Top 5 Things Accounting Industry Doesn't Want You to Know

As a small business owner, you rely on your accountant to provide accurate financial advice and handle sensitive information. But did you know that many accounting firms are offshoring work to overseas countries, where inexperienced and unqualified accountants are handling your data? Here are the top 5 things the accounting industry doesn't want you to know:

1. Offshoring of Work

Many accounting firms are offshoring work to overseas countries to save on costs. However, this can be risky, as unqualified and inexperienced accountants may be handling your financial data. This can result in mistakes and potential risks, putting your business at risk.

2. Data Security

When your work is offshored, your data is being shipped off along with it. This means that you have no control over what the overseas workers do with your personal information, such as your name, date of birth, TFN, address and licence number. This can lead to potential security breaches, putting your personal information at risk. If it happened to Optus, Medibank and Latitude via hacking, what do you think could happen to your data being willingly given to overseas individuals to work on?

3. Fees Not Reduced

While accounting firms may be benefiting from offshoring paying as little as $8 per hour, I can guarantee your fees have not gone down! You are still paying the same or even higher fees for the work, but the quality of the work is potentially compromised along with your identity.

4. Work Completed by Unqualified Staff

If your work is being completed within Australia, it may still be handled by junior or unqualified staff members rather than the director or partner of the firm. This can result in a lack of expertise and experience being applied to your financial data, potentially leading to mistakes and missed opportunities.

5. Focus on Turnover Rather than Quality

Many accounting firms focus on turning over time of work with the least amount of time and analysis spent. This may result in lower fees, but it can cost you in the future. By not spending enough time analysing your financial data, you may end up paying higher taxes or be at a higher risk of an ATO audit.

After dedicating my career to Mid-tier firms, I made the conscious decision to leave my plush office and Directorship. My reason for doing so? I simply could not continue to follow the industry norm of outsourcing work to the Philippines and India, thus putting client confidentiality and outcomes at risk. When it comes to choosing an accounting firm, it's vital to take these issues into account.

At Veritax, we are proud to offer a guarantee that your work will never be offshored, nor will your data be shared overseas or sold. What's more, you can rest assured that only Australian-trained and fully certified accountants, who are full voting members of either CPA Australia or CANZ, will ever touch your work. Our team is dedicated to delivering a personalised service that's second to none. We understand that handling your sensitive information is a serious responsibility, which is why we take every measure to ensure accuracy and care. Don't settle for a firm that puts your business at risk. Contact Veritax today for a free consultation and discover the difference that reliable, personalised service can make.