Digital Content Bylines

Staffing shortages and evolving compliance demands pose recurring challenges across the financial services sector, prompting firms to seek alternative solutions. Outsourcing has emerged as a potential lifeline during peak season pressure.

But can tapping into global talent or seasonal workers sustain competitiveness? And how can firms ensure their outsourced operations remain secure and efficient when cybersecurity threats are pervasive?

Tax season isn’t just a flurry of spreadsheets and filing deadlines—it’s when accounting firms become data powerhouses and high-value targets for cybercrimes. From Tax File Numbers and bank accounts to clients’ business records flowing through digital pipelines, cybercriminals seize the opportunity, lying in wait to exploit vulnerabilities during the busiest time of the financial year.

While the fairy lights twinkle and office parties wind down, cybercriminals seize the opportunity to launch their most aggressive campaigns of the year.

As the holidays draw near, cybercriminals gear up for their version of festivities, exploiting the season’s distractions to target vulnerable businesses, especially accounting firms. For accounting firms, this time of giving often becomes a time of taking, with cyberattacks surging during the holiday season.

As technology progresses, the stakes for cybersecurity have soared. It’s no longer a “nice-to-have” but a prerequisite for business continuity. More than just a precaution, cybersecurity is now a mandated responsibility.

The Australian Federal Government has made this clear through legislative reforms, proving that it stays ahead with global best practices in cybersecurity, including the newly enacted Cyber Security Act 2024.

As part of this effort, the government introduced the Cyber Security Legislative Package 2024 in October, which included the Cybersecurity Bill 2024 to implement stronger laws and better safeguard Australia’s critical infrastructure and digital environment across all sectors.

The appeal of offshoring is undeniable as the accounting industry embraces digital transformation. It has become a valuable, often overlooked, strategy for firms seeking a competitive edge in a globalized economy. Offshoring offers a range of attractive benefits from accessing a diverse pool of global talent, and multicultural teams to reducing business costs and offering round-the-clock service to clients.

However, these advantages can come with significant challenges.

As firms and businesses scale, the complexities of expense management grow bigger, which often leads to financial discrepancies and the likelihood of human error. Featured in the 2024-2025 Cloud Accounting Report, cloud-based software like Hubdoc and Dext are transforming expense management this year, helping accounting professionals streamline processes and improve financial data accuracy.