Accountant licensing changes dents profits
Underestimating the time and resources required to invest in further study for accountants in light of the changes to self-managed superannuation (SMSF) licensing requirements resulted in many firms experiencing reduced profit and productivity, according to Count Financial. Chief executive officer, David Lane, wrote in a blog that many firms failed to accurately account into their costings team members completing further studies to qualify to provide SMSF advice under the new accountants' exemption rules that came into effect in July 2016.