Discover the trends reshaping the accounting profession. From the adoption of GenAI to the evolution of advisory services, the Future Ready Accountant Report is your guide to navigating the rapidly evolving accounting landscape. With insights from over 2,300 tax and accounting professionals across North America, Europe, and Asia-Pacific, this comprehensive study highlights the key trends, challenges, and opportunities shaping the industry globally and within Canada.
In Canada, firms are navigating ways to unlock growth, fully harness their technology, and optimize operations. Download the Future Ready Accountant report to learn:
- Cloud adoption and how it helps improve efficiency and facilitate remote work, both of which can help mitigate staffing struggles, a top challenge and an issue 41% of Survey respondents believe will significantly impact the industry over the next five years.
- Integrating technology to enhance staff – and technology – performance. Firms with higher degrees of integration are not only more likely to report using more of their current tech stack’s capabilities but also firms more likely to see significant revenue growth.
- Advisory services and how they can strengthen client relationships and drive revenue; high-growth firms are 48% more likely to include advisory and consulting as part of their service offerings than declining/stagnant firms.
Watch: Future Ready Accountant overview and key themes
The accounting profession is at a turning point. GenAI and digital transformation are improving efficiency and enabling strategic decisions across North America, Europe, and Asia-Pacific. Learn how firms are adapting to meet evolving client needs.
The accounting profession is at a turning point. GenAI and digital transformation are improving efficiency and enabling strategic decisions across North America, Europe, and Asia-Pacific. Learn how firms are adapting to meet evolving client needs.
Insights from tax and accounting luminaries
Young accounting professionals are looking for mentorship and the opportunity to progress in their career and make an impact. They are looking for support to build relationships and get feedback. They want training, and they are often looking for flexibility to do things on their own time and break the 9-to-5 model.
Right now, AI is a tool where the main expert is going to become more efficient. AI can be used to build expert systems that can solve complex accounting problems or help accountants understand specific scenarios for their clients.
Focus on leveraging technology to streamline processes and improve client experience. Adopting cloud accounting, automating routine tasks, and offering advisory services have been key. The most important strategy for firms is a balance between tech integration and human touch.
Changes will happen in all areas of the accounting firm including the business model, technology that is used, professionals that are hired, services that are provided and the clients that we serve. We are in for a wild and amazing ride.
Players who are slow to adapt to digitalization may face challenges in maintaining relevance as they grapple with challenges to streamlining delivery. This shift will require accountants to build new skills and broaden their advisory capabilities to cater to clients demanding more transparency and accountability.
The Future Ready Accountant Survey included quantitative interviews of 2,373 tax and accounting professionals from firms of all sizes located across 13 countries in the Asia-Pacific region (Australia, Malaysia, New Zealand and Singapore), Europe (Belgium, Germany, Italy, the Netherlands, Spain, Sweden and the United Kingdom) and North America (Canada and the United States). The survey was conducted in Q3 of 2024.
The Future Ready Accountant Report examines global trends in tax and accounting and takes an in-depth look at the regional trends impacting accounting firms in the United States. You are currently viewing Future Ready Accountant: Canada edition.
The Future Ready Accountant Report examines global trends in tax and accounting and takes an in-depth look at the regional trends impacting accounting firms in the United States. You are currently viewing Future Ready Accountant: Canada edition.