Artificial intelligence and automation tools
lead the wave for desired technology investments in the
industry
Today, Intuit Inc.(NASDAQ: INTU), the global financial
technology platform that makes TurboTax, Credit Karma, QuickBooks,
and Mailchimp, unveiled new data that reveals how accountants are
embracing the power of technology and artificial intelligence (AI)
to help propel their business growth and better serve their
clients. The Intuit QuickBooks Accountant Technology Survey, which
collected responses from 2,000 accountants in the U.S., also
explores how firms are adapting to the decline in the talent
pipeline while maintaining a positive outlook on the future of the
profession.
"We know accountants are busier than ever - with 43% reporting
they serve more than 40 clients - and increasingly, they're looking
to technology to help them be more efficient and better meet client
needs,” said Jeremy Sulzmann, Vice President, Intuit QuickBooks
Partners Segment. “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 their businesses. In 2019, Intuit declared its
strategy to become an AI-driven expert platform, and we’ve
accelerated AI innovation at scale to deliver personalized
experiences to more than 100 million consumer and small business
customers.”
AI and Tech Adoption Spurs Firm Growth
Accountants recognize the impact technology can have on the
growth of their firms, and as a result are prioritizing tech
investments to move their businesses forward. In fact, 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 (48%), AI (48%), and blockchain
technology (47%) to maximize efficiencies.
“AI has powerful potential, and accountants are hungry to
capitalize on what it has to offer,” Sulzmann explained. “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 that helps accountants and their small business
clients operate more efficiently. This includes automating tasks
like categorizing transactions using personalized machine-learning
models that learn from user preferences and are refreshed daily. We
will continue to invest in AI technologies that help experts save
time, optimize their value, and fuel more meaningful relationships
with their clients.”
Early adopters of these technologies say innovative tech is
helping drive their businesses forward, with 91% reporting that
technology has helped them support their clients’ evolving needs
over the past two years. However, some are still wary of the
emerging technology’s performance: nearly a third (31%) said a top
concern for adopting technology like AI is trusting the solution
can ensure accuracy.
Business Expected to Boom
Even in the face of external factors like inflation,
accountants’ outlook for 2023 is positive with 82% sharing that
they anticipate growth. More than 60% say clients’ financial needs
have increased. Technology is a key contributor to this bullish
view, with 41% citing that their increased revenue is a result of
technology improvements they previously implemented. Accountants
also state that providing better value to their clients, updating
workflows, and adding new services are all a result of leveraging
technology. Still, accountants say there are areas where they could
use technology to 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.
Satisfaction is High, Talent Pipeline is Low
While technology adoption is rapidly increasing across the
industry, hiring has become a concern for many. Despite 69%
reporting they are satisfied with their jobs overall, there is
still a gap in young talent entering the industry – sounding some
alarms for what the future holds.
Accountants cite strong salaries and earning potential as the
top reasons to pursue the profession. Additionally, more than eight
in 10 accountants (82%) said they would recommend the field to
young professionals. Despite this, there is concern about today’s
talent pipeline.
More than nine in 10 (94%) respondents reported that a dwindling
pipeline of young accountants entering the profession is one of the
biggest challenges when it comes to talent, and 90% have
experienced hiring challenges over the past year, with particular
difficulty hiring individuals with more than five years of
experience. This in turn creates a focus on succession planning,
with 87% of accountants saying planning for their business’s
long-term future is a priority.
For firms looking not just to recruit but retain talent,
mentoring was identified as a key way to create a competitive
advantage. Other tactics to retain talent include helping with
qualification costs (36%), providing advancement opportunities
(36%), and training (36%).
Read the Intuit QuickBooks Accountant Technology Survey results
here. To learn more about QuickBooks' latest innovations and how
it’s serving the accounting community, visit FirmoftheFuture.com.
For more information about how Intuit is delivering AI-powered
solutions to over 10 million small and mid-sized business
customers, including accountants, visit the Intuit blog.
Intuit QuickBooks Accountant and Tech Survey
Methodology
Intuit commissioned an online survey in January 2023 of 2,000
accountants throughout the US, all aged 18+. 54% are employed by an
accounting firm or own an accounting business, and 46% are employed
by 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% instead. Responses were collected in an online
survey using Pollfish audience pools and partner networks with
double opt-ins, random device engagement sampling, and
post-stratification to ensure accurate targeting and results.
Respondents received remuneration.
About Intuit
Intuit is the global financial technology platform that powers
prosperity for the people and communities we serve. With more than
100 million customers worldwide using TurboTax, Credit Karma,
QuickBooks, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230329005270/en/
Intuit QuickBooks: Kim Amsbaugh 650-224-3645
Kim_Amsbaugh@intuit.com
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