How accountants can adapt to the new Aussie dream of entrepreneurship

Risk perception has also shifted, with 36 per cent viewing cryptocurrency and 19 per cent seeing shares as the riskiest ways to grow wealth.

For accounting professionals, this means a shift to managing “high volumes of micro-entities that require real-time advice rather than annual check-ins,” according to Head of SMB, Intuit APAC, Ada Wang.

She added: “The side hustle economy is a real thing. Intuit’s Entrepreneurship Report shows 43 per cent of Australians earned income from a side hustle in the past year.”

Beyond cost of living itself, changes to the hiring landscape, increasing demand for flexible work and the accessibility of the internet in business promotion are all factors that have fuelled this shift.

AI has also proven to be a key enabler of small business growth, with 66 per cent of surveyed Aussies reporting they are likely to use this tech to help launch or formalise a business. 

Combined with the median start-up cost sitting around $20K, far below a house deposit, it is no surprise that rates are accelerating and business practices are evolving.

Wang also highlighted that, while technology has lowered startup costs and AI assisted in market research and strategy, the need for human expertise has not disappeared.

“While 66 per cent of people will use AI to launch, our research shows that 37 per cent of small business owners trust a human expert for growth advice, compared to only 20 per cent who trust AI alone,” she stated.

“AI is the engine, but the accountant remains the driver.”

According to Wang, this also means “CFOs should expect employees to have external business interests and should look at how internal corporate structures can mirror the agility of lean, AI-driven startups to retain talent.”

A clear narrative shift is occurring - where Australians are looking for something they can control, and for many, building a business feels more achievable than buying a home.

In response, according to Wang, “accountants are moving from tax compliance to growth architects”.

For those interested in starting a small business, Wang advised “not to wait for perfection. Use low-cost digital tools to launch a minimum viable product. Focus on cash flow and automation from day one.” 

However, she asserted that "managing a hybrid income made up of salary and business creates tax and cash-flow headaches that many are unprepared for.”

“This is where a tech-forward accountant becomes a founder’s greatest asset - not just for compliance, but for translating complex data into a clear roadmap for long-term wealth.”