Odyssey Resources
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Odyssey Resources was originally formed in 1998, and was one of the first movers to offer Australian outsourced services in 2006. Australian owned Outsourced Accounting services, Odyssey Resources is an independent mid-tier firm operating in Vietnam. Odyssey provides Outsourced Accounting, Tax and Bookkeeping services to Australia and Vietnam.
Odyssey Resources
2w ago
In the rapidly evolving world of Australian accounting, offshore outsourcing has emerged as a powerful strategy, transforming how firms operate and maintain a competitive edge. This is no longer a hidden secret—up to one-third of staff in Australia’s top 100 accounting firms are now located offshore. With major players like Deloitte and EY pioneering offshore workforce strategies for over two ...
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The post Why Top 100 Accounting Firms Are Embracing Outsourcing: Trends, Benefits, and Future Insights appeared first on Odyssey Resources ..read more
Odyssey Resources | Outsourcing
7M ago
The Australian accounting shortage is likely to continue due to a number of contributing factors:
Higher numbers of accounting services businesses
A halving of accounting graduates
Accounting profession has declining appearl
Graduates struggling with workloads, and needing more mentoring and assistance
Below we cover these issues.
Accountant shortage, knowledge gap a ‘grave concern’ for leaders
Currently, there are 37,428 accounting services businesses in Australia. This figure is expected to grow by 2 per cent year on year. Concerningly, the number of accounting graduates&nbs ..read more
Odyssey Resources | Outsourcing
9M ago
In January 2024 CPA Australia released a report that showed the number of students completing bachelor-level and above programs in accounting had almost halved in the decade to 2020 to just 2,278 a year. Given the number of Accounting Services businesses in Australia has been reported at 37,428 (as of 2024), and there has been an increase in firms of 2% from 2023, we can expect ongoing increases in firms. The 37,000 firms have been supported by the 128,870 people working within the Australian accounting services industry. With 2,278 graduates being available annually, there is going to be a co ..read more
Odyssey Resources | Outsourcing
10M ago
In the wake of Australia’s new “right to disconnect” laws, many Australian accounting firms are reevaluating their operational strategies, particularly in terms of maintaining productivity and ensuring service availability. Offshore labour emerges as a strategic solution in an ever-changing Australian labour market, offering numerous benefits that can help Australian accounting firms navigate these new regulations while staying competitive in the Australian (and global) market.
With Australian workers now given a clear sign they can clock off once their contractual time is completed, it’s like ..read more
Odyssey Resources | Outsourcing
1y ago
In an era where technology is at the forefront of most industries, accounting firms are not exempt from the transformative wave. However, even with advanced technological tools at their disposal, these firms face a persistent challenge: a shortage of skilled accountants.
This dilemma raises a crucial question: Does resorting to outsourcing offshore comprehensively address this issue, or is it just a partial solution?
The accountant shortage dilemma
The accounting industry, despite its rapid digitalisation and adoption of tech solutions, continues to grapple with a significant talent shortage ..read more
Odyssey Resources | Outsourcing
1y ago
Over a decade ago, the term “offshore accounting” began gaining traction in Australia primarily due to the ongoing skills shortage. Offshore outsourced accounting has emerged as a new business model development.
In response, numerous Australian accounting firms started outsourcing their accounting processes to offshore locations. This approach aimed to address the scarcity of skilled accounting professionals and reduce overhead costs.
If you own an accounting firm in Australia, you might have heard about offshore accounting but may not have engaged with it yet. You may have questions about how ..read more
Odyssey Resources | Outsourcing
1y ago
You must be tired of hearing about the Australian skills shortage in the accounting industry over time, from your daily news stories to social media feeds. Particularly, many Australian accounting firms have found themselves entrenched in this woeful and sticky situation.
Let’s dive into the details of the accountant shortage in the Australian labour market and how Australian accounting firms responded to the situation.
1. The context of the Australian accountancy labour market where skills shortage exists
A recent 2023 report revealed that 46% of accounting teams were shorted on accountants ..read more
Odyssey Resources | Outsourcing
1y ago
Over the past few years, demand for accounting services has kept increasing. In the meanwhile, the Australian accounting industry has been facing critical skills shortages and the ability to catch up with market trends.
The industry is now highly labour-intensive that requires a large number of accountants. Many are seeking offshore accounting workforce to overcome or at least mitigate the situation. Not only that, firms are also raising issues with information security, regulatory changes, leveraging technologies, and more.
Let’s explore top 6 drivers of your Australian accounting firms to fi ..read more
Odyssey Resources | Outsourcing
1y ago
I was really happy recently to receive a great client comment on the Odyssey helping them “enjoying work for the first time in 2 decades, and looking forward to getting some time off and a life”.
There’s really nothing to add to the blog this week, but just to copy the email as received. We’ll allow you to ponder whether you too might benefit from outsourcing!
Hi,
I just wanted to express my appreciation of the most positive and professional staff that just met with me. I am sorry I didn’t get their names however you must be proud of them. It’s really easy to compliment your staff and organisa ..read more
Odyssey Resources | Outsourcing
1y ago
I spoke to the director of an Australian firm last week who had staff resource issues, and he’d indicated he had both bookkeepers and compliance staff in an offshore location. He’d had these staff for a couple of years and had trained them up in both SMSF and compliance (company, trust partnership, sole trader and individual returns).
This firm had 125 SMSF’s and all was going well. They’d invested the time to go over to the Philippines to train these staff, spent scarce manager time reviewing their work and upgrading their skills, engaged with them as team members through remote chat programs ..read more