Press release
Failure to Keep Pace with Technology Seen as Biggest Risk to Accounting Professionals, According to 2024 Intuit QuickBooks Survey
Amid economic uncertainty, tech skills seen as crucial for growth in the industry MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- A new Intuit QuickBooks survey
About this update from Intuit Inc.
[{"type":"text","content":"\nAmid economic uncertainty, tech skills seen as crucial for growth in the industry\n\n\n MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--\nA new Intuit QuickBooks survey shows that while the accounting industry has felt the shockwaves of changing economic conditions, accounting professionals believe that failure to keep pace with technological advancements is the greatest risk to the industry — ahead of higher interest rates, the rising cost of goods, and widespread hiring challenges. These findings and more are highlighted in the 2024 Intuit QuickBooks Accountant Technology Survey, commissioned by Intuit Inc. (NASDAQ: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp.\n\n\nThe survey of 700 accountants in the US underscores the critical role of technology in meeting growing client expectations, addressing hiring shortages, and improving operational efficiency while maintaining a positive outlook on the industry's future.\n\n\n“The accounting profession has been experiencing a significant evolution at the intersection of technology and finance, presenting both challenges and opportunities for accountants to navigate as they strive to meet clients’ needs,” said Jeremy Sulzmann, Vice President, Intuit QuickBooks Partners Segment. “QuickBooks is committed to helping accountants adapt to the industry’s changing landscape and adopt the necessary technologies to ensure their ability to innovate and succeed well into the future.”\n\n\nLeaning into Tech to Achieve Growth\n\n\nTo combat the threat of not keeping pace with tech advancements, many accountants are embracing and prioritizing the adoption of new innovations in their day-to-day operations. This prioritization is reflected in their investment strategies. On average, respondents reported they plan to invest $24,000 in accounting and bookkeeping technologies in the coming year. And these investments can have a strong payoff in the long run, especially during uncertain economic times. In fact, 93% of respondents believe that accounting firms making more use of technology are more likely to survive periods of high inflation and interest rates.\n\n\nAdditionally, technology adoption is believed to have a positive impact on accounting skills shortages in two key areas: attracting and retaining talent. Since 2023, hiring struggles pe...