June 8, 2016 4:35 pm | Updated 2 years ago.
Accountants in Australia are presently offshoring their work to India and the Philippines to get time-consuming work done at cheaper rates. Consumers are clueless about this practice as they seldom have any information about the person handling their finances in the back-end. Consumers are often ready to pay a little extra to avail better quality accounting services. This practice is followed generally by many accountants to boost their profit margins.
According to Lee Court of BOSS (Back Office Shared Services) that for accountancy firms this legal way to drastically enhance their profit. CPA Australia makes it mandatory for its members to stringently adhere to the rules and regulations defined by the Accounting Professional and Ethical Standards Board. This also encompasses the fact that offshore outsourcing service providers have to maintain certain professional standards both in terms of service and data security. The standard boards have also made it compulsory for businesses houses to inform clients about the geographical location and area of responsibility of the outsourced work.
Date of Publication: June 8, 2016