KUALA LUMPUR, Jan 15 (Bernama) -- Wolters Kluwer Tax and Accounting (TAA) has unveiled its inaugural global study titled Future Ready Accountant, offering a comprehensive analysis of the evolving tax and accounting industry.
The study explores key topics such as technological advancements, artificial intelligence (AI) impact, talent management, and business strategies, with insights drawn from over 2,300 global participants. The report highlights the industry’s current challenges, technological progress, and future directions.
Wolters Kluwer TAA chief executive officer, Jason Marx in a statement emphasised that while firms are eager to harness AI and technology for operational efficiency, maintaining strong client engagement remains a top priority.
He noted that firms face challenges like adapting to changing tax laws and meeting client expectations, but these obstacles present opportunities for growth and innovation.
Key findings from the study show that AI adoption is on the rise, with 57 per cent of accounting professionals believing AI will greatly impact the industry. While generative AI adoption is still in its early stages, enthusiasm remains high, with 27 per cent of firms already using it and another 22 per cent planning to adopt it in the near future.
However, concerns about data security, accuracy, and high costs still hinder broader AI implementation. Despite that, European and Asia Pacific (APAC) firms display the most enthusiasm for AI.
The report also highlights a shift towards digital transformation, with 62 per cent of firms using cloud technology and showing improved revenue growth linked to higher tech integration. Moreover, 83 per cent of firms now offer advisory services, with high-growth firms 49 per cent more likely to prioritise such services.
Attracting and retaining skilled talent remains a major challenge, with 41 per cent of firms expecting this issue to escalate in the next five years. However, 80 per cent of firms agree that technology can help address the talent gap by reducing mundane tasks and allowing employees to focus on higher-value work.
Overall, the report underscores the importance of leveraging technology for growth, with over 74 per cent of cloud-enabled firms reporting higher profitability and better client satisfaction.
The Future Ready Accountant study offers regional reports for the United States, Canada, Europe, and the APAC markets, providing region-specific insights and analysis in addition to its wider global scope.
-- BERNAMA