Remote outsourcing firm offers affordable service

A MAURITIAN accountancy firm is making its mark in the islands by taking outsourced business from the finance industry. Tommy Lo, director of Odyssey Outsourcing, claims to be able to provide remote services to Guernsey companies at less than half the price demanded by his local counterparts.

And with Mauritius's excellent telecommunication links, he said he can keep in touch with clients as if he were based down the street.

Mr Lo said the need for local finance houses and other businesses to improve their efficiency under zero-10, coupled with a limited local labour resource, should keep him increasingly busy.

He makes regular trips to the Channel Islands to meet existing clients and other interested parties.

One happy customer is Jersey-based Basel Trust Group.

Managing director Julie Coward said it was becoming increasingly hard to find book- and account-keeping staff of the right level of experience. But it needed to keep its clients' statements up to date to operate within the law.

Mr Lo said: 'The main appeal of using us is the savings involved and speed of response. Companies these days are outsourcing more and more of the back-office functions and this is a logical development, especially with the high and rising cost of qualified staff and office accommodation.'

Odyssey offers client accounting, take-on procedures and assistance with internet-related promotional activities. It is part of Intercontinental Trust, which has 85 staff, most of which are ACCA-qualified or graduates studying to be accountants.

Mrs Coward said the company was extremely happy with the service.

'Odyssey offers a professional, competent service and the staff are keen to assist. And the time difference works in our favour as well. Because it is a few hours ahead, if we send it an accounting query on Monday evening the response is waiting on our desk on Tuesday morning.'

Odyssey communicates with its foreign clients by establishing a direct IT link - a virtual private network - with the companies' computer systems.

Mr Lo said: 'Access can be provided through any existing remote-access facilities and is sent over secure lines using encryption.

'Alternatively, a client can send data in batches to a folder within the Odyssey server in Mauritius and the company can then work on the data before returning the finished accounts to the client. In either case, to ensure confidentiality, Odyssey has access only to the data that they need for the job.'

Mr Lo qualified as a chartered accountant in the UK before returning to Mauritius in 1989.

He initially worked in the auditing department for local firm Arthur Andersen. He subsequently joined a group of companies mainly involved in property, which later diversified into financial services. Seven years ago he set up Intercontinental Trust with a former Arthur Andersen colleague. Odyssey was recently set up as an offshoot of it.

Retired banker Daniel Thebault acts as his Channel Islands representative. Based in Jersey, he visits Guernsey regularly.