Focus Report – People
The Australian accounting profession is currently experiencing waves of change. Whether it is the rapid advancement of technology or the rise of a global marketplace, firms must adapt quickly to remain competitive and relevant in the modern environment.
As part of the 2013 The Good, the Bad and the Ugly benchmarking study, Business Fitness has published Focus Reports on relevant changes sweeping the profession. The theme for the first Focus Report is People.
With staff turnover at its lowest levels in a decade, cost of labour continuing to increase and clients questioning rising fees, many firms are looking for solutions to these challenges.
The purpose of this report is simply to inform you as directors/partners as to the different models being utilised by progressive firms and what opportunities are available to resource your firm with what is being described as a “modern workforce”. Solutions to achieve the optimum utilisation and overall reduced costs of labour are core objectives for many firms seeking a sustainable future.
Some highlights from the report:
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- The 2013 Good Bad Ugly survey has revealed the lowest levels of staff turnover in over a decade.
- The results indicate that the use of outsourcing is gaining momentum amongst Australian accounting firms, with the number of firms relying on some kind of outsourcing arrangement up 7% since 2010-11 to 27%.
- It appears that firms are now more comfortable with relying on an overseas provider for their outsourcing needs rather than a local Australian provider (40% compared with 38%). This is a total reversal from 2012 results where a majority were utilising the services of a local provider
- Over a seven year period, salaries have increased over 30%.
- More than 66% of firms will employ new staff during the next 12 months with an even spread across the board from juniors, intermediates and senior accounts to administration staff.
- There has been a significant shift towards SMSF and tax and accounting work now being outsourced. Previously a majority of the work being outsourced was SMSF audits.
Business Focus continues to provide the ‘how to’ behind new opportunities that are currently being presented to the accounting profession. We’re is excited about future opportunities available through technology and general market disruption, and remain focused on creating modern relevant ‘firms of the future’.
For more information, go to The Business Fitness Website
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