HUDSON, N.H., April 16, 2024 (GLOBE NEWSWIRE) -- Rightworks today released findings of its inaugural 2024 Accounting Firm Technology Survey, which examined the attitudes and impact of technology adoption across the profession. The study investigated how firms use cloud-based infrastructures and connected and collaborative technologies to evolve their businesses and client relationships.
Though the findings reflect a profession still burdened with slow technology adoption, it revealed a major opportunity for accounting firms to modernize their practices to drive efficiency, improve client collaboration and increase revenue per employee regardless of firm size. The gap between the profession’s needs and the benefits of modernization is further underscored as the profession continues to see fewer CPA graduates and increasingly daunting tax seasons.
The study, fielded among almost 500 decision makers and influencers at accounting, tax and bookkeeping firms nationwide, shows that nearly 60% of respondents identified their firms as slow adopters of new technologies like AI, and other tools that enable collaboration and data-driven insights. However, firms that self-rated as more advanced in technology adoption reported as much as 39% more revenue per employee.
“Overall, the accounting profession is optimistic about new technology but is now more than ever at a crossroads as the talent pipeline continues to shrink and client expectations grow,” said Joel Hughes, CEO of Rightworks. “Ironically, our survey showed that security, often cited as one of the biggest benefits of technology adoption, is also a top concern firms cite for not moving to the cloud. It is time for the profession to learn from the leaders who embrace technology and are reaping the ROI.”
Additional key findings:
- Slow tech adoption evident in a recent survey of nearly 500 US-based accounting firms. 43% of respondents reported that less than 75% of their apps and data had been migrated to the cloud, indicating firms are missing out on the critical security, collaboration and efficiency benefits of a secure cloud environment.
- Despite low adoption, the accounting profession has a positive outlook on the benefits of technology. 88% of respondents indicated that technology positively impacts workplace efficiency and client services. The top benefits cited were the ability to support flexible/remote workers and heightened firm and client data security.
- In a profession that suffers from technology adoption challenges, embracing AI will likely take longer.
For the full results of Rightworks’ 2024 Accounting Firm Technology Survey, click here.
Methodology
A 10-minute online survey was fielded in September 2023 among 493 decision makers/influencers at accounting/tax/bookkeeping firms nationwide to measure usage and attitudes around technology at their firms. The percentage of total respondents by firm size includes: 51% identifying as being part of small firms (1-5 people); 24% as mid-sized firms (6-20 people); 25% as large firms (21+ people). Significance was tested at the 95% confidence level.
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About Rightworks
Rightworks enables accounting firms and businesses to significantly simplify operations and expand their value to clients via our award-winning intelligent cloud and learning resources. This is possible with Rightworks OneSpace, the only secure cloud environment purpose-built for the accounting and tax profession, and Rightworks Academy, the premier community for firm optimization, growth and professional development. The Academy offers access to thought leadership, events, peer communities and extensive learning resources. Founded in 2002, we’ve grown to serve over 10,000 accounting firms in the US—from single practitioners to Top 10 firms. For more information, please visit rightworks.com or follow us on LinkedIn, Facebook and Instagram.
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