On average, respondents report dedicating nearly half (47%) of their time to strategic advisory. From crunching numbers to strategic business consulting, technology has pushed the accounting profession in a new direction with new opportunities on the horizon. Looking ahead, technology is the key to unlocking compliance efficiencies as a first step.
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More than 50% of respondents say they foresee their businesses investing in blockchain technology (57%), AI (54%), automation tools (54%), and machine learning (54%) over the next 12 months. Based on an Intuit survey of 2040 QuickBooks Online Payroll customers in February 2023. On average, businesses that report gross payroll cost savings save 4.64%. Results are based on customer reported savings per week. On average, respondents who report time savings save 2.56 hours per pay period.
More than 1 in 2 (55%) respondents say working with these clients keeps job satisfaction high. Accountants aren’t just leveraging technology for added benefits in their work — they’re also choosing to partner with more tech-advanced clients. On average, nearly a third (31%) of respondents’ clients are “tech advanced”. In addition to financial management, a larger share of respondents indicate that clients have needed more support with technology management this year (72%) compared to last (64%). Outsourcing is positioning accounting firms to scale up and lower risk.
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The current economic landscape is pinching payintuit clients’ pockets too. Respondents say maintaining profitability despite inflation and higher interest rates has been the biggest challenge clients have faced over the last 12 months. Three in 10 (30%) say it’s been the greatest difficulty for clients — more than twice the number who say compliance (13%), scaling their business (13%), or increased competition (13%).
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Respondents say technology will help save time with preparation and filing of tax returns (97%), cost accounting (94%), and bookkeeping (92%) the most over the next 12 months. Despite a talent shortage, accountants are growing their client lists and seeing increasing needs among clients. More than 7 in 10 (78%) respondents report expanding their client lists over the last 12 months with an average increase of 31%.
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Although inflation has cooled, businesses aren’t out of danger yet. Eight in 10 (83%) respondents agree that while the rate of inflation has slowed, high prices and higher interest rates still pose a threat to their clients’ growth over the next 12 months. Nearly all respondents (99%) say they’ve used AI to help clients over the last 12 months. Topping the list is data entry and processing (59%), real-time financial insights (55%), and financial forecasting (53%). Accountants are gearing up to harness the power of blockchain and AI. With over £30,000 earmarked for accounting technology spend over the next 12 months, accountants are clear where they see that investment going.
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Accountants aren’t just on the lookout for high-growth potential (72%). A significant share of respondents (63%) are also weighing clients’ use of technology in assessing whether they’d be a good fit for their business. Accountants aren’t just leveraging the power of AI for client services — they’re also applying the power of AI for business success. Nearly all (99%) respondents say they’ve used AI for firm operations over the last 12 months. Topping the list is marketing (65%), managing client portfolios (63%), and client communications (63%). On average, respondents who report time savings save 3.93 hours per week.
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Accountants probably aren’t worried that AI will replace them — they’re likely more worried about accuracy. While all respondents expressed some concerns about the advancement of AI in the accounting industry, job replacement (11%) was low on the list. For respondents, accuracy and reliability of AI-generated information (36%) and data privacy (20%) ranked as the biggest AI concerns. Payments sent via postal mail can take Business days to post to My Account. Dates are subject to change, so use caution if making a payment to your REP account when on AutoPay.
- Implementing or optimising accounting technology solutions (63%) is the service respondents say they’ve delivered that has contributed the most to their clients’ increasing profits.
- Nearly all (99%) respondents say they’ve used AI for firm operations over the last 12 months.
- More than 7 in 10 (78%) respondents report expanding their client lists over the last 12 months with an average increase of 31%.
- Accountants aren’t just on the lookout for high-growth potential (72%).
- QuickBooks Payroll now includes team management tools so you can streamline your HR tasks and save precious time.
- Misconceptions characterise the profession being resistant to change, but trends paint a different picture.
- Not far behind is better communication (59%) and increased capacity to collect data for strategic advisory (59%).
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- Inflation and the higher costs of borrowing continue to affect accountants and their clients — and pose a threat to future growth.
- Data shows that contrary to popular belief, accountants are embracing AI and leveraging it to boost efficiency and help give them the foundation necessary to provide strategic business advisory.
- Nearly 6 in 10 (59%) are employed by an accounting/bookkeeping firm as an accountant/bookkeeper.
- In addition to financial management, a larger share of respondents indicate that clients have needed more support with technology management this year (72%) compared to last (64%).
For respondents that have outsourced work, increasing the business’s ability to scale (59%) and improving risk management and compliance (58%) are two of the biggest benefits. Others include improved efficiency (57%), enabling internal resources to shift and focus on other important work (57%), and improved accuracy (56%). Almost all (98%) respondents have outsourced at least part of their work over the last 12 months. Financial statement preparation and reporting (56%), general ledger and transaction management (55%), and accounts payable and receivable processing (50%) are the top 3 outsourced services.