The comprehensive, global study offers in-depth insights into the global tax and accounting industry and the trends that are shaping the profession.
MINNEAPOLIS, January 14, 2025--(BUSINESS WIRE)--Wolters Kluwer Tax and Accounting (TAA) is pleased to announce its inaugural global study, the Future Ready Accountant, is now available. This comprehensive study provides an in-depth analysis of the global tax and accounting industry landscape, with an exclusive focus on consequential topics shaping the profession, such as technology advancement, AI impact, talent management, and business strategies.
The Future Ready Accountant draws on responses from over 2,300 global participants, offering insight into the industry's current state, its challenges, and the technology driving it forward.
Jason Marx, CEO of Wolters Kluwer Tax & Accounting, commented, "The Future Ready Accountant report offers unparalleled insights into the global accounting landscape. Findings indicate that while firms are eager to leverage AI and other technologies for efficiency, client engagement remains paramount." Marx added, "Our comprehensive global survey uncovers crucial insights into how firms, big and small, are adapting to a digital-first world. Significant challenges, like keeping up with evolving tax laws and managing client expectations, take center stage among many others. However, these challenges also create opportunities for growth and innovation. The survey's findings exemplify how technology advancements, especially AI, are disrupting and shaping the future of the tax and accounting industry."
The global report features exclusive editions for the U.S., Canada, Europe, and APAC markets - offering region-specific insights and analysis in addition to its wider global scope.
"Our report not only captures global trends but also provides regional insights, allowing firms to tailor their strategies to specific market needs," added Marx. "We're in the midst of a significant shift in our industry, and this comprehensive report provides a wealth of knowledge to help firms navigate through it."
Key Findings from the Future Ready Accountant
The findings show a dynamic evolution within the global tax and accounting profession. Led by AI adoption, digital transformation, and a shift toward advisory services, firms are positioning themselves for sustainable growth. While challenges like the talent gap and regulatory complexity persist, investments in technology and strategic planning are enabling firms to adapt effectively. Modernizing operations with technology, offering trusted advisory services, and fostering talent development will remain essential for firms aiming to succeed in an increasingly competitive and tech-driven environment.
AI Adoption on the Rise
Positive Outlook on AI: 57% of accounting professionals believe that AI advancements will significantly impact the industry. While adoption of generative AI (GenAI) tools is still in the early stages, general sentiment is overwhelmingly positive, with only 15% holding negative views.
Adoption Trends: Currently, 27% of firms utilize GenAI in their workflows, and 22% plan to adopt it within the next 12–18 months, signalling continued growth in the use of AI for automation and efficiency.
Barriers to Adoption: Concerns about data security, accuracy, and high implementation costs remain the top obstacles. Only 25% of firms have established AI policies, yet those firms tend to view AI more positively (84%) compared to firms without policies (44%).
Regional Differences: European and APAC firms display the most enthusiasm for AI, while Canadian firms show higher neutral or negative attitudes.
Digital Transformation in Full Swing
Tech Integration: 62% of firms use cloud technology, with 57% reporting significant tech integration in their processes. Of these, firms with highly integrated systems (75% or more) were more likely to experience significant revenue growth.
Operational Success: Firms with over 75% technology integration saw revenue growth at 78%, compared to just 46% for firms with no integration.
Shift Toward Advisory Services
Increasing Advisory Offerings: 83% of firms already include advisory services as a core offering or on request, and an additional 20% plan to expand these services.
Driving Growth: High-growth firms are 49% more likely to emphasize advisory services, offering clients strategic finance insights like financial planning, forecasting, and management reporting.
Addressing the Talent Gap
Top Challenge: Attracting and retaining skilled talent is considered one of the most pressing issues by firms globally, with 41% predicting its significant impact in the next five years.
Role of Technology: 80% of firms agree that technology helps mitigate the talent gap, with 61% emphasizing its ability to reduce mundane tasks, freeing up staff to focus on more engaging, high-value work.
Growth Trends
Cloud and Growth Alignment: High-growth firms reported an increased use of cloud-based solutions, driving both practice efficiencies and client satisfaction. Over 74% of cloud-enabled firms reported profitability growth.
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.
Wolters Kluwer reported 2023 annual revenues of €5.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
