Greg Holman, co-founder of independently-owned financial planning and accounting group GPS Wealth, warned accountants not to leave it too late before becoming licensed and gaining any new qualifications they need, given the removal of the accountants’ exemption is less than one year away.
Mr Holman said the new regime should not necessarily be seen as a burden.
“The new licensing requirements should be seen by accountants as a tremendous opportunity to expand their service offer, provide a more holistic advice proposition, diversify and lift their revenue, and boost the valuation of their practices,” he said.
“Accountants who get licensed early can get a big jump on their competitors and demonstrate that they are a true leader in the accounting profession.”
GPS has recently seen an increase in demand for licensing and training, said Mr Holman, warning that those who leave it too late may miss out.
“Demand for RG146 courses is already ramping up, and there’ll be an explosion of accountants looking to become licensed for the first time, ahead of July 1, 2016,” Mr Holman said.
GPS Wealth has two licensing offers for accountants: a limited authority and a full authority. According to the firm, the limited authority has been the most popular option to date.