Over the next year, accountants expect to spend an average of $15,800 on technology improvements and upgrades according to the Intuit QuickBooks Accountant Technology Survey. Accountants throughout the US are using this investment to level up by becoming faster, sharper, and more comprehensive in their support to clients. Evolving technology is also helping to solve the industry’s biggest hiring challenges. Key findings include:
- Technology is transforming accountants’ relationships with their clients—82% of accountants say technology is creating more meaningful client interactions.
- Accountants are embracing the power of technology—48% plan to invest in automation tools and artificial intelligence over the next 12 months.
- Fewer young professionals are entering the industry. But 85% of accountants believe technology could help turn this around by making way for more engaging work.
Continue reading below for more insights from this year’s survey.
Client needs are increasing
As small businesses face mounting pressure in the current economy, their needs are increasing. More than 3 in 5 accountants report that their clients have needed more support with financial management (67%), filing taxes (62%), managing staffing costs (62%), and financial forecasting (65%) over the past two years.
Accountants are answering the call by expanding their services to better serve their clients. Nine out of 10 (91%) have used technology to help meet clients’ evolving needs over the past two years.
Stepping up to be better business partners
With inflation still at a high point, small businesses are recognizing a need for more holistic support from accountants to ensure their success. Clients’ increasing needs are creating opportunities for accountants to be strategic business partners. Eight in 10 (81%) accountants agree that technology is freeing up time to take on more of an advisory role with their clients. A majority (80%) are seeing this evolving dynamic increase face-to-face time with clients as well.
Not only is technology enabling accountants to spend more time with their clients, but it’s also making these interactions more meaningful (82%).
Real-time insights more important than ever
Real-time financial insights are the advantage small businesses need for a more robust and immediate understanding of business performance. According to (93%) accountants, not only are real-time financial insights important to business success, but also survival-critical. Eight out of 10 (84%) accountants agree that companies using technology to get real-time financial insights are more likely to survive a recession.
The value of real-time insights is also supporting the evolving role of accountants. Half (51%) report that the top benefit of using technology to deliver real-time financial insights is being better positioned to provide advice to clients.
Business is booming
The outcome of increasing client needs? Expanding accounting practices. Business growth is on the horizon for a majority (82%) of accounting professionals and 86% agree that technology will be the driving force behind this expansion.
The number one benefit of technology is that it’s helping to boost revenue due to efficiency gains (41%) and more than a third (36%) of accountants say it’s increasing income streams.
Still, accountants say there are areas where technology could help them better serve their clients and grow their businesses. For example, predicting future business performance (38%) and understanding real-time business performance (38%) are among the top areas accountants would like to improve through better use of technology.
Wave of the future: automation & AI
Accountants recognize the impact technology can have on the growth of their firms and are prioritizing tech investments to move their businesses forward. Nearly half expect to invest in and adopt automation tools (48%), artificial intelligence (AI) (48%), and blockchain technology (47%) over the next 12 months.
Despite planned investments, ensuring accuracy is still a top priority for accountants. Nearly a third (31%) say this is the biggest concern with technology.
Combatting hiring challenges
The accounting landscape is evolving and expanding in new ways. Amid these changes, job satisfaction remains high. Nearly 7 in 10 accountants (69%) report being satisfied with their jobs overall, and 82% would recommend a career in accounting to young professionals.
Despite high levels of job satisfaction, 90% of accountants have experienced hiring challenges over the past year. Driving these challenges is a growing hurdle: a dwindling pipeline of young professionals. Accountants pinpoint fewer graduates coming into the profession (94%) as one of the biggest obstacles to hiring and retention. Accountants are responding accordingly. Over a third (36%) identified mentoring younger professionals as a key way to create a competitive advantage.
A shortage of young talent is also highlighting a need for succession planning with 87% of accountants saying planning for their business’s long-term future is a priority.
The silver lining is that technology may provide a solution. To offset the talent shortage, accountants are turning to technology to elevate the role of young professionals. More than 8 in 10 (85%) believe technologies that make way for more engaging work can help attract young talent and breathe new life into the industry. Other tactics to retain talent include helping with qualification costs (36%), providing advancement opportunities (36%), and training (36%).
Sample and methodology
Intuit QuickBooks Accounting Tech Forward Survey 2023
Online survey commissioned by Intuit QuickBooks in January 2023 of 2,000 US accountants. Respondents’ average annual income is $98,837. Half of respondents (54%) are employed by an accounting firm or own an accounting firm. Nearly half of respondents (46%) are employed by a non-accounting business as an in-house accountant. A majority of respondents (62%) are between the ages of 35-54. A third (33%) have worked as an accountant for 1-5 years. Another third (33%) have been employed as an accountant for 6-10 years.
This article originally appeared on QuickBooks and was syndicated by MediaFeed.org.
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Think you & your partner will never stop fighting about money? Read this
Ask couples what they fight about most, and money is sure to be at the top of the list. Decades of research have shown that common clashes are sparked by different spending habits, different financial values (which influence spending habits), and how to raise financially smart kids.
While dealing with money isn’t always easy, it doesn’t have to drive a wedge in your relationship. These strategies will ensure your financial discussions with your partner are productive and — dare we suggest — maybe even something to look forward to.
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When couples fight about money, the classic mistake is to think that having a regular “money talk” will help solve things. Unlikely.
That’s because the source of most financial disagreements is that one person’s values don’t line up with the other’s. In order to truly ease money stress, you have to start by understanding the bigger wants and needs and priorities of your partner.
Make time to meet regularly and focus on things you both want out of life. It doesn’t have to be a long conversation — maybe 30 minutes, or an hour.
Come Prepared
Consider bringing a list of topics to each meeting, but don’t expect to cover them all. There will be other meetings, and it’s more important to leave each conversation with a sense that you understand each other better. You might raise some common questions:
Do you want kids? Do you want pets? Do you want to live a certain lifestyle? Start a business? Retire early? Send the kids to private school vs. public?
How important is it to have a vacation each year, or is it more important to have a beautiful home — or both?
Do you both believe in working hard and playing hard? Working to live or living to work? These may sound like cliches, but dig into each topic to get at each person’s core feelings.
Create a Safe Space
A key aspect of these non-money talks has to be a spirit of openness, not criticism or judgment. You’re trying to get to know one another in a slightly different way. Ask questions, take time to listen to each other’s answers.
While these sessions may seem uncomfortable at first, having these non-financial conversations may actually prevent important issues from causing conflicts.
Again, keep these conversations fairly short. The idea is to find common ground, and that may not happen right away. So don’t expect to agree, expect to learn something new about your partner.
Look for Shared Goals and Points of Agreement
Even couples that fight about money, also agree on plenty of financial issues. Be sure to pay attention as you discover these points in common, and celebrate the fact that you have them.
Knowing that you have financial goals and priorities in common, not just pain points, can build your confidence and momentum and lead to the good part of all this: Having more fun because you’re not stressed about money squabbles!
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Rather than set up more meetings (who has time?), you can use your newfound empathy and sense of shared values to tackle topics as they come up naturally in your day-to-day lives.
Now you can talk about spending when you get the credit card bill, or when you have to make a tough choice between two competing priorities. In some ways it’s less stressful to discuss whether to refinance the house or set up a Roth IRA when that question comes up organically, rather than trying to anticipate bigger issues.
Be sure to take the opportunity to make sure you’re including something fun in your financial plan. Money is for the future, and it’s also for the present, so make sure you enjoy it. (Learn more atPersonal Loan Calculator).
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Financial inequity between partners — say, if one person has a lot of debt or there’s a large disparity between incomes — can be a common source of tension.
If you feel like one person’s debt is holding you both back, remember that it doesn’t have to last forever. There are many strategies for paying off debt — talking it through will help you find the right path for you both. You might also decide to meet with a financial advisor who can help you prioritize, budget, and sometimes even refinance to break even faster.
In cases of income disparity, it may help to reframe each partner’s contribution to the household. Yes, one person may bring in more (or all) of the household income, but be clear on the non-monetary intangibles that the other person is contributing. Cooking, cleaning, watching the kids, caring for aging relatives — these duties all add up and represent what each of you is bringing to the household. (Learn more atIs It Possible to Get an IRA Loan?).
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Create incentives to stick with your financial meeting schedule. Maybe that means taking your laptops to your favorite coffee shop, or treating yourselves to a movie night afterward.
Another idea is to reward yourselves as a couple after you hit a predetermined financial goal or milestone. For example, every month you successfully increase your emergency fund by a target amount, you might choose to enjoy a nice restaurant meal.
Even a free indulgence — like a walk around your favorite lake after the discussion — can be effective. Just make it something that you both enjoy (bonus points if it’s something that you don’t do all the time so it feels extra special). That way, you’ll look forward to it.
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The best way to take the sting out of discussing finances with your partner is to start by getting in sync as people, understanding each other’s values and perspectives. Scheduling time to talk monthly (or whatever cadence works for you) allows you to also savor the ways you are on the same page already, and what some of those shared goals are.
Don’t try to meet about big hairy financial goals that aren’t on the table yet. You do have to plan ahead, but it’s also important (and less stressful) to address money matters as they arise naturally. Then, get back to the fun of living your lives together the rest of the time.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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