Accountants are stepping up to the challenge and leveling up their work. Just as accountants are embracing technology and enjoying business success, their clients are following suit. On average, 6 in 10 (60%) respondent clients have grown profits over the last 12 months. Implementing or optimising accounting technology solutions (63%) is the service respondents say they’ve delivered that has contributed the most to their clients’ increasing profits. Outsourcing is allowing accountants to save time on compliance work and leading to new growth opportunities.

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• Working with tech advanced clients impacts job satisfaction as well.
• With over £30,000 earmarked for accounting technology spend over the next 12 months, accountants are clear where they see that investment going.
• Respondents say maintaining profitability despite inflation and higher interest rates has been the biggest challenge clients have faced over the last 12 months.
• With the aid of technology, it’s no surprise that strategic business advisory is taking up a significant share of accountants’ time.
• Connected accounting, expense management, payments, and payroll in one place.
• Eight in 10 (83%) respondents agree that while the rate of inflation has slowed, high prices and higher interest rates still pose a threat to their clients’ growth over the next 12 months.
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• Misconceptions characterise the profession being resistant to change, but trends paint a different picture.
• With a shifting landscape demanding more support from clients each year and the need to stay ahead, accountants capitalising on tech adoption have a competitive edge.
• More than 7 in 10 (78%) respondents report expanding their client lists over the last 12 months with an average increase of 31%.
• Implementing or optimising accounting technology solutions (63%) is the service respondents say they’ve delivered that has contributed the most to their clients’ increasing profits.
• Accountants aren’t just on the lookout for high-growth potential (72%).
• Others include improved efficiency (57%), enabling internal resources to shift and focus on other important work (57%), and improved accuracy (56%).

Respondents rank advancements in cloud accounting and digital technologies as having the single greatest positive impact on the industry over the last 5 years. With technology’s impact on the rise, so is investment. Looking back and to the future, accountants are doubling down on their readiness and willingness to invest in technology to stay ahead of the curve. A refund to a bank or Credit Card is 5-10 business days. Key business tools and third-party apps work better together when they’re under one roof. Track money in and out, run payroll, and make and accept payments—all on one integrated platform.

Although inflation has cooled, businesses aren’t out of danger yet. Eight in 10 (83%) respondents agree that while the rate of inflation has slowed, high prices and higher interest rates still pose a threat to their clients’ growth over the next 12 months. Nearly all respondents (99%) say they’ve used AI to help clients over the last 12 months. Topping the list is data entry and processing (59%), real-time financial insights (55%), and financial forecasting (53%). Accountants are gearing up to harness the power of blockchain and AI. With over £30,000 earmarked for accounting technology spend over the next 12 months, accountants are clear where they see that investment going.

Respondents say technology will help save time with preparation and filing of tax returns (97%), cost accounting (94%), and bookkeeping (92%) the most over the next 12 months. Despite a talent shortage, accountants are growing their client lists and seeing increasing needs among clients. More than 7 in 10 (78%) respondents report expanding their client lists over the last 12 months with an average increase of 31%.

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Percentages have been rounded to the nearest decimal place so values shown in data report charts and graphics may not add up to 100%. As last year’s survey insights revealed, technology is helping to free up time to focus on taking on more of an advisory role to clients. Technology is cutting time with compliance, and creating a new standard of excellence when it comes to strategic business advisory.

One in 2 (50%) respondents identified their businesses as early adopters of digital tools. Accounting and bookkeeping has come a long way from paper ledgers and manual calculations. Misconceptions characterise the profession being resistant to change, but trends paint a different picture. Accounting professionals today are leveraging technology to streamline accounting processes, enhance client services, and stay ahead of the curve. With the aid of technology, it’s no surprise that strategic business advisory is taking up a significant share of accountants’ time.

More than 1 in 2 (55%) respondents say working with these clients keeps job satisfaction high. Accountants aren’t just leveraging technology for added benefits in their work — they’re also choosing to partner with more tech-advanced clients. On average, nearly a third (31%) of respondents’ clients are “tech advanced”. In addition to financial management, a larger share of respondents indicate that clients have needed more support with technology management this year (72%) compared to last (64%). Outsourcing is positioning accounting firms to scale up and lower risk.

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More than 50% of respondents say they foresee their businesses investing in blockchain technology (57%), AI (54%), automation tools (54%), and machine learning (54%) over the next 12 months. Based on an Intuit survey of 2040 QuickBooks Online Payroll customers in February 2023. On average, businesses that report gross payroll cost savings save 4.64%. Results are based on customer reported savings per week. On average, respondents who report time savings save 2.56 hours per pay period.

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The current economic landscape is pinching clients’ pockets too. Respondents say maintaining profitability despite inflation and higher interest rates has been the biggest challenge payintuit clients have faced over the last 12 months. Three in 10 (30%) say it’s been the greatest difficulty for clients — more than twice the number who say compliance (13%), scaling their business (13%), or increased competition (13%).