While many accountants have been proactive in restructuring their businesses to ensure they are “relevant and successful” in the future, Institute of Public Accountants Victorian Vice President, Sam Zervides, warned that “a significantly greater number” are failing to act.
The Australian Wealth Solutions principal said that, faced with industry disruption exasperated by technology, expiration of the self-managed superannuation fund (SMSF) exemption, Future of Financial Advice and the Royal Commission, the public accountant sector “has no option but to respond and adapt”.
“My greatest concern is that very good accountants with mature businesses are simply going to ‘miss the boat’. Instead of a successful exit into retirement funded from the sale of their businesses, [they] will have no option but to switch off the lights and close their doors,” Zervides said.
“However, it’s not all doom and gloom and I’m pleased to see accountants in increasing numbers are acting by restructuring, adopting new technology and processes.”
Mentor Education Group founder and principal, Mark Sinclair, said that he had seen a trend in accountants enrolling in programs with an emphasis on building productivity and operational efficiency.