The findings reveal that the majority of participants expect to hire more staff, even amid talent shortages, and increase their tech spend
NEW YORK, Dec. 7, 2023 /PRNewswire-PRWeb/ -- A new research report from Arizent, the parent company of Accounting Today, the leading resource for public accountants, examines the foundational strategies that accounting firms plan to take in the next 12 months. The findings reveal that over half of participants expect to hire more staff and increase their overall tech spending, while roughly a quarter plan to implement AI solutions in 2024.
Sponsored by Zoho, a business technology company for organizations of all sizes, the survey asked participants about their hiring expectations, highlighting that recruiting and retaining effective employees is one of their top three priorities facing their firms. This goal only becomes more significant among larger firms, with 97% of mid-sized organizations (20-99 employees) planning to hire in 2024.
"With staffing challenges being a huge concern, accounting firms need to scrutinize more of their workplace policies and compensation scales to maximize their attractiveness to candidates," Janet King, Vice President of Research at Arizent, says. "They should also keep exploring alternatives to hiring, such as technology and offshoring."
In terms of their tech spending, virtually none of the participating firms plan on decreasing their investment. Just over a third (34%) report that they allocate more than 20% of their budget to IT alone and cite these costs as their top challenge in the area, surpassing the cybersecurity risks that was No.1 in 2023's survey.
When considering the tech they wish to explore in 2024, participants name artificial intelligence and robotic process automation as top priorities. These short- and long-term solutions can help reduce administrative time by streamlining client onboarding, documentation collection and other processes.
"The good news overall is that it's a great time to be an accountant. As we've seen, growth expectations for the profession are strong. There's more work available than ever before, and it's often more interesting, challenging and profitable," says Dan Hood, Editor-in-Chief at Accounting Today. "Firms can set their own prices, more or less, and now have enough leeway to finally fire those clients they hate working with."
To read the full details, including other strategies that accounting firms plan to implement in the next year, download the full report here: https://www.accountingtoday.com/research-report/optimism-abounds-but-people-problems-persist
Research Methodology
This research was conducted online by Arizent, parent company of Accounting Today, in September 2023 with a total of 302 accounting professionals.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
[email protected]
M 207-807-4806
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
About Accounting Today
Accounting Today is the leading information resource for public accountants – serving the community of professionals who provide tax preparation, bookkeeping, auditing, financial planning, and business advisory and consulting services to individuals and small businesses. Accounting Today is sharply focused on the industry's most important concerns, including tax law, accounting standards, technology, audit and assurance, and wealth management. Its analysis and breaking news, opinion and expert advice, and practical business-building ideas enable partners, principals and practitioners to make informed decisions about their business and the clients they serve.
About Zoho Corporation
With 55+ apps in nearly every major business category, Zoho Corporation is one of the world's most prolific technology companies. Headquartered in Austin, Texas, with international headquarters in Chennai, India, Zoho is privately held and profitable with more than 12,000 employees. For more information, please visit http://www.zoho.com/cpa
Media Contact
Janet King, Arizent, 212-803-8500, [email protected], www.Arizent.com
SOURCE Arizent
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