A brand new Intuit QuickBooks survey reveals whereas the accounting trade has been considerably impacted by altering financial situations, professionals within the subject consider failing to maintain up with technological developments poses the best threat to the trade. This concern surpasses different main points, comparable to greater rates of interest, rising prices of products, and widespread hiring challenges. These insights are detailed within the 2024 Intuit QuickBooks Accountant Expertise Survey, commissioned by Intuit Inc.
The survey, which polled 700 accountants within the U.S., highlights the essential function know-how performs in assembly growing consumer expectations, addressing hiring shortages, and enhancing operational effectivity, all whereas sustaining a optimistic outlook on the trade’s future.
“The accounting career has been experiencing a major evolution on the intersection of know-how and finance, presenting each challenges and alternatives for accountants to navigate as they attempt to satisfy purchasers’ wants,” stated Jeremy Sulzmann, Vice President, Intuit QuickBooks Companions Section.
To deal with the chance of falling behind in technological developments, many accountants are prioritizing the adoption of recent improvements of their day by day operations. This focus is mirrored of their funding methods, with respondents planning to take a position a mean of $24,000 in accounting and bookkeeping applied sciences over the subsequent yr. These investments are anticipated to repay considerably in the long run, notably throughout unsure financial occasions. Certainly, 93% of respondents consider that accounting corporations using extra know-how usually tend to survive intervals of excessive inflation and rates of interest.
Expertise adoption can also be seen as a key resolution to accounting talent shortages, notably in attracting and retaining expertise. Since 2023, hiring challenges have continued, with 94% of respondents indicating difficulties in recruitment, an 8% enhance from the earlier yr. This concern is especially acute for early-career professionals, comparable to graduates and entry-level accountants. Practically all respondents (98%) agree that different pathways to CPA licensure will be as efficient, if no more so, than the normal 150-hour pathway.
To draw and retain workers over the subsequent yr, practically all respondents (99%) stated their corporations would prioritize the most recent applied sciences to assist day-to-day work. Moreover, 95% agreed {that a} willingness to be taught and undertake new applied sciences is simply as necessary as conventional accounting abilities.
The Influence of AI on the Accounting Business
Staying forward in know-how via AI is more and more standard amongst accounting professionals. The survey discovered that 98% of respondents used AI to help purchasers previously yr, and 98% used AI for agency operations, with plans for expanded use.
”Whereas AI is seen by some as a substitute for duties managed by accounting professionals, it presents a chance for them to leverage the facility of this tech to uplevel their companies. Many accounting corporations have acknowledged this shift and are implementing adjustments to benefit from AI throughout their workflows. We consider the info reveals the trade will proceed to evolve and thrive because of this skill to embrace and use AI know-how,” Sulzmann added.
Over the subsequent 12 months, greater than half of accountants plan to spend money on AI (57%) and automation instruments (54%), a gradual enhance from the earlier yr. Nevertheless, many method AI adoption with warning. Considerations embrace knowledge privateness and safety (31%), accuracy (21%), and implementation and upkeep prices (21%). Regardless of fears of job substitute on account of AI, solely 9% of respondents expressed this concern. To make sure cautious use of AI, practically all corporations (99%) have formal ethics pointers, and two-thirds (66%) embrace consumer disclosure of their AI use insurance policies.
Whereas new tech adoption is the highest precedence for accountants dealing with present financial situations, the survey additionally reveals how accountants are assessing different financial threats. In 2023, 82% of accountants anticipated enterprise progress, however financial instability has since turn out to be a significant concern for 21% of respondents. Greater rates of interest and rising prices have led to decreased profitability for 63% of corporations.
Purchasers of accounting corporations are additionally feeling the monetary pressure, with practically all respondents (99%) noting opposed results from greater prices and rates of interest. Moreover, 91% agree that whereas inflation has slowed, these elements nonetheless pose a risk to their purchasers’ progress over the subsequent yr.
Picture: Envato
