Accountants Leverage Technology to Boost Competitiveness and Bridge Talent Gaps

London, UK - 17 July 2024

New Intuit QuickBooks survey reveals how accountants and bookkeepers are harnessing the power of technology to stay competitive, attract and retain top talent, and bridge skills gaps. By 2030, approximately two-thirds* of the UK workforce could lack basic digital skills, but addressing this shortage now - particularly within the accountancy sector - could be key for economic growth and continuing to provide valuable and quality client servicing. 

The 2024 Intuit QuickBooks Accountant Technology Survey, which polls UK-based accounting professionals, reveals that while client needs are growing - 78%* of respondents say they have expanded their client lists over the last 12 months - the industry workforce is shrinking with 94%* of accountants agreeing that hiring has been challenging across the board. 

Closing the talent gap

The tensions between growing client demand and a shrinking talent pool aren’t showing signs of easing soon. But accountants and bookkeepers are clear: the answer to their talent problems is taking advantage of tech. In the UK, 98%* of accountants say they will use the latest technologies to improve day-to-day work to attract and/or retain talent over the next 12 months.

In addition, competitive salaries (100%)* and comprehensive benefits (99%)* are two leading benefits respondents say their businesses will prioritise to attract and retain talented professionals. 

And with fewer qualified accountants and bookkeepers 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. 

Nick Williams, UK Product Director at QuickBooks UK, comments: “The ability to leverage technology is becoming increasingly important in hiring and retaining accountants and bookkeepers at all levels. As client demands grow, technology is the key to enabling our professionals to offer top client servicing. 

“This shift is even driving accounting firms to prioritise forward-looking tech training over the next 12 months, focusing on cybersecurity (61%)*, cloud accounting (57%)*, and cloud accounting integration (56%)* to upskill young accounting professionals.”

QuickBooks is supporting the need for industry wide training by providing free licenses (subject to terms and conditions of use) to educators and their students delivering the new IfATE T Level. Access to the right financial management technology can empower young professionals to engage in strategic advisory work earlier and accelerate their careers. 

Soft skills critical for success

Alongside the drive for tech-forward training and development, accountants and bookkeepers still feel that soft skills such as communication, collaboration and problem-solving are important for success in today’s industry. While AI and technology can offer accuracy and efficiency, the ability to build positive relationships and think critically still hold weight.

83%* of respondents agree soft skills are just as important as traditional accounting skills to succeed as an accounting professional today. Similarly, 85%* believe prioritising human connection with clients and staff is just as much of a competitive advantage as technological capabilities.

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

Nick Williams adds: “Today’s smaller workforce means accountants and bookkeepers are juggling heavier workloads heightened by a growing demand for their services. The path forward involves creating an environment where professionals can be excited about their work, leveraging technology to automate repetitive tasks and encouraging human connection with clients to deliver personalised service and high-value impact.”

Sources

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.

Disclaimer

This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, and functionality are subject to change without notice.

For more press information

Media contacts:

For more information, contact quickbooks@edelman.com 

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

Intuit Limited registered in England (Company No.: 2679414) Registered address and principal place of business: 5th Floor Cardinal Place, 80 Victoria Street, London, SW1E 5JL, England.