The 7 top challenges in auditing SMSF’s over the next decade

David CarterGeneral

SMSF auditors

With many recent developments in the SMSF area, it’s hard to take a step back and take a hard look at the future of the SMSF audit, and even the SMSF auditing profession as a whole. Certainly, there are some very close “in your face” issues that are at the forefront of SMSF auditors minds: Visits by the ATO, ASIC or … Read More

Australian Accounting Compliance workplace experience is needed to fight the rise of the machines!

David CarterAutomation

Rise of the machines

We live in a dramatically different world that is different because of globalization and technology.  Outsource your work to a quality company like Odyssey, and get on with adopting new technology. Your future, and your children’s future, depends on it! As we head into this New Wave of industrialization, there is a need to look at not only where the compliance … Read More

6 Good Reasons to outsource your Australian Compliance work to an expert

David CarterOutsourcing

8 Reasons why you should outsource

Outsourcing (and not offshore labour hire) can bring many benefits to your business. It’s critical that business owners remain alert and agile to ever present changing market conditions. Outsourcing now is a business norm, and yet there are still a few Australian accountants not yet fully into Outsourcing. With change an ever constant, especially not only as we’ve recently seen … Read More

Will the rise of the Gig economy hit Australian compliance, or outsourcing?

David CarterOutsourcing

Will the rise of the Gig economy hit Australian compliance, or outsourcing?

It was interesting to note the Australian economists remarking on the Australian economy earlier this year note that in January there was a 16k increase in employment consisting of a 50k drop in full-time employment and a 66k increase in part-time work. At that time the economists were estimating a 20k increase in employment. It’s interesting to think further on … Read More

Offshoring is Bloody hard

David CarterOutsourcing

Offshoring is Bloody hard

We spoke to an accounting firm and they were talking to us about their experience in the Philippines. They were talking to the Odyssey as they were having a person going on maternity leave and wanted something initially temporary in place, but it might grow to be full time. They’d hear about the Odyssey at a conference last year from … Read More

5 Threats to Australian compliance work today

David CarterGeneral

In this blog we put down our thoughts on the 5 big threats to the future of Australian compliance. Software houses and Artificial Intelligence Starting the countdown from the most important threat (I guess that means we have the drumroll first), is Software houses and Artificial Intelligence. We put these at the top of our list, and research shows that … Read More

Is a black swan event just around the corner for Australian compliance?

David CarterOutsourcing

Australian Compliance and Outsourcing

With Mother’s Day just past there has been some interesting online discussion about the commoditisation of the florist industry. There are many similarities to the “Commoditisation of Compliance”. We are all familiar with Airbnb, Uber and the other connectors in the industry, and their margins are well known. Airbnb offers a more unique product while Uber offers a transport which … Read More

Will Australia’s minimum wage force more work offshore?

David CarterGeneral

Quick Question: In what country is it permissible under law to pay a minimum wage of US$2.13 per hour plus tips, or US$4.25 an hour for the first 90 calendar days of employment if under 20? Ok so yes, we agree the US$7.25 minimum wage in the US is probably a more reflective figure. But it’s still remarkably lower than the … Read More