The research identifies tech-forward firms that are fully
integrating technology into their business strategies, and explores
their priorities, budgets, procedures and more
NEW YORK, May 22, 2024 /PRNewswire-PRWeb/ -- Arizent, the
parent company of Accounting Today, an information resource for
public accountants, publishes The State of Technology in Accounting
report. Sponsored by Intuit Quickbooks, the research identifies
tech-forward firms that are fully integrating technology into their
business strategies, and explores their priorities, budgets and
procedures, as well as takeaways from their implementation
journeys.
"More than half of tech-forward firms
focus on staying ahead of the majority of accountants, but avoid
being on the bleeding edge. In other words, they lean toward an
early majority approach over an early adopter
approach."
Regarding their adoption strategies, the findings reveal that
these firms are more than three times as likely as other firms to
be at the forefront (39% versus 12%), but the majority of them
(51%) take the strategic approach of holding back until new
solutions have been tested by others.
"Everyone aims to be at the forefront of technology so they
don't fall behind, but hesitancy and lack of a proper foundation
can hinder progress and results," says Janet King, Vice President of Research at
Arizent. "More than half of tech-forward firms focus on staying
ahead of the majority of accountants, but avoid being on the
bleeding edge. In other words, they lean toward an early majority
approach over an early adopter approach."
These tech-forward firms are far more likely than other firms to
invest in improving the client experience (80% versus 54%) and
enabling innovation (39% versus 16%). The clear top priority for
their tech investments is improving the client experience, while
other key areas include delivering operational efficiencies,
automating work and driving business growth.
"Leading the way is not simply a matter of when to adopt new
technology," says Dan Hood,
Editor-in-Chief at Accounting Today. "It's tracking your current
investments and using them wisely on avenues that are proving to
increase results positively."
Regarding artificial intelligence, about 40% of all firms
surveyed have only just begun to explore AI. Review and adoption of
these solutions is still in the early stages, even at more advanced
firms, leaving plenty of room for all firms to continue to explore
and implement best-fit options for their operations.
For accounting firms looking to be more tech-forward, the
report's findings point to a set of best practices, which include
developing written IT strategies integrated into overall firm
plans, paying attention to early adopters to identify proven tools,
putting technology skills high on the list when seeking new hires,
and more.
To read more about priorities, procedures and best practices for
implementing new technologies in accounting, download the full
report here:
https://www.accountingtoday.com/research-report/ready-for-the-revolution-technology-and-the-modern-accounting-firm
Research Methodology
This research was conducted online by Accounting Today (an Arizent
brand) in March 2024 with a total of
246 accounting professionals. The composition of the research
cohort reflects the public accounting profession as a whole,
highlighting one key fact: The majority of firms are very small
businesses, with just less than half (46%) having only one partner
and more than two-thirds (71%) having fewer than 20 employees.
For more information on this survey or other Arizent research,
contact:
Janet King
Vice President, Research
Arizent
janet.king@arizent.com
M 207-807-4806
About Accounting Today
Accounting Today is the leading information resource for public
accountants — serving the community of professionals who provide
tax preparation, bookkeeping, auditing, financial planning, and
business advisory and consulting services to individuals and small
businesses. Accounting Today is sharply focused on the industry's
most important concerns, including tax law, accounting standards,
technology, audit and assurance, and wealth management. Its
analysis and breaking news, opinion and expert advice, and
practical business-building ideas enable partners, principals and
practitioners to make informed decisions about their business and
the clients they serve.
About Arizent
Arizent is a business information company that advances
professional communities by providing insights and analysis and
convening industry leaders. The company uses deep industry
expertise and a data-driven platform to deliver its services, which
include subscriptions, marketing services, live events and access
to Leaders, an executive forum. Arizent also connects business
communities through leading financial services brands like American
Banker, The Bond Buyer, Financial Planning and National Mortgage
News, as well as professional services brands like Accounting
Today, Employee Benefit News and Digital Insurance.
About Intuit
Intuit is the global technology platform that helps consumers
and small businesses overcome their most important financial
challenges. Serving more than 100 million customers worldwide with
TurboTax, QuickBooks, Mint, Credit Karma, 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.
To learn more about how QuickBooks supports Accountants, visit:
https://quickbooks.intuit.com/accountants/.
Media Contact
Janet King, Arizent,
212-803-8500, janet.king@arizent.com, www.Arizent.com
View original content to download
multimedia:https://www.prweb.com/releases/accounting-today-publishes-the-state-of-technology-in-accounting-report-analyzing-the-technological-revolution-the-different-stages-of-adoption-and-risks-and-benefits-302153379.html
SOURCE Arizent