Accountants are solving for talent challenges with technology

The accounting profession is facing a conundrum: while client needs are increasing, the industry workforce is shrinking. More than 7 in 10 (78%) respondents from the 2024 Intuit QuickBooks Accountant Technology Survey say they have expanded their client lists over the last 12 months with a 31% average increase. Similarly, more than 7 in 10 respondents say clients have needed more support with financial and technology management. The tension between growing demands for comprehensive services isn't showing signs of easing soon. But accounting professionals are clear: the answer to their talent problems is taking advantage of technology. 

The 2024 Intuit QuickBooks Accountant Technology Survey unpacks how UK accounting firms are increasingly leveraging technology to attract top talent and close talent gaps. New data from the QuickBooks-commissioned survey of 1,046 UK accounting professionals highlights the following trends:

• Accounting professionals are looking to technology to close the talent gap and help hire and retain accountants of all experience levels — not just early starts. 

• Despite a talent shortage, accountants are taking on more clients as client needs continue to increase — enabled by technology expanding their capacity. 

• While technology is helping accounting professionals stay ahead of the curve, soft skills are still critical for business success. 

Jump ahead:

• Closing the talent gap

• Don’t lose the human touch

• Sample and methodology

Closing the talent gap

As the industry grapples with an ongoing talent gap, technology has emerged as a critical tool. Accounting professionals aren’t just using technology to both attract and retain top talent — they’re also using it to bridge the gap with increased efficiencies. Data from this year’s survey finds that more than 8 in 10 (85%) respondents agree that if the workforce does not stop shrinking, accountants will need to rely on technology even more for business success.

Technology is the hook for talent acquisition 

The accounting industry is standing at a crossroads with the advantages of tech advancements, but the strain of a talent shortage. From last year to this year, hiring struggles persist. More than 9 in 10 (94%) respondents say hiring has been a challenge across the board. The concern appears to be growing. More respondents say they’ve experienced hiring challenges for all levels of experience compared to last year*.  

Competitive salaries (100%) is the leading benefit respondents say their businesses will prioritise to attract and retain talented professionals. Almost as many (98%) say they will also use the latest technologies to improve day-to-day work to attract and/or retain talent over the next 12 months. 

And with fewer qualified accountants entering the field, a smaller labour market means the competition for top talent is ratcheting up. Respondents are again looking to technology for solutions — ranking attracting and retaining talent as a tech-advanced firm as the biggest competitive edge technology can give accounting firms. 

Technology upskilling

As the industry continues to evolve, it's no surprise that accounting firms are eager to leverage forward-looking technology training to upskill their talent. Looking ahead, respondents report their firms prioritising cybersecurity (61%), cloud accounting (57%), and cloud accounting integration (56%) training to attract and retain talent over the next 12 months.

Don’t lose the human touch

Soft skills such as communication, collaboration, and problem-solving are just as important for success in today’s industry as tech proficiency. While AI and technology can offer accuracy and efficiency, the ability to build positive relationships and think critically still holds weight.

Balancing the tech approach with a human approach 

More than 8 in 10 respondents agree that soft skills are just as important as traditional accounting skills to succeed as an accountant today (83%). Similarly, prioritising human touch and connection with clients and staff is just as much of a competitive advantage as technological capabilities (85% agree).

Thinking critically is another valuable skill for today’s accountants. Given the detail-oriented work accountants do day to day and the growing importance of strategic business advisory, it follows that the ability to identify and troubleshoot complex issues (99%) ranks as a top critical soft skill for today’s accountant. 

Sample and methodology

Intuit QuickBooks commissioned an online survey in March and April 2024 of 1,046 accounting professionals (all adults aged 18+) throughout the UK. Two in 5 (41%) respondents own an accounting or bookkeeping business. Nearly 6 in 10 (59%) are employed by an accounting/bookkeeping firm as an accountant/bookkeeper. Almost half (47%) work for firms with more than 100 employees. One in 2 (52%) respondents work for firms with 1-99 employees and none work as solopreneurs. Seven in 10 (70%) respondents are male and 3 in 10 (30%) are female. Eight in 10 (82%) respondents are white. Percentages have been rounded to the nearest decimal place so values shown in data report charts and graphics may not add up to 100%. Responses were collected using Pollfish audience pools and partner networks with double opt-ins, random device engagement sampling, and post-stratification based on census data to ensure accurate targeting and results. Respondents received remuneration.

*Note: The 2024 survey sample excludes accountants/bookkeepers who work in-house at non-accounting firms — whereas the 2023 survey sample included these respondents. Response comparisons year-over-year have been estimated comparing 2024’s sample to the 2023 respondents who did not work in-house at non-accounting firms. 

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