The accounting industry is facing significant challenges amidst economic uncertainty. A recent survey by Intuit QuickBooks has highlighted the critical role of technology in meeting growing client expectations, addressing hiring shortages, and improving operational efficiency. This article delves into the findings of the survey, emphasizing the importance of tech skills for accounting professionals to navigate these challenges and thrive in the future.

The Survey’s Key Findings

1. Technology as the Biggest Risk

The survey of 700 accountants in the US underscores the critical role of technology in meeting growing client expectations, addressing hiring shortages, and improving operational efficiency. The findings reveal that failure to keep pace with technological advancements is the greatest risk to the industry, ahead of higher interest rates, the rising cost of goods, and widespread hiring challenges.

2. Investment in Technology

To combat the threat of not keeping pace with tech advancements, many accountants are embracing and prioritizing the adoption of new innovations in their day-to-day operations. This prioritization is reflected in their investment strategies. On average, respondents reported they plan to invest $24,000 in accounting and bookkeeping technologies in the coming year. These investments can have a strong payoff in the long run, especially during uncertain economic times. In fact, 93% of respondents believe that accounting firms making more use of technology are more likely to survive periods of high inflation and interest rates.

3. Adoption of AI

While the adoption of AI continues in the industry, many are approaching it with caution. For respondents, data privacy and security (31%), accuracy (21%), and implementation and maintenance costs (21%) ranked as their biggest AI concerns.

4. Client Needs

As small businesses face mounting pressure in the current economy, their needs are increasing. More than 3 in 5 accountants report that their clients have needed more support with financial management (67%), filing taxes (62%), managing staffing costs (62%), and financial forecasting (65%) over the past two years.

5. Impact on Client Interactions

Technology is transforming accountants’ relationships with their clients—82% of accountants say technology is creating more meaningful client interactions.

6. Hiring Challenges

Evolving technology is also helping to solve the industry’s biggest hiring challenges. Key findings include:

• 48% of accountants plan to invest in automation tools and artificial intelligence over the next 12 months.
• 85% of accountants believe technology could help turn around the decline in young professionals entering the industry by making work more engaging.

The Importance of Tech Skills

1. Meeting Client Expectations

The survey highlights the critical role of technology in meeting growing client expectations. As clients demand more sophisticated financial management and tax filing services, accountants must adapt to these changing needs by leveraging technological advancements.

2. Addressing Hiring Shortages

Technology is helping to address the industry’s hiring challenges by automating repetitive tasks and freeing up accountants to focus on higher-value activities. This shift is crucial for maintaining operational efficiency and improving client service.

3. Improving Operational Efficiency

Technology is transforming the way accountants work, making them faster, sharper, and more comprehensive in their support to clients. Over the next year, accountants expect to spend an average of $24,000 on technology improvements and upgrades, which will further enhance their operational efficiency.

Conclusion

The Intuit QuickBooks survey underscores the importance of tech skills for accounting professionals in today’s economic climate. The survey’s findings emphasize the need for accountants to keep pace with technological advancements to meet growing client expectations, address hiring shortages, and improve operational efficiency. By investing in technology and embracing innovations such as AI, accountants can not only survive but thrive in the face of economic uncertainty.

References

• Intuit QuickBooks Accountant Technology Survey (2024-06-25)
• Intuit QuickBooks Survey: Tech Skills Crucial for Accounting Professionals Amid Economic Challenges (2024-06-30)
• Small Business Trends (2024-07-05)
• Intuit QuickBooks Accounting Tech Forward Survey 2023 (2023-03-28)
• Andy Abramson on X (2024-07-01)

Additional Resources

• Intuit QuickBooks: Accountant Tech Survey 2023
• Small Business Trends: Tech Skills Crucial for Accounting Professionals