Every year, accounting professionals are faced with important decisions around technology use inside their firms. Whether it’s artificial intelligence (AI) or data analytics software, the options can be overwhelming.
At the recent INCPAS & NCACPA Technology Solutions Showcase, we surveyed attendees to get a true pulse on where our members stand with technology awareness and adoption. 137 of our members participated in the survey, with participants ranging from principals and partners (31.75%) to staff accountants (6.35%). The results revealed something surprising.
What the Data Says
There’s a massive gap between technology awareness and adoption for accounting professionals.
The majority of survey respondents said they were aware but not familiar with generative AI (53.28%), while only a minority said they were very familiar with the technology (3.65%). The curiosity, however, is there; 78.10% of showcase attendees registered to explore AI opportunities.
There’s a massive gap between technology awareness and adoption for accounting professionals.
This illustrates that while many accountants have a desire to stay ahead of the curve, the intention hasn’t translated into adoption of new technologies across the industry just yet.
So, why does the gap exist? And, more importantly, what can we do about it?
An Industry-Wide Issue
As AI use continues to expand, it’s up to industry leaders to not only familiarize themselves with the technology, but also have an understanding strong enough to teach the next generation of CPAs about it.
The adoption gap doesn’t stop at AI, though. We also discovered that only a small fraction of respondents were very familiar with client experience technology (3.70%) and firm operations technology (6.67%).
These categories also had the lowest awareness in general, with 28.89% (client experience tech) and 26.67% (firm operations tech) sharing they were not aware of the technologies at all.
The good news is that a strong number of respondents scored themselves as somewhat familiar across all technology categories, with percentages ranging from 29.93% (data analytics & business intelligence tools) to 58.39% (artificial intelligence tools).
Still, the data does illustrate a need for stronger adoption practices across the industry.
Staying Ahead of New Technologies
What challenges are CPAs facing when it comes to adopting new tech?
There are a bevy of reasons why firms face delays in tech adoption, ranging from skepticism to overwhelm at choosing vendors. Many (72.39%) said that identifying the right solutions was the biggest hurdle to adopting new technologies. A lack of internal expertise (50%) followed.
In our September blog and recent report, we explored mindful AI adoption for small and midsize firms, as well as the challenges that bottleneck many firms and keep them from properly adopting new technologies.
INCPAS is dedicated to helping accounting professionals understand not just what new technologies exist, but how to best implement them seamlessly.
INCPAS is dedicated to helping accounting professionals understand not just what new technologies exist, but how to best implement them seamlessly. Life as a CPA is busy, and taking time out of the daily grind to sort through technology trends can feel like another to-do on a never-ending list. That’s why we offer resources like the Technology Solutions Showcase, a virtual event designed to share the latest in relevant technologies and ways to incorporate them into your work.
Of the attendees surveyed following the showcase, 48.08% rated the event as highly effective in addressing technology solutions that may improve efficiency and accuracy. 51.35% rated it highly effective in addressing the practical applications of AI and automation.
Staying abreast of technology options via industry publications, CPA societies and workshops is imperative to remaining competitive in the industry. New professionals can also bring fresh perspectives and knowledge to the table when it comes to new technologies and how they can best be used in the field.
Leveraging both existing and new talent and outside resources are the keys to not just being aware of new technologies, but adopting them in a timely manner.
To keep learning, check out these related courses about artificial intelligence in our CPE catalog.
