In an online survey of 493 U.S.-based accounting firms, 88% said technology had a positive impact on efficiency and customer service, but 60% ranked their companies in terms of technology maturity. At the lower end of the continuum, “software systems are somewhat disconnected, with inconsistent processes and a lack of standardized workflows.”
The results come from Rightworks, which today announced its first findings. 2024 Accounting Firm Technology Surveyinvestigated the attitudes and impact of technology adoption across the accounting profession.
The survey found that 43% of respondents reported that less than 75% of apps and data have been moved to the cloud, and the profession benefits from emerging technologies such as AI, collaboration tools, and data-driven insights. Said it was slow.
However, companies with high adoption rates saw a 39% increase in revenue per employee. “It's time to wake up professionals and break out of the cycle of excruciating tax seasons and outdated ways of doing business,” the study says.
88% of respondents say technology has a positive impact on workplace efficiency and customer service. The most cited benefits were the ability to support flexible/remote workers and increased data security for businesses and customers.
“Overall, the accounting profession is optimistic about new technology, but now more than ever we are at a crossroads as talent pipelines continue to shrink and client expectations rise,” he said. Ta. Joel HughesRepresentative director of Lightworks.
Lack of technology expertise and resources, as well as lack of budget, are cited as the biggest challenges for nearly half of companies moving to the cloud.
One-third of businesses that have moved less than half of their data and apps to the cloud reported that they are concerned about security, but the majority that have moved at least half of their data and apps to the cloud are concerned about security and accessibility. reported to be the biggest advantage. the study said. “The irony of these concerns seems to confirm an overall lack of education about the technology and its benefits.”
Highlights of the AI-powered report:
- AI inaccuracy and data privacy were reported as the top concerns of all respondents, with 35% reporting no plans to deploy AI.
- Additionally, concerns such as cost, reliability, and job replacement by AI were cited. Some people said they were taking a “wait-and-see” attitude toward the introduction of AI.
- For AI to take hold, it will need to achieve significant and rapid ROI before less advanced companies can fully jump in.
The study concludes that transformation means embracing the potential of technology, rather than fearing it. “It is imperative that companies that aspire to become modern not only seek education and leverage technology, but also intentionally foster discussions internally and with customers. This is the only way to truly move the profession in the right direction.” This is the method.
