New Intuit Tech Survey Findings Released

A recent Intuit QuickBooks survey reveals that the greatest risk to the accounting industry is failing to keep up with technological advancements. This risk surpasses concerns about higher interest rates, rising costs, and hiring challenges. These insights come from the 2024 Intuit QuickBooks Accountant Technology Survey, which surveyed 700 accountants in the US.

Key Findings:

• Tech Adoption Crucial for Growth: Accounting professionals view technology as essential for meeting client expectations, tackling hiring shortages, and improving efficiency. The survey indicates that accountants plan to invest an average of $24,000 in technology over the next year. A significant 93% believe that tech-savvy firms are better equipped to survive economic fluctuations.

• Hiring and Retention: The industry continues to face hiring challenges, with 94% of respondents struggling to find talent, especially for entry-level positions. Nearly all respondents (98%) support alternative pathways to CPA licensure. Additionally, 99% say that adopting the latest technologies is crucial for attracting and retaining employees.

• AI Integration: AI is increasingly used in the industry, with 98% of accountants utilizing it for client services and operations. Despite concerns about data privacy, accuracy, and costs, only 9% worry about AI replacing jobs. Most firms have formal ethics guidelines for AI use, with 66% including client disclosure.

• Economic Challenges: Economic instability is a significant concern, with 21% citing it as a major threat. Higher interest rates and costs have impacted profitability for 63% of firms. Accountants also report that their clients are adversely affected by these economic conditions.

Survey Methodology:

The survey was conducted online in March 2024, involving 707 accounting professionals across the US. Respondents were selected using Pollfish audience pools and partner networks, ensuring accurate targeting and results.

About Intuit:

Intuit is a global financial technology platform serving over 100 million customers worldwide with products like TurboTax, Credit Karma, QuickBooks, and Mailchimp. Intuit is committed to helping individuals and businesses prosper through innovative solutions.

For More Information:

Read the complete 2024 Intuit QuickBooks Accountant Technology Survey results here. For details on Intuit's AI-powered solutions, visit the Intuit blog.