- Top five challenges among firms of all sizes include economic uncertainty and keeping up with changing tax legislation; recruiting/retaining talent is top challenges among large firms
- 84% of firms report increased client demand for advisory services. Expanding revenue ranked as top 2023 goal among all firms, followed by improving customer engagement, operational workflows and employee effectiveness
- Integrated, cloud-based technology is helping firms drive profitability and meet increased client demands, although only a fraction are using their current tech stack to its fullest potential
Wolters Kluwer Tax & Accounting today shared the results of its 16th annual survey of tax and accounting professionals, which found that even in the face of challenges like economic uncertainty and changing tax legislation, early adoption of integrated, cloud-based technology is driving gains in efficiency, productivity, revenue and profitability among accounting firms of all sizes.
Detailed findings from the Wolters Kluwer Annual Accounting Industry Survey are available in this white paper – and an executive summary highlights top takeaways. Almost half of the nearly 2,000 firms surveyed said the 2021 tax season was better than the year prior, and nearly 80% said that advances in technology led to a reduction in the number of hours spent per tax return. Firms using a cloud-based tax compliance solution reported higher revenue growth than traditional firms (7% to 4%, respectively.) Innovative and early-adopter firms were also 13% more likely to add services.