Intuit QuickBooks survey reveals that accountants are solving talent challenges with technology
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.”
