The Institute of Public Accountants (IPA) has renewed its call for its members to think seriously about their future business models.

Delivering the opening address at the IPA’s National Congress on the Gold Coast, IPA chief executive officer, Andrew Conway said that disruption would be ongoing and continue to present many challenges to the profession.

Mr Conway told the hundreds of accountants present that it was time to look to what the future holds.

“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.

“Just consider the impact that Uber is having on the taxi industry and the reshaping of the hotel industry with Airbnb.

“”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.

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

Mr Conway also told the delegates that the IPA was committed to keeping members abreast of change that impacted their businesses and to developing digital resources to support them.