; an ageing population; digital disruption; and, the rise of the peer-to-peer economy. The publication poses questions and intends to start the debate on …
Do Labour Hire firms need to register with the TPB?
The TPB has released an information sheet on 8 January 2016 [TPB(I) 26/2016 Labour hire/on-hire firms] to assist labour hire/on-hire firms involved in the provision of tax related services to understand the operation of the tax agent services regime and whether or not they need to register with the TPB. If the labour hire/on-hire firm is involved in placing a …
What is the future for Offshoring?
In December 2015 the CA’s future[inc] released a report on the future of offshoring. Globalisation, technology, reduction in barriers to services trade and pressure on fees have impacted outsourcing and offshoring. Labour is no longer tethered to fixed capital and tasks can now easily be outsourced offshore or even automated via the cloud. With the demographic tide turning, Australia will …
The Philippines pulls rank in the customer service industry
The Philippines is now being claimed as a “go-to” destination for outsourcing activities. When you consider the high cost of compliance in Australia, there was very little or no difference in quality and a significant saving in costs… Not all accountants, however, are sold on the idea of outsourcing. BPO isn’t right for every situation, but expert groups argue it …
Cloud computing and the Code of Professional Conduct. TPB Exposure draft
The Tax Practitioners Board (TPB) has released an exposure draft on Cloud Computing. Per the ED, a registered agent must know and understand the nature of any cloud computing arrangements they enter into, particularly in the context of how these arrangements impact upon the tax agent services being delivered to their client. Cloud services include information storage, lodgment of returns, …
