AI Driving 'Dynamic Evolution' in Accountancy

Accountancy is experiencing a dynamic evolution led by AI adoption, digital transformation and a shift toward advisory services, with firms are positioning themselves for sustainable growth, according to a new report.

The inaugural ‘Future Ready Accountant’ report, from Wolters Kluwer, highlights key trends in the global tax and accounting industry, drawing on responses from over 2,300 global participants.

It found that while challenges like the talent gap and regulatory complexity persist, investments in technology and strategic planning are enabling firms to adapt effectively. It said that 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.

The research found:

• Some 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.
• 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.
• 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 with firms without policies (44%).
• European and Asia-Pacific firms display the most enthusiasm for AI, while Canadian firms show higher neutral or negative attitudes.

It also found that firms with over 75% technology integration saw revenue growth at 78%, compared with just 46% for firms with no integration.

And while 83% of firms already include advisory services as a core offering or on request, and an additional 20% plan to expand these services. 

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 centre 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 US, Canada, Europe and Asia-Pacific markets, offering region-specific insights and analysis in addition to its wider global scope.

“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.”

Jason Marx, CEO of Wolters Kluwer Tax & Accounting