Gain insight: Tech skills essential for accounting pros in tough times.

TLDR:

Accounting professionals highlight the importance of tech skills in the industry, with a focus on AI adoption and investment in new technologies. The 2024 Intuit QuickBooks Accountant Technology Survey emphasizes the need for staying ahead in technology to address economic challenges and attract talent.

Key Points:

• Intuit QuickBooks survey highlights the importance of tech skills for accounting professionals in addressing economic challenges.
• Accountants are prioritizing the adoption of new technologies and planning significant investments in accounting and bookkeeping technologies.
• AI adoption is becoming increasingly popular, with accountants leveraging AI to uplevel their services and stay ahead in technology.
• Economic instability, higher interest rates, and rising costs pose challenges for accounting firms, with a focus on business growth and client impact.

A new Intuit QuickBooks survey reveals while the accounting industry has been significantly impacted by changing economic conditions, professionals in the field believe failing to keep up with technological advancements poses the greatest risk to the industry. This concern surpasses other major issues, such as higher interest rates, rising costs of goods, and widespread hiring challenges.

To address the risk of falling behind in technological advancements, many accountants are prioritizing the adoption of new innovations in their daily operations. This focus is reflected in their investment strategies, with respondents planning to invest an average of $24,000 in accounting and bookkeeping technologies over the next year.

Staying ahead in technology through AI is increasingly popular among accounting professionals. The survey found that 98% of respondents used AI to assist clients in the past year, and 98% used AI for firm operations, with plans for expanded use.

Despite fears of job replacement due to AI, only 9% of respondents expressed this concern. To ensure careful use of AI, nearly all firms (99%) have formal ethics guidelines, and two-thirds (66%) include client disclosure in their AI use policies.

While new tech adoption is the top priority for accountants facing current economic conditions, the survey also shows how accountants are assessing other economic threats, such as economic instability, higher interest rates, and rising costs affecting business profitability.