RALEIGH, N.C.--(BUSINESS WIRE)--ShareFile, a business unit of Cloud Software Group, today released its Automation: Putting Accounting on the Right Path report, revealing insights into accountants’ sentiments toward the state of the industry, job satisfaction, and openness to automation technology.
The survey found that while accountants are overwhelmingly positive about the industry, there is a clear need for more automation, offering an opportunity for firms to provide better client and employee experiences and to gain a competitive advantage.
Accountants Face Challenges, See Opportunity
Complex tax regulations and strict compliance requirements continue to drive demand across the accounting industry. However, with a nationwide shortage of accountants, a notable increase in CPAs exiting the field, and the retirement of baby boomer accountants, many firms find it challenging to manage their growing workloads while delivering excellent client experiences.
Accountants are increasingly frustrated with the time-consuming tasks and the limitations of their current technology, but the issues appear solvable. The survey data showed that accountants were overwhelmingly positive about the industry's future and determined to overcome these challenges in the long term.
Embracing Technology: How Accountants Are Adapting for Future Success
Despite the industry 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 notable findings include:
- Knowing what they know now, 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, 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.”
Sentiment Comparisons: Working In-House Versus an Accounting Firm
Digging deeper, 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 not only good but very good, and they are more likely to say automation technologies are important to their jobs, especially AI and machine learning.
Accountants who work for a firm are also more likely to say the accounting field is undergoing a transformational phase with new opportunities and evolving roles. That said, those at both firms and inside corporations agree that further upgrades to existing outdated legacy technologies will have a significant impact. Upgrading systems and improving processes to streamline workflows allow employers to enhance the experiences for accountants and clients.
“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."
Download the report today to explore these insights further and register for ShareFile’s upcoming LinkedIn Live program on Tuesday, December 19, at 1:00 p.m. ET, featuring industry experts Jody Padar and Geni Whitehouse. The live event will delve into the research findings, including:
- How accountants view the health of the industry and the importance of the client experience
- Insights into accountants' perspectives on automation, job satisfaction, and their vision for a more modernized profession
- What dynamics are shaping the future of accounting
Survey Methodology
ShareFile commissioned Regina Corso Consulting to conduct a survey of accountants to better understand their thoughts on the profession, where it is going, and how it is changing. This survey comprised 303 accountants, with 152 who work in accounting/ tax/ audit/ bookkeeping firms and 151 who work in-house at corporations/companies.
About ShareFile
ShareFile, a business unit of Cloud Software Group, helps you deliver a modern client experience with collaboration and workflow technology that is secure, easy to use, and made to fit your organization. Designed with highly regulated industries in mind, ShareFile offers a secure, digital solution to simplify workflows and improve collaboration. ShareFile works with your existing technologies, and gives you added visibility, speed, and efficiency without having to sacrifice security. www.sharefile.com
ShareFile and the ShareFile logo are either registered trademarks or trademarks of Cloud Software Group, Inc., and/or its subsidiaries in the United States and/or other countries. All other product and company names and marks mentioned in this document are the property of their respective owners and are mentioned for identification.
