Accounting profession in the midst of 'watershed moment'

The CEO of an accountant-based advisory network has outlined what he believes to be a monumental and significant period for the accounting industry.

David Lane, CEO of the CBA-aligned Count Financial, has told AccountantsDaily that with the upcoming exemption deadline, accountants cannot afford to make a rushed or uninformed decision about their licensing alignment.

“In many ways it’s like a marriage; it’s complex to get into and it’s complex to get out of, and you certainly want to make sure you’re making a very good decision, and so I understand the challenges that the accounting community is going through,” said Mr Lane.

According to Mr Lane, despite the complexity and importance of the decision-making process, accountants will reflect on this period as a landmark moment in the history of the profession.

“I think we’ll all reflect on this in five or 10 years, and the accounting community will look at this as a watershed moment, in that they had to think about their businesses in a different way; they had to think about what their clients wanted in a different way, and I think many of them are going to change their businesses maturely on the back of this for the better.”

Mr Lane added that despite critics seeking to paint the profession with a “broad brush”, each accountant will need to make their own individual assessments when aligning with a licensee or dealer group.

“There are pros and cons of each, and it would be impossible for anyone to say that you could understand the accounting community and their concerns or needs in its totality, because it is made up of thousands of different accountants and firms with thousands of different needs.”

With the 30 June deadline fast approaching, Mr Lane noted that those accountants who are yet to start their decision-making and education processes “are probably in trouble”.

“You don’t want to do this in a rushed fashion or a less-than-thorough fashion, because these are big decisions and they’re important decisions,” Mr Lane said.

“They’re decisions in regards to how you will be able to support your clients, and you want a partner that will do just that, who will partner with you.”

 

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