Adrian Johnson
TLDR:
Key points:
- Accountants are investing in technology to stay competitive.
- New technologies, like AI, are helping accountants adapt to economic challenges.
Increased tech skills, the use of artificial intelligence, and surviving the economy are key focus areas for accountants, as revealed by the 2024 Intuit QuickBooks Accountant Technology Survey. The survey of 700 U.S. accountants highlighted the importance of technology adoption and innovation in the evolving accounting profession.
The survey showed that nearly all accountants have used AI to help clients and businesses, with the majority agreeing that technology can help navigate challenges like inflation and interest rates. Outsourcing work and investing in new technologies are seen as key strategies to improve efficiency and attract and retain talent.
Accountants are also looking at new ways to address skills shortages and talent pipeline issues, with many advocating for alternative pathways to CPA licensure. The use of AI and automation tools is on the rise, with concerns around data privacy and security being key considerations for adoption.
To successfully navigate economic challenges, accountants are prioritizing the adoption of new technologies and reassessing client acquisition and pricing strategies. Higher interest rates and rising costs are impacting both accountants and their clients, emphasizing the need for innovative solutions and strategic planning.
Overall, the survey highlights the importance of technology adoption, innovation, and strategic planning in the accounting profession to stay competitive and address evolving client needs.
