The question is one that companies in industries everywhere seem to be asking with more frequency: Where can I find the talent we need for our company? According to recent surveys by Caseware International, more than 90% of accounting and audit firms say hiring and retaining skilled personnel is at the top of their list.
The report—"2023 State of Accounting Firms Trends Report"—provides an eye-opening look into how the accounting and audit professions are navigating today's landscape. The survey queried insights from more than 4,100 accountants and 2,300 auditors.
This year’s reports examine everything to what technologies are growing the fastest, and why, as well as shed a light on today’s most pressing practice management challenges, revealing how firms are dealing with them. The report delves into why talent management is a top challenge; how virtual-world realities are hitting hard; why business intelligence is catching on; and the continual rise of cloud adoption.
According to the report, the biggest practice management challenges among survey respondents were related to new ways of working, including 40% citing communicating with clients in a virtual world as a major challenge. In addition, 38% said using new technologies was a close second as far as challenges, while 35% referred to adjusting to working remotely.
The report also found that accountants still are coming to grips with technologies they were forced to adopt due to the pandemic. In an encouraging sign, using new technologies dropped by 5% from last year. Another challenge on the rise was finding the right talent, which posted a 21% increase over last year.
Not surprisingly, talent management continues to be an issue for today's accounting firms. According to the report, two in every five of those surveyed described the issue as “extremely challenging.” As for talent retention, the situation appears to be only slightly better, with 36% describing it as “extremely challenging.”
The Technology Factor
According to the survey, accounting firms do not see themselves as being behind the times when it comes to technology. When asked to describe their firm in terms of new tech adoption, 35% considered themselves to be early adopters, with 41% viewing themselves as neither laggards nor forerunners, but rather in between those two groups, with an average rate of evaluation and adoption.
While nearly 80% use client collaboration tools, almost 52% said their client engagement process is only somewhat efficient, while 74% plan to adopt new cloud technologies over the next two years, and 56% stating they have already adopted business intelligence software to advise and guide clients.
To download the report, CLICK HERE.
Like what you're reading?
Subscribe to our FREE newsletter and we'll deliver content like this directly to your inbox.