In the recent years, the Australian accounting industry has been experiencing a significant movement from accounting compliance to accounting advisory. Nowadays, Australian SMEs are not only looking for an accounting firm that can help them on compliance work. Yet they also need a true advisor who can give them strategic guidance in financial reporting and taking better decisions for their …
Australian Accountants: A Bigger Plan for your Accounting firm in the Upcoming Era of Automation
The accounting industry has achieved massive cloud penetration and the laggards or those who will never adopt, will be forced to leave the market. Following this market trend, Odyssey has been converting into the cloud since 2013 and kept upgrading our system to maximize our services efficiency. Many Australian accounting firms are willing to pay more for their bookkeeping platforms …
How Outsourcing Services Bring Value to Australian Accounting Firms
In the past few years, the outsourced accounting industry has kept bringing a lot of values to Australian accounting firms. More and more accounting firms have begun to outsource much more complex jobs not only bookkeeping or data entry, but also tax return, SMSFs, etc. What are the major factors that have driven the high demands of outsourced services in …
Sometimes you just have to fire a client
Last week we had to let go one of our larger clients, who has been a client for almost 10 years. The issue involved several issues, the main one being we were losing money due to scope creep on the services and an unwillingness to renegotiate based on increased scope of services. Letting clients go is a skill we don’t …
Evaluating the Potential risks of Outsourcing your Australian Accounting, Taxation and Bookkeeping Compliance
In the first part of this series, we discussed the benefits of outsourcing accounting, taxation and bookkeeping compliance to an offshore provider. Understanding the risks associated with the outsourcing is as important as evaluating the benefit. Outsourcing has 3 key success factors / risks: Quality, timeliness, price. Generic business risks are generally well understood and relate to a large extent to these key …
Why some Australian accounting firms can’t make outsourcing work
Last week we went through the history of Australian accounting outsourcing. Our CEO David Carter has led the Odyssey in outsourcing to over 1,000 Australian accounting firms over the past 15 years, and Odyssey has completed in excess of 250,000 Australian returns. So we feel we have enough depth and breadth to talk a bit about why some firms can’t …
The history of Australian accounting outsourcing, and why finding quality providers is hard
Our CEO David Carter has led the Odyssey in outsourcing to over 1,000 Australian accounting firms over the past 15 years, and Odyssey has completed in excess of 250,000 Australian returns. So we feel we have enough depth and breadth to talk a bit about the history of Australian accounting outsourcing. Going back to the year dot, when Australian accounting …
2017 Good, Bad, Ugly Poll Results Analysis
This year’s Good, Bad & Ugly Insight poll has recently been released. The 2017 poll generated data on rates and pricing across Australian Accounting firms, which paints a generally optimistic future of how Australian accountants see the year ahead. The impacts on and challenges to the industry seem to be both evolving and staying the same. For the fourth consecutive year …
