When it Comes to the Future, Is Your Glass Half Full or Half Empty?

Embracing Change: The Accounting Industry's Forward Thrust

The accounting industry is at a fascinating inflection point. There's high demand for accounting services, a testament to the industry's robustness and the increasing complexity of tax rules. But there are also staff shortages, a changing workforce, and the daunting wave of technological advancements. That raises the question: When accountants think about the future, is the industry's glass half full or half empty?

The folks at ShareFile recently conducted a survey of over 300 accountants to find out more about how today’s accountants see their glass. Here are some highlights of their findings.

Filling the Glass Amid Challenges

The accounting sector has seen steady growth, but it also faces a talent crunch, with CPAs leaving the workforce and a wave of retirements depleting the ranks of experienced accountants. Add to that an image problem that deters the younger generation from entering the field and a tentative relationship with technology, and the industry's struggles are apparent.

However, when we delve into the perspectives of accountants themselves, a surprisingly optimistic picture emerges. According to the ShareFile study, automation is seen as a growth catalyst, not a threat to jobs. Accountants still find joy in their work and are committed to navigating the industry's challenges. They're optimistic about technology's potential to enhance their efficiency and improve client services. They are still motivated by a desire to deliver a great client experience, and technology can help.

Automation: The Unlikely Hero

Automation is increasingly recognized as crucial within the accounting industry. ShareFile’s research shows that an impressive 96% of accountants deem it important, with 51% describing it as very important. (You have to wonder what the other 49% are doing with their time.) They see technology as a tool to liberate them from mundane tasks, allowing them to focus on strategic, client-centric work. The survey results show that 70% of accountants believe a lack of automation hampers their performance, highlighting the need for firms to streamline their processes and integrate efficient tools. These findings should be a warning to legacy software publishers who provide mission-critical tools for the profession. They have a short window to leverage new technology in their solutions before accountants move on to more innovative alternatives.

Satisfying Careers with Room for Improvement

Accountants in the survey expressed a high degree of job satisfaction: 93% are content with the profession, though they acknowledge a need? for more efficient work conditions. They're not eager to leave the profession; rather, they want to be part of the solution that propels the accounting field forward.

The Diverging Paths of In-house and Firm Accountants

There is a subtle difference in work experience between in-house and firm accountants. Those at firms report higher satisfaction, better staffing, and more enthusiasm for emerging technologies like AI and blockchain. In contrast, in-house accountants express more interest in career shifts, though they share with their peers at firms a common frustration with outdated technology.

Technology: The Gateway to Modern Accounting

Cloud computing, AI, machine learning, and blockchain are not just buzzwords; they are engines of modernization in accounting. Accountants are eager for technologies that can streamline workflows and enhance client experiences. But they don’t want just any technology—they want the right technology. Tools that integrate well with existing systems and can be leveraged for? remote work are in high demand.

Conclusion: Time to Raise Your Glass

So, is the glass half full or half empty? The answer, according to the ShareFile findings, is that most people are leaning toward half full. Despite the challenges, the industry is strong, driven by professionals who see new technology?as an opportunity rather than a threat. They are ready to embrace automation and innovation, and in doing so, they might just be shaping a shining new future for accounting.? We’ll drink to that!

Be sure to read the full report here. And join me, Jody Padar , and our friends from ShareFile for a LinkedIn Live event on December 19th where we'll dive into the survey. Register here .

This is a sponsored post written by me on behalf of?ShareFile .?All opinions are mine and are based on my?knowledge of accountant and client needs and expectations and are drawn from my own experience in using the product.

About Geni Whitehouse, CPA.CITP, CSPM

Geni Whitehouse is a consultant to wineries in the Napa Valley through?www.bdcocpa.com , is a co-founder of a bookkeeping company for wineries and is a keynote presenter, tech association leader , and author.?She frequently works as a paid consultant for tech companies looking to create relevant content about products that serve a unique need in her own business or that of her clients.