“[It's] important for bookkeepers to investigate, with their accountant partners, what they intend on doing in relation to this, so that they can be prepared in the future,” said Mr Thompson.

He believes bookkeepers should be targeting accountants who maintain the ability to provide a full range of services beyond what is permitted under the accountants’ exemption.

“Authorised accountants have a higher level of training and flexibility compared to unauthorised accountants,” said Mr Thompson.

“Their ability to give comprehensive, straightforward advice places them in a position of competitive advantage in the market.”

Savvy accountants will choose to operate in the licensed environment once the accountants’ exemption expires, he added.

“The obvious end result is a much stronger, clearer and more effective form of advice and support for the client, translating to much better outcomes.”