Amid economic uncertainty, tech skills seen as
crucial for growth in the industry
A new Intuit QuickBooks survey shows that while the accounting
industry has felt the shockwaves of changing economic conditions,
accounting professionals believe 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. These findings and more are
highlighted in the 2024 Intuit QuickBooks Accountant Technology
Survey, commissioned by Intuit Inc. (NASDAQ: INTU), the global
financial technology platform that makes TurboTax, Credit Karma,
QuickBooks, and Mailchimp.
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
while maintaining a positive outlook on the industry's future.
“The accounting profession has been experiencing a significant
evolution at the intersection of technology and finance, presenting
both challenges and opportunities for accountants to navigate as
they strive to meet clients’ needs,” said Jeremy Sulzmann, Vice
President, Intuit QuickBooks Partners Segment. “QuickBooks is
committed to helping accountants adapt to the industry’s changing
landscape and adopt the necessary technologies to ensure their
ability to innovate and succeed well into the future.”
Leaning into Tech to Achieve Growth
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. And 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.
Additionally, technology adoption is believed to have a positive
impact on accounting skills shortages in two key areas: attracting
and retaining talent. Since 2023, hiring struggles persist, with
94% of respondents saying hiring has been a challenge across the
board — up 8 percentage points compared to last year’s QuickBooks
data. This concern is growing as more respondents report
experiencing hiring challenges for early-career professionals
compared to last year, particularly for graduate and entry-level
accounting roles. In fact, many accountants are calling for
industry standards to shift in light of the talent pipeline
shortage. Nearly all (98%) agree that alternative pathways to CPA
licensure can prepare upcoming accountants as effectively as or
more effectively than the traditional 150-hour pathway.
As for talent at any level, to attract and retain employees over
the next year, nearly all respondents (99%) say their firms will
prioritize the latest technologies to support day-to-day work.
Additionally, 95% agree that a willingness to learn and adopt new
technologies is just as important to their success as traditional
accounting skills.
The Impact of AI on the Accounting Industry
Staying ahead of the technology curve through the use of AI is
growing in popularity to meet evolving demands. In fact, 98% of
respondents have used AI to assist clients in the past year, and
98% have used AI for firm operations with plans for expanded
use.
”While AI is seen by some as a replacement for tasks accounting
professionals manage, it presents an opportunity for them to
leverage the power of this tech to uplevel their services. Many
accounting firms have recognized this shift and are implementing
changes to take advantage of AI across their workflows. We believe
the data shows the industry will continue to evolve and thrive as a
result of this ability to embrace and use AI technology,” Sulzmann
added.
Over the next 12 months, more than half of accountants say their
businesses plan to invest in AI (57%) and automation tools (54%),
highlighting the transformative potential of these technologies.
This is a steady increase compared to last year, where a little
under half (48%) of accountants said their businesses planned to
invest in AI and automation tools.
While 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. Despite other
reports noting that accountants are at high risk of being replaced
by AI, only 9% in the industry felt that job replacement was a
concern. To further ensure careful use of the tech, nearly all
(99%) have formal ethics guidelines for AI use, and two-thirds
(66%) say their guidelines include client disclosure for the use of
AI in their work.
Navigating Economic Challenges
While adoption of new tech and innovation is the number one
priority for accountants to successfully navigate through current
economic conditions, our study also shows how accountants are
assessing the threat from other economic forces.
In 2023, accountants’ business outlook was positive with 82%
sharing they anticipated business growth in the coming year.
However, the community has since felt the impact of changing
conditions, with 21% of respondents noting economic instability as
one of the greatest threats to the industry's future. One of the
most significant challenges firms have faced in 2024 is reduced
profitability, with 63% reporting a loss of profits due to higher
interest rates and the rising costs of doing business.
Just as accountants have faced financial challenges resulting
from higher interest rates and rising costs, so have their clients.
Nearly all respondents (99%) noted that higher costs and interest
rates have adversely affected their clients. And 91% agree that
while inflation has slowed, these economic factors still pose a
threat to their clients’ growth over the next 12 months.
Read the complete 2024 Intuit QuickBooks Accountant Technology
Survey results here. To learn more about how QuickBooks serves the
accounting community with its integrated, end-to-end, AI-driven
financial technology platform, visit FirmoftheFuture.com. For more
information about how Intuit is delivering AI-powered solutions to
more than 10 million small and mid-sized business customers,
including accountants, visit the Intuit blog.
Intuit QuickBooks Accountant Technology US Trends Survey
Methodology
Intuit commissioned an online survey in March 2024 of 707
accounting professionals throughout the US, all aged 18+. More than
2 in 5 (44%) respondents own an accounting or bookkeeping business.
More than 1 in 2 (56%) are employed by an accounting/bookkeeping
firm as an accountant/bookkeeper. Two in 5 (41%) work for firms
with more than 100 employees. Nearly 3 in 5 (59%) respondents work
for firms with 0-99 employees. Percentages have been rounded to the
nearest decimal place, so values shown in data report charts and
graphics may not add up to 100%. Responses were collected using
Pollfish audience pools and partner networks with double opt-ins,
random device engagement sampling, and post-stratification based on
census data to ensure accurate targeting and results. Respondents
received remuneration.
About Intuit
Intuit is the global financial technology platform that powers
prosperity for the people and communities we serve. With more than
100 million customers worldwide using TurboTax, Credit Karma,
QuickBooks, and Mailchimp, we believe that everyone should have the
opportunity to prosper. We never stop working to find new,
innovative ways to make that possible. Please visit us for the
latest information about Intuit, our products, and services, and
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Intuit QuickBooks: Kim Amsbaugh Kim_Amsbaugh@intuit.com
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