Wolters Kluwer Tax and Accounting has released the Future Ready Accountant study, a global analysis of the tax and accounting industry.
The report, drawing from more than 2300 global participants, provides insights into the profession’s evolution, driven by artificial intelligence (AI), digital transformation, and a shift towards advisory services.
The study offers a look at the challenges and technological advancements shaping the sector.
It features region-specific insights for the US, Canada, Europe, and APAC markets, alongside its global perspective.
The findings indicate that firms are adapting to sustain growth amid challenges such as talent shortages and regulatory complexities.
It shows that 57% of accounting professionals foresee AI advancements as a major industry influencer.
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By GlobalDataAlthough generative AI (GenAI) tools are in the nascent stages, 27% of firms have already integrated GenAI into their workflows, with an additional 22% planning to adopt these tools within the next 12 to 18 months.
Concerns about data security, accuracy, and the costs of implementation are reported to be prevalent.
Only one in four firms have established AI policies, yet those with policies are more likely to view AI positively.
Wolters Kluwer Tax & Accounting CEO Jason Marx said: “Our comprehensive global survey uncovers crucial insights into how firms, big and small, are adapting to a digital-first world. Significant challenges, like keeping up with evolving tax laws and managing client expectations, take centre stage among many others.
“However, these challenges also create opportunities for growth and innovation. The survey’s findings exemplify how technology advancements, especially AI, are disrupting and shaping the future of the tax and accounting industry.”
The study reveals a contrast in attitudes towards AI, with European and APAC firms showing more enthusiasm compared to their Canadian counterparts.
The adoption of cloud technology stands at 62%, with a majority reporting tech integration in their operations.
Firms with more than 75% technology integration reported a 78% revenue growth, markedly higher than those without such integration.
83% of firms already include advisory services as a core offering or upon request, and an additional 20% plan to expand these services.
High-growth firms are 49% more likely to prioritise advisory services, providing clients with strategic finance insights such as financial planning, forecasting, and management reporting.
The talent gap remains a concern globally, with 41% of firms anticipating its impact in the coming five years.
However, 80% of firms recognise that technology can mitigate this issue by automating routine tasks and allowing staff to engage in more valuable work.
This finding comes after Wolters Kluwer teamed up with the Institute of Internal Auditors Internal Audit Foundation, to produce a research report titled Harnessing Generative AI for Internal Audit Activities in November 2024.
