In a rapidly evolving economic landscape, accounting professionals view keeping pace with technological advancements as their foremost challenge. According to the 2024 Intuit QuickBooks Accountant Technology Survey, failure to adapt to new technologies surpasses concerns about higher interest rates, rising costs, and hiring difficulties. This survey, involving 700 US accountants, emphasizes the critical role technology plays in addressing client expectations, operational efficiency, and talent acquisition.
Embracing Technology for Growth
Accountants are prioritizing tech adoption, with planned investments averaging $24,000 in the coming year. This focus is seen as crucial for navigating economic fluctuations, with 93% of respondents believing that firms leveraging technology are better equipped to endure periods of high inflation and interest rates.
Addressing Talent Shortages
The industry continues to face hiring challenges, particularly for early-career professionals, with 94% reporting difficulties—a significant increase from the previous year. Accountants are advocating for alternative pathways to CPA licensure, with 98% supporting these routes as effective or more effective than traditional methods. Nearly all respondents (99%) plan to prioritize the latest technologies to attract and retain talent, emphasizing that a willingness to learn new tech is as vital as traditional accounting skills.
Changes Using AI
Artificial Intelligence (AI) is becoming increasingly integral, with 98% of accountants using AI for client services and firm operations. Over the next year, 57% plan to invest in AI and 54% in automation tools. Despite the benefits, concerns about data privacy, accuracy, and costs remain. However, only 9% worry about AI replacing jobs, and 99% have ethics guidelines for AI use.
Challenges in Profitability
While tech adoption is paramount, economic instability poses significant risks. Accountants have reported reduced profitability due to higher interest rates and rising costs, with 63% experiencing a loss in profits. Nearly all respondents (99%) note that these economic factors adversely affect their clients, with 91% anticipating ongoing challenges over the next 12 months.
For more detailed findings and insights, the complete 2024 Intuit QuickBooks Accountant Technology Survey is available for review. Read the full press release here.