By “Everyone aims to be at the forefront of technology so they don’t fall behind, but hesitancy and lack of a proper foundation can hinder progress and results,” says Janet King, Vice President of Research at Arizent. “More than half of tech-forward firms focus on staying ahead of the majority of accountants, but avoid being on the bleeding edge. In other words, they lean toward an early majority approach over an early adopter approach.”
These tech-forward firms are far more likely than other firms to invest in improving the client experience (80% versus 54%) and enabling innovation (39% versus 16%). The clear top priority for their tech investments is improving the client experience, while other key areas include delivering operational efficiencies, automating work and driving business growth.
“Leading the way is not simply a matter of when to adopt new technology,” says Dan Hood, Editor-in-Chief at Accounting Today. “It’s tracking your current investments and using them wisely on avenues that are proving to increase results positively.”
Regarding artificial intelligence, about 40% of all firms surveyed have only just begun to explore AI. Review and adoption of these solutions is still in the early stages, even at more advanced firms, leaving plenty of room for all firms to continue to explore and implement best-fit options for their operations.
For accounting firms looking to be more tech-forward, the report’s findings point to a set of best practices, which include developing written IT strategies integrated into overall firm plans, paying attention to early adopters to identify proven tools, putting technology skills high on the list when seeking new hires, and more.
To read more about priorities, procedures and best practices for implementing new technologies in accounting, download the full report here: https://www.accountingtoday.com/research-report/ready-for-the-revolution-technology-and-the-modern-accounting-firm
Research Methodology
This research was conducted online by Accounting Today (an Arizent brand) in March 2024 with a total of 246 accounting professionals. The composition of the research cohort reflects the public accounting profession as a whole, highlighting one key fact: The majority of firms are very small businesses, with just less than half (46%) having only one partner and more than two-thirds (71%) having fewer than 20 employees.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
[email protected]
M 207-807-4806
About Accounting Today
Accounting Today is the leading information resource for public accountants — serving the community of professionals who provide tax preparation, bookkeeping, auditing, financial planning, and business advisory and consulting services to individuals and small businesses. Accounting Today is sharply focused on the industry’s most important concerns, including tax law, accounting standards, technology, audit and assurance, and wealth management. Its analysis and breaking news, opinion and expert advice, and practical business-building ideas enable partners, principals and practitioners to make informed decisions about their business and the clients they serve.
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
About Intuit
Intuit is the global technology platform that helps consumers and small businesses overcome their most important financial challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma, 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 find us on social.
To learn more about how QuickBooks supports Accountants, visit: https://quickbooks.intuit.com/accountants/.
Media Contact
Janet King, Arizent, 212-803-8500, [email protected], www.Arizent.com
SOURCE Arizent
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