According to Intuit QuickBooks Study, 90% of accountants expect technology to grow their firms in 2023
TurboTax, Credit Karma, QuickBooks, and Mailchimp, a worldwide financial technology platform, released fresh statistics showing how accountants are using technology and AI to expand their businesses and better serve their clients.
The Intuit QuickBooks Accountant Technology Study, which polled 2,000 U.S. accountants, also examines how organizations are reacting to the talent pipeline reduction while remaining optimistic about the profession.
“As our most valued partners, we wanted to dig deeper into what macro trends are impacting accountants so we can continue to focus on further developing the technology they need most to grow the business,” said Jeremy Sulzmann, Vice President, Intuit QuickBooks Partners Segment. 43% of accountants serve more than 40 clients.
AI and Tech Adoption Grows Firms
86% of respondents agree that technology will play a significant role in the growth and expansion of their practices in the next year, and in 2023, accountants expect to spend an average of $15,800 on technology improvements and upgrades. Nearly half expect to invest in and adopt automation tools.
“AI has powerful potential, and accountants are hungry to capitalize on what it has to offer,” Sulzmann said. “We see this appetite today with emerging tech, such as generative AI, as accountants look for ways to leverage new technologies that create efficiencies and free up their time to pursue higher-value work and better serve their clients. At QuickBooks, we recognize this demand and build solutions into our platform to provide an AI-driven expert platform.
91% of early adopters of these technologies say innovative tech has helped them support their clients’ evolving needs over the past two years. However, 31% say trusting the solution’s accuracy is a top concern for adopting technology like AI.
Expecting Business Boom
Even with external factors like inflation, 82% of accountants expect growth in 2023. More than 60% say clients’ financial needs have increased. Technology is a key contributor to this bullish view, with 41% citing their increased revenue as a result of technology improvements they previously implemented. Accountants also say that providing better value to clients, updating workflows, and adding new services contribute to this bullish view.
Satisfaction High, Talent Pipeline Poor
Despite 69% of workers being content with their positions, a lack of fresh talent entering the business raises concerns about the future.
Notwithstanding concerns about the talent pipeline, 82% of accountants would suggest the area to new professionals, citing high pay and earning potential.
More than nine in 10 (94%) respondents reported that a dwindling pipeline of young accountants entering the profession is one of the biggest talent challenges, and 90% have experienced hiring challenges over the past year, with particular difficulty hiring individuals with more than five years of experience. As a result, 87% of accountants say succession planning is a priority.
Mentoring (36%), qualification fees (36%), development chances (36%), and training (36%).
Visit FirmoftheFuture.com to read about QuickBooks’ newest developments and how it’s benefiting the accounting community. Visit the Intuit blog to understand how Intuit is offering AI-powered solutions to over 10 million small and mid-sized company customers, including accountants.
Intuit QuickBooks Accountant and Tech Survey Methodology
In January 2023, Intuit surveyed 2,000 US accountants aged 18+. 54% work for an accounting firm or own an accounting business, and 46% work for a non-accounting firm as an in-house accountant. Percentages have been rounded to the nearest decimal place, so some charts or statistics shown here or on the QuickBooks blog may not add up to 100% but 99% or 101%.
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