As professionals across industries begin to gear up for the busy year-end period, a concurrent focus emerges on the impending transition into 2025. The strategic planning for the coming year is particularly pertinent for firms aiming to leverage technological advancements, as the adoption of artificial intelligence (AI) is projected to become increasingly essential for success in the accounting profession.
In a recent survey conducted by Intuit QuickBooks, 95% of accounting professionals underscored the importance of adapting to new technological trends, stating that a willingness to learn and implement these innovations is as crucial as traditional accounting expertise. As firms assess the viability of adopting AI technologies, evidence indicates a robust trend towards integration, with 98% of surveyed accountants already utilising AI for various operational tasks. These tasks range from drafting engagement letters and managing client communications to streamlining invoicing and payments.
As firms strive to implement AI, concerns regarding security and data privacy have markedly shifted the conversation surrounding this emerging technology. Initial apprehensions about AI potentially replacing jobs have diminished, with less than 10% of accountants now expressing such fears. Instead, the focus has pivoted towards ensuring the accuracy and reliability of AI-generated outputs, along with understanding the associated costs of adoption. Speaking to CPAPracticeAdvisor.com, it was highlighted that a significant number of accountants are taking proactive steps to alleviate these concerns. For instance, approximately two-thirds report that they inform clients about their AI utilisation practices, while many firms have established ethical guidelines and oversight committees to govern the technology’s application.
The shift in the accounting landscape is notable, particularly in light of a growing disparity between the decreasing number of accountants and the increasing number of small businesses, which has surpassed 33 million in 2023. This trend presents significant opportunities for accountants, as highlighted by Roman Villard, CPA, in an article for The Wall Street Journal. The Intuit QuickBooks Entrepreneurship in 2025 Survey revealed that 47% of responding entrepreneurs do not currently engage the services of an accountant or bookkeeper. Consequently, 21% of these individuals indicated plans to hire one in 2025, signalling a ripe opportunity for accountants to expand their clientele.
To address the anticipated growth in client demand, firms are advised to evaluate their staffing strategies closely. With declining enrolment numbers in accounting degree programmes, firms face the dual challenge of serving a broader client base while grappling with limited staffing solutions. Strategically incorporating AI and machine learning may alleviate some of these pressures by automating traditionally manual tasks. This shift not only reduces the burden on entry-level employees but also facilitates time for existing staff to focus on higher-level advisory services, which are increasingly valued by clients seeking to enhance their business operations.
The survey findings indicate notable client demands, such as a desire to expand e-commerce capabilities (35%), increase revenue (48%), and establish financial resolutions (59%). Meeting these expectations elevates the accountant's role from merely transactional to that of a trusted advisor capable of offering strategic insights and comprehensive support.
Furthermore, there is a growing emphasis on hiring professionals with specialised skills in addition to traditional accounting qualifications. The 2024 Accountant Tech Survey highlighted that 94% of respondents believe soft skills are equally important, with effective communication being a critical asset in the modern accounting landscape. By expanding the talent pool to include individuals with expertise in sectors such as hospitality, law, or retail, firms can enhance their knowledge base and versatility.
In conclusion, firms that proactively embrace technological change and begin developing strategies for the future stand to thrive as they enter 2025. Emphasising the importance of clear goal setting and the phased implementation of innovations will be crucial for accountants keen on navigating a landscape that is continually evolving.
Source: Noah Wire Services