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Studies Show Rise in Technology Adoption among Accounting Firms

Social media, cloud computing, and mobile solutions driving bottom line results

new survey of UK accountants reveals that the profession, once thought of as being behind the tech curve, is now strongly embracing social media.

Conducted by Wolters Kluwer with over 1100 U.K. accountants, the study finds that:

  • 77% of accountants surveyed now use social media sites (over 10% higher than 2011)
  • 85% of women surveyed use social media, compared to only 72% of their male counterparts
  • Social media is becoming prevalent among older age groups in the profession
  • The popularity of mobile devices continues to rise: two-thirds of respondents access social media sites via a phone, 40% via a tablet

The results show that social media websites are increasingly being used to support commercial activity in both B2C and B2B markets. There is also evidence that consumers perceive social media as a more trustworthy source of information than some traditional ways of marketing professional services.

Technology Pioneers Outperform Peers
Advanced cloud computing and mobile solutions also continue to rapidly change the accounting industry landscape – providing more efficiency and flexibility than ever before. Accounting firms that pioneer technology outperform their non-tech savvy peers, according to another  study conducted among U.S. accountants.

Technology pioneer firms stand out because of their forward-thinking and proactive approach to embracing change – this includes social media, advanced cloud computing, and mobile solutions. Pioneer firms are reshaping the way they operate by leveraging emerging technologies more effectively than competitors and applying greater emphasis on leadership development, talent recruitment, and formal talent management – key factors enabling them to outperform their peers in revenue growth, profitability and overall firm value.

"Successful firms know that being able to adapt and evolve in meeting their clients' growing expectations is paramount as our profession continues crossing the tipping point of change," Theresa Mackintosh, CCH President & CEO, said. "It's more than grasping what the latest technology has to offer, but also knowing how to align business strategy with leadership development to maximize potential."

Download the whitepaper: CPA Firms Succeeding in the New Economy

Read the full survey: How Accountants are Using Social Media