The new business, Fortnum Professional Strategies, will provide accountants with a class of product licensing options as well as complementary services including education, training and business coaching.
The company has been established to help accountants understand and meet their obligations under the government’s new regulatory framework, according to Fortnum.
Fortnum Professional Strategies will be led by former Proactive Accountants Network coaching program manager Scott Charlton, who is also the head of strategic development at Fortnum Private Wealth.
Mr Charlton said that while many organisations have launched a licensing solution, licensing alone won’t ensure that accountants and their clients are better off under the new regime.
“In addition to licensing, we want to give accountants clarity and direction around their business model. We want to help them run more productive, efficient and profitable practices through training, coaching and interaction with their peers.”
The recent exit of Proactive Accountants Network from the training space created an opportunity for Fortnum to help accountants impacted by the removal of the accountants’ exemption. Proactive Accountants Network recently relaunched itself as software company PANALITIX offering accountants a software solution to monitor their clients’ performance.
Fortnum executive chairman Ray Miles said there is currently strong demand for licensing solutions and development programs specifically designed for accountants.
“We aren’t interested in working with accountants who want the cheapest solution. We don’t believe that the challenges facing accountants can be solved with licensing or software alone but rather we want to partner with people to implement effective programs and help grow their business,” Mr Miles said.