More than 50% of respondents say they foresee their businesses investing in blockchain technology (57%), AI (54%), automation tools (54%), and machine learning (54%) over the next 12 months. Based on an Intuit survey of 2040 QuickBooks Online Payroll customers in February 2023. On average, businesses that report gross payroll cost savings save 4.64%. Results are based on customer reported savings per week. On average, respondents who report time savings save 2.56 hours per pay period.

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One in 2 (50%) respondents identified their businesses as early adopters of digital tools. Accounting and bookkeeping has come a long way from paper ledgers and manual calculations. Misconceptions characterise the profession being resistant to change, but trends paint a different picture. Accounting professionals today are leveraging technology to streamline accounting processes, enhance client services, and stay ahead of the curve. With the aid of technology, it’s no surprise that strategic business advisory is taking up a significant share of accountants’ time.

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Advancements in technology are reshaping the accounting profession, and the use of AI is leading the charge. Data shows that contrary to popular belief, accountants are embracing AI and leveraging it to boost efficiency and help give them the foundation necessary to provide strategic business advisory. Connected accounting, expense management, payments, and payroll in one place.

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• Three in 10 (30%) say it’s been the greatest difficulty for clients — more than twice the number who say compliance (13%), scaling their business (13%), or increased competition (13%).
• Accounting professionals today are leveraging technology to streamline accounting processes, enhance client services, and stay ahead of the curve.
• Free up more time by tracking and paying bills and getting insights all in QuickBooks.
• Technology is cutting time with compliance, and creating a new standard of excellence when it comes to strategic business advisory.
• Seven in 10 (70%) respondents are male and 3 in 10 (30%) are female.
• Intuit Inc., or its affiliates do not have any responsibility for updating or revising any information presented herein.
• A refund to a bank or Credit Card is 5-10 business days.

Have the check number, amount, tracking or, and any other identifying information ready when calling. To make a payment to your Remote Entry Processing (REP) account, there are several methods available. Lacerte doesn’t charge fees for any of the services mentioned. Confirm with your bank if they charge any fees using Online Bill Pay. Learn how to get set up, pay your team, find HRsupport and benefits, and sync with accounting soyou can manage everything in one place.

Respondents rank advancements in cloud accounting and digital technologies as having the single greatest positive impact on the industry over the last 5 years. With technology’s impact on the rise, so is investment. Looking back and to the future, accountants are doubling down on their readiness and willingness to invest in technology to stay ahead of the curve. A refund to a bank or Credit Card is 5-10 business days. Key business tools and third-party apps work better together when they’re under one roof. Track money in and out, run payroll, and make and accept payments—all on one integrated platform.

Additional important information:

No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Intuit Inc., or its affiliates do not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc., or its affiliates do not warrant that the material contained herein will continue to be accurate nor that it is completely free of errors when published. Readers should verify statements before relying on them. Working with tech-advanced clients is providing greater opportunities for accountants — to the point where tech adoption has become a major consideration for client fit.

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Check out this video to see how to view your pay stubs, time off, W-2s and track your time in the new mobile app. Learn how to see and print your pay stubs online or in the Workforce mobile app. You can also see your time off balances and year-to-date pay. Reduced profitability due to increased costs of doing business (57%) is the top challenge respondents’ firms have faced during the current economic landscape. Our experts can help you stay compliant, interpret reports, and reveal insights to help you succeed.

Percentages have been rounded to the nearest decimal place so values shown in data report charts and graphics may not add up to 100%. As last year’s survey insights revealed, technology is helping to free up time to focus on payintuit taking on more of an advisory role to clients. Technology is cutting time with compliance, and creating a new standard of excellence when it comes to strategic business advisory.

With the pressure of the higher cost of borrowing, clients leveraging technology for innovation, risk mitigation, and a deeper understanding of their financial performance are one step ahead. Eight in 10 (82%) respondents agree that more tech advanced clients are better prepared to weather economic challenges such as inflation and high interest rates than less tech advanced clients. Respondents unanimously agree — working with tech advanced clients is a boost for business. Increased efficiency and accuracy (61%) takes the lead in the biggest advantages that come with these partnerships. Not far behind is better communication (59%) and increased capacity to collect data for strategic advisory (59%). Working with tech advanced clients impacts job satisfaction as well.

• The current economic landscape is pinching clients’ pockets too.
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• Support hours exclude occasional downtime due to system and server maintenance, company events, observed U.S. holidays and events beyond our control.
• For respondents, accuracy and reliability of AI-generated information (36%) and data privacy (20%) ranked as the biggest AI concerns.
• Intuit reserves the right to change these hours without notice.

Expanded capacity due to technology investments (62%) tops the list of reasons powering these expansions. For some accounting firms, compliance work can be a significant drain on resources, leaving little time for providing more value-added services to clients. However, outsourcing has emerged as a powerful tool for enabling accountants to shed much of their compliance workload so they can focus on advisory work with clients. Terms, conditions, pricing, special features, and service and support options subject to change without notice. Intuit QuickBooks commissioned an online survey in March and April 2024 of 1,046 accountants (all adults aged 18+) throughout the UK. Two in 5 (41%) respondents own an accounting or bookkeeping business.

When customers no longer have an active, paid subscription, they will not be eligible to receive benefits. Support hours exclude occasional downtime due to system and server maintenance, company events, observed U.S. holidays and events beyond our control. Intuit reserves the right to change these hours without notice. Terms, conditions, pricing, service, support options, and support team members are subject to change without notice. As a result, businesses are increasingly turning to accountants as trusted advisors, rather than just compliance specialists.