“With compliance work diminishing, whether it be through ATO automation or the ever-moving technology disruption to the profession — along with the need to address the new financial services regime requirements next year – it is timely to take stock of what your future business will look like,” said Mr Conway.

“While there is significant impact on the accounting profession, we are not on our own when it comes to disruption.”

Mr Conway noted the impact Uber has had on the taxi industry and Airbnb on the hotel industry.

“It will be critical for accountants to not just embrace ongoing change but to also be in a position to drive that change to ensure they can best service their clients who are also experiencing continual disruption,” he said.

“With ongoing disruption at various levels, I implore you to consider the impacts of disruption and how you may reshape your business model [to one] that best adapts [to] and capitalises on them.”

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