Like most professions in recent years, accounting and bookkeeping are going through extraordinary change. We, at Sage, surveyed 1000 accountants and bookkeepers across six countries to understand what they’re feeling, their challenges, and how they plan to thrive in the immediate future.
While most professionals say they are excited about the future of the industry, many are feeling a strain caused by shifting tax laws, heightened client expectations, and technology advancements.
The good news is many accountants and bookkeepers seem to be clear on what they need to focus on, and this article reveals the three main areas.
Download the full report to learn:
Growing skills & attributes
Professional development and upskilling are key priorities for accounting professionals across the globe, and many recognize the value of both as important factors in future-proofing their practices.
More than half worry they don't have the right skills as the industry evolves, and 41% want to dedicate more time to upskilling themselves or others on their team.
For the majority, upskilling is a priority to develop key attributes such as becoming more reliable for their clients, getting better at problem-solving, better strategic thinking for their practices and clients, and improving operational skills.
Building client relationships
Globally, accountants and bookkeepers want to get back to human, personal client interactions. These touchpoints are what they value most about their careers, not number-crunching and juggling compliance.
The value add is two-fold: As accountants and bookkeepers free up more time to focus on the client management they enjoy, they can deepen their understanding of their client's financial challenges and goals, and deliver the strategic guidance that leads to growth.
Today, only 21% of accountants and bookkeepers would describe their work as human or personal, and two in five say they spend less than a tenth of their time on client management.
Leverage AI and automation
Recent advancements in AI and automation are bringing limitless opportunities to improve ways of working and service levels for accountants. Today's professionals are most excited about the time savings and improved client experiences.
92% percent of the professionals we surveyed agree they spend too much time on manual tasks. Automating routine tasks can free up your time, and your team's time, to focus on better serving and advising your clients.
Key uses for automation in your practice:
Integrating AI-powered tools and machine learning into your practice allows you to quickly and easily extract actionable recommendations from client financial data. These insights mean more valuable conversations with your clients, bringing them closer to their business goals.
You can also use these tools to improve your own productivity and spend significantly less time on admin tasks.
Going from good to great
The most crucial insight from our research is the clear gap between what accountants and bookkeepers know they need to do, and how many have started. For example, 89% of our survey respondents said automating processes would free up time, yet only 37% are already doing it.
This insight isn’t limited to technology either, it applies across all three focus areas.
So, what are the first steps to navigating the change and becoming an accountant or bookkeeper of the future?
Start closing those gaps—whether they’re in growing your skills, building client relationships, or leveraging AI and automation:
This is a new era for accountants and bookkeepers, and embracing your changing role will be key to going from good to great.
Learn more about what's trending globally and what it means for your role and practice.
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