The annual Australian Bureau of Statistics 2021 census data was recently released, and there are some nuggets of information for Australian accounting firm owners. Some of the stranger numbers must be attributed to Covid, and the particular states approach to lockdowns. Many city dwellers have moved to regional locations away from the cities, especially those that had tough long lockdowns. …
Upsurge in accounting salaries, skills needed in data visualization and SME insight analysis
As the AFR recently noted, we’re still seeing the war for Australian accounting talent is becoming increasingly fierce. At the smaller end of the town, in the suburbs and the regional areas, it’s becoming increasingly difficult to compete with the larger salaries being offered by the bigger firms. One recent article mentioned “raids” of smaller firms by bigger companies, often …
Job vacancies at all-time high
It’s a difficult time to be looking for more accounting resources. We’re seeing increased pressures on accounting wages domestically due to the three prong factors of limited skilled short term and long term immigration exacerbated by budget cuts in the home affairs department (responsible for processing skilled visas), reduction of international students in the Australian universities, and high job vacancy …
How the fluctuating Australian accounting dollar impacts overseas labour hire companies
It’s no secret that many Australian SME firms have been seeking labour hire overseas, with the risk as these services are usually quoted and paid in the foreign country source currency. With an Australian accounting dollar noted as a fluctuating currency, and the recent economic turmoil, especially in times of high inflation, it’s sure the foreign country source currency can …
Inflation and wage rises to affect Australian accounting firm owners
Over the next 12 months we can expect increased pressures on pricing for domestic Australian accounting employees. At the moment, the Australian Bureau of statistics has the November 2021 Full-time adult average weekly total earnings at just under $2,000, with specific higher demand industries being above average. The Australian accounting news sources are already reporting large salaries being offered to …
Focus on the client and leave the Australian compliance tax work to Odyssey outsourcing
Are you too busy? We recently received a comment from a client that pretty much summed up everything good about outsourcing your compliance work. Odyssey believes that Australian SME businesses are best served when Australian accounting firms are providing additional work outside the compliance space. And with a never ending raft of new tax laws, guidance notes, practice notes and …
Why Australian accounting firm owners need to get out of the office (permanently)
The successful practice does not need the Australian accounting firm owner to be present in the office, and should not need the owner to be contributing to the bottom line. Allow me to explain by way of the evolution of the accounting firm. In the first quadrant, an accountant gains experience through working for another accounting firm as an employee. …
Australian Accountants, Time To Re-Look At Your Banking Security
In the last 3-5 years, there has been increased losses through lax security around bank accounts. Instances include loss of email accounts of senior executives and these accounts are used to email the junior payable accountants requesting payments to fraudsters bank accounts, all the way to loss of control of bank accounts through loss of control of mobile phone banking. …
Australian Accountants, Time To Re-Look At Your Mobile Phone Security
In the last few years, there has been increased activity by nefarious actors in the identity theft and bank hacking. Many bank hacks occur with the loss of control over the mobile phone number, frequently through SIM jacking. There are plenty of sites online that can give information on how best to protect your mobile number from being hijacked. Losing …
Australian Accountants, Why You Need At Least 3 Email Addresses
In today’s secure environment, it’s no longer acceptable for Australian accounting firms to deploy just one email address. Indeed, Australian accounting firm owners should be deploying at least 3 email addresses. The 3 email addresses we suggest are: A public company email address A public personal email address A private personal email address Let’s get down to the reasons for …
