Last updated: 28 Nov 2023 11:00 Posted in:
Accountants in the US are “overwhelmingly positive” about the profession, although they believe there is “a clear need for more automation”, new research has found.
The ‘Automation: Putting Accountants on the Right Path’ study, commissioned by ShareFile, asked accounting professionals how they felt about their profession, job satisfaction and automation.
When it came to the latter, respondents said technology represented an opportunity for firms to provide better client and employee experiences and to gain a competitive advantage.
The study said that while complex tax regulations and strict compliance requirements continue to drive demand, staff shortages mean many firms find it challenging to manage their growing workloads.
It found that accountants are increasingly frustrated with the time-consuming tasks and the limitations of their current technology.
However, despite the challenges, accountants feel satisfied and secure with their jobs, companies, and the profession overall. More than nine in 10 accountants (93%) surveyed said they’re satisfied with the current state of the accounting profession, and 89% believe their roles as accounting professionals will never be replaced despite technological advances.
When it comes to technology adoption in the field, accountants don’t see automation as a threat, but rather as “a growth lever that can help them enhance client experiences”, with 96% considering it ‘important’ and more than half (51%) describing it as ‘very important’.
Additional findings include:
• having worked in the profession, 92% would still choose the accounting profession, demonstrating a high level of job satisfaction.
• 88% emphasize the importance of AI and machine learning in shaping the industry’s future.
“Regardless of the industry’s obstacles, accountants are optimistic – bullish even – about their profession’s future,” said Mike Fouts, chief business officer of ShareFile, a business unit of Cloud Software Group. “The survey indicates accountants are excited to see how automation can help them do their jobs better and are eager for tools that empower them to deliver better experiences by streamlining routine workflow-related tasks and reducing or eliminating repetitive, admin-heavy work. When these workflows and processes flow effortlessly, that’s when the more impactful work can really begin.”
The study also found that those who work for an accounting firm are more likely than those who work in-house at corporations to be satisfied with the profession overall. They feel the technology at their firm is ‘very good’, and they are more likely to say automation technologies are important to their jobs, especially AI and machine learning.
“The barriers to success in the accounting profession can often point back to limitations set by the technology they work with,” Fouts said. “If you’re using inefficient, backward solutions – multiple, complex, non-integrated technologies to manage simple workflows – you’ll never be able to keep up with the increased workloads nor adapt to business changes or growth.
“Technology like that of ShareFile is purpose-built to meet the ever-changing needs of accountants, streamlining document and client-facing workflows and helping firms keep information secure so they can focus on high-value work and delivering a modern client experience.”
“If you’re using inefficient, backward solutions – multiple, complex, non-integrated technologies to manage simple workflows – you’ll never be able to keep up with the increased workloads nor adapt to business changes or growth."
Mike Fouts, Chief Business Officer, Sharefile