Outsourcing versus DIY: Why are Australian accountants still doing compliance?

David CarterOutsourcing

Outsourcing vs do it inhouse

Do you Uber, Airbnb, use any of the great sites that are out there. How about the gig economy – have you tried resources from there yet?

We’re all secretly DIY where we can. Save a few bucks. The joy of doing something ourselves. Which is why we probably have rules about important things like electricity and needing to have an electrician even if just to put in a $220 power point!

But for some reason, Australian accountants like to keep their compliance work in-house. We’ve heard plenty of reasons over the years. Staff overseas can’t do the work as good as we can do it here. I’ll do it myself and save a few bucks (we usually have that one from the business owner who is still completing a tax return 10pm on a Saturday evening).. Or what about, I can do it in faster hours than your staff – we get that one a lot, especially when people fib on their time-sheets, or move hours from one overrun job to another bucket.. Yes, this happens!

Usually there is the initial fear of the unknown, a sense of loss of control, a sense of not knowing what to do with the additional time savings that inevitably occurs. It’s safer to just keep doing the compliance work until it either stops coming in the front door (highly unlikely as the tax rules keep changing) or they retire.

So it takes strong owners to take a step back, make the decision that they want to free up their time to do other things – be it in the business or personal things, and then push ahead.

Moving out of the comfort zone is never easy. It seems easier when we are younger, but most Accounting firm business owners aren’t particularly young. And that means change is difficult. Any change is difficult.

At the end of the day it’s about pursuing your dreams, and I’m pretty sure most Australian accounting business owners didn’t start out with the vision they’d be chained to their desks until they retired.

Make the change. Ask Odyssey how we can help!