Odyssey's Snippet #1: Whether your accounting firm is too small for outsourcing?

Today I wanted to talk about whether your accounting firm is too small for outsourcing. With more than two decades in the Australian accounting outsourcing industry, Odyssey is recognised as a pioneer in the outsourcing space and has serviced more than a thousand Australian accounting firms over the last 15 to 20 years. We have clients who are sole practitioners as well as clients who have offices all over Australia. Any accounting firm, regardless of size, can benefit from from outsourcing. In fact, through outsourcing to a skilled provider, smaller firms can compete with larger firms on complexity and capacity. For small firms in particular, outsourcing can save you money by enabling you to continue to service your clients in busy periods through utilising ad hoc capacity allowing you to efficiently get through your compliance work. Also, outsourcing provides the opportunity to make your firm more effective through allowing your current employees to focus on your clients in the present and assist with their future through tax strategies and forecasting which is higher value added work and ensures your clients future and your future compliance work. In these current times we are seeing severe skills shortages in Australia and in the Australian accounting industry. We are expecting the impact of COVID may impact the Australian accounting labour landscape out to five years. Foreign workers are not yet coming back to Australia in sufficient numbers anytime soon. Australian universities will have a couple of years where foreign graduates will be lower than previous numbers and many Australian accountants are part of the Great Resignation who are seeking a different lifestyle if not moving overseas. Finding local staff is not going to be as easy and affordable. With inflation and wage growth a reality and there's still the question of working from home versus working in the office, it's no wonder many accounting firms are considering outsourcing. If you have any issues you'd like me to address in these small snippets, please feel free to drop me a line in the comment section below and I'll go over them in my next snippets. Thank you.