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Lack of tech adoption still troubles accounting profession, but early adopters earn up to 39% more revenue per employeeHUDSON, N.H., April 16, 2024 (GLOBE NEWSWIRE) -- Rightworks today released findings of its inaugural 2024 Accounting Firm Technology Survey, which examined the attitudes and impact of technology adoption across the profession. The study investigated how firms use cloud-based infrastructures and connected and collaborative technologies to evolve their businesses and client relationships. Though the findings reflect a profession still burdened with slow technology adoption, it revealed a major opportunity for accounting firms to modernize their practices to drive efficiency, improve client collaboration and increase revenue per employee regardless of firm size. The gap between the profession’s needs and the benefits of modernization is further underscored as the profession continues to see fewer CPA graduates and increasingly daunting tax seasons. The study, fielded among almost 500 decision makers and influencers at accounting, tax and bookkeeping firms nationwide, shows that nearly 60% of respondents identified their firms as slow adopters of new technologies like AI, and other tools that enable collaboration and data-driven insights. However, firms that self-rated as more advanced in technology adoption reported as much as 39% more revenue per employee. “Overall, the accounting profession is optimistic about new technology but is now more than ever at a crossroads as the talent pipeline continues to shrink and client expectations grow,” said Joel Hughes, CEO of Rightworks. “Ironically, our survey showed that security, often cited as one of the biggest benefits of technology adoption, is also a top concern firms cite for not moving to the cloud. It is time for the profession to learn from the leaders who embrace technology and are reaping the ROI.” Additional key findings:
For the full results of Rightworks’ 2024 Accounting Firm Technology Survey, click here. Methodology Connect with Rightworks About Rightworks Image asset: (below) A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dbd87223-3253-4f9f-b11d-dcd7a797ab4e
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