#46 - Outsourcing: The Good, the Bad and the Ugly

/ From the Trenches/

A fun week in accounting media. Awesome articles to review and an in-depth that may need to be reviewed every 6 months.

‘From The Trenches’ - Real Life in the Accounting Industry presented by Paul Meissner and David Boyar.

Episode 46.png

Categories: Zoho ICICI Integration, Tax Office Targets WRE’s, Outsourcing

Tags: Zoho, Icici, Acca, Tax, Tax Commissioner, WRE’s, Nick Urry, Dexterous Group, Offshore Teams, Outsourcing

 

Show Notes

Snippets/Audio Grabs:

·         Thanks to those who send in feedback. We’re loving it.

·         We have launched From The Trenches Twitter account using snippets from the new blog. https://twitter.com/FTTcommunity

 

01:09 Best on Ground:

David

ACCA Opens Registration For Two New Exams

https://www.accountingtoday.com/news/acca-opens-registration-for-two-new-exams

ACCA students can soon study Strategic Business Leader and Strategic Business Reporting. Great opportunity to address skills gap in this area.

 

How 1 Missing Comma Just Cost This Company $5 Million (but Did Make Its Employees $5 Million Richer)

https://www.inc.com/jeff-haden/how-1-missing-comma-just-cost-this-company-5-million-but-did-make-its-employees-5-million-richer.html?cid=sf01001&sr_share=twitter

Incorrect punctuation can be costly. Always dot your i’s, cross your t’s, and use your Oxford comma (like we just did).

Paul

Transparency in Lending

http://financialnet.com.au/transparency-in-lending-matters/

Hidden costs of secondary lending causes surprises. Comparing loans can be hard. We need something like a food labelling system.

11:23 Worst on Ground:

David

Accountant confronts clients in profanity-laced outburst

https://www.accountingweb.co.uk/practice/general-practice/accountant-confronts-clients-in-profanity-laced-outburst?utm_content=bufferba686&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Can accountants not vent in public?

Zoho ties up with ICICI Bank for integrated platform

http://www.thehindubusinessline.com/info-tech/accounting-software-products-company-zoho-ties-up-with-icici-bank/article22731189.ece/amp/?__twitter_impression=true

With the Royal Commission into conduct of banks, can we trust banks to do our accounting?

 

Paul

ATO defends position as ‘recklessness, fraud’ surface with popular deductions

https://www.accountantsdaily.com.au/tax-compliance/11312-ato-defends-position-as-recklessness-fraud-surface-with-popular-deductions

Why is the tax commissioner publicly talking about the ATO targeting WRE's? Is it an issue or has he been misquoted?

 

21:17 5 in 5 Summary:

In Nick Urry co-founded Dexterous Group in Sydney in 2015. We wanted to challenge the traditional accounting model by blending cloud-based software, an onshore client management team, and an offshore operations team. Our UVP’s include:

·         Charging an affordable fixed price.

·         Manila-based team handles transaction, reporting, and analysis work. They are regularly trained and operate at a high skill level.

·         Onshore team provide face time and client engagement.

·         We’ve grown fast because we keep things simple.

·         Strategic partnerships include virtual CFO’s, business coaches, and all those who see financials everyday but can’t get a good set of numbers.

·         Our biggest challenge is finding the right people for our onshore team. Newest members have a range of specific skills that will help fill our needs.

·         Process, people, and technology are your best friends.

 

28:10 In-Depth Topic: Outsourcing - The Good, The Bad And The Ugly

Using offshore teams to cope with growing needs.

Common issues: Easier to do it yourself than to show someone else, especially for small firms. Staff don’t have the time to train others. Offshore suppliers can have a high staff turnover rate. Time differences.

Making it work: Internal support and admin systems processes need to be sound. Treat them like they are your staff members and train them well.