NEW YORK–(BUSINESS WIRE)–Wolters Kluwer Tax and Accounting 16th result has been shared todayth Despite challenges such as economic uncertainty and changing tax laws, early adoption of integrated, cloud-based technologies is driving increased efficiency, productivity, revenue and profitability for all accounting firms, according to an annual survey of tax and accounting professionals. showed that. size.
A detailed summary of Wolters Kluwer’s annual accounting industry research is available here this white paper – and executive summaries highlight best practices. Nearly half of the nearly 2,000 firms surveyed said the 2021 tax season was better than the previous year. 80% Advances in technology have led to a reduction in the time spent on each tax return, he said. Firms using cloud-based tax compliance solutions reported higher revenue growth than traditional firms (7% – 4%, respectively). There were also innovative and early adopter firms 13% the possibility of adding services is high.
Jason Marks, president and CEO of Wolters Kluwer Tax and Accounting North America, said:
“Globally integrated and cloud-based firms that embrace digital transformation will continue to bring competitive advantage. Forward-looking firms must implement and fully leverage a strategic technology plan that empowers people to go beyond traditional compliance to streamline their processes, unlock data, free up staff time, and deliver the value-added consulting services clients demand.”
The major challenges faced by firms in 2022 varied by size
In 2020, firms of all sizes find themselves lost in the daily challenges of a global pandemic. In 2021, firms grappled with rapid legislative changes and sought ways to effectively work with the IRS. The most pressing challenges facing firms in 2022 vary by firm size.
In 2022, half of this year’s survey respondents reported late or unprepared customers be the ultimate challenge.
Only two challenges – economic uncertainty and monitoring of new or changing regulations and standards – expressed as the top five challenges facing firms of all sizes.
Medium-sized firms were the most concerned economic uncertaintylarge firms were most concerned retain / attract talent.
Medium and large firms are trying be related to technology and learn to use their technology more effectively.
2023 Goals: Firms focus on revenue growth, efficiency and customer engagement
Firms of all sizes ranked revenue/profit as their biggest goal for 2023, followed by improving customer engagement. Additionally, 85% Clients reportedly want strategic tax planning and consulting services. Recruiting and retaining talent was the top five challenge for mid-sized and large firms, so improving operational workflow and employee effectiveness came in third and fourth on the overall list of corporate goals for 2023, followed by investment. is not a thing. in new technologies that support remote work.
Forward-looking firms are leveraging technology to deliver new services and increase employee productivity and engagement
While the global COVID-19 pandemic has greatly accelerated the pace of digital transformation in the tax and accounting industry, most firms say their investments in integrated and cloud technologies are paying off, and most say the pace of technological change is “about right.”
- 78% Some firms are using technology to help employees expand their skills 64% being used to improve employee engagement and morale
- 77% They say technology is helping them cut down on time, customers and returns
- 73% Technology helps improve average customer response time, and 72+% say technology helps attract and retain customers.
- 62% said technology helps them add new services
Interestingly, research has also found this Less than 20 percent of firms feel they are using their technology stack to its full potential – Although two-thirds report that technology improves their competitiveness. This shows that there is significant opportunity for firms to further improve their cloud-based investment returns.
The 2022 Accounting Industry Survey from Wolters Kluwer North America includes quantitative interviews with 1,983 tax and accounting firms of all sizes in the U.S. and 1,445 completed responses to examine how client expectations, technology and other factors are influencing the future landscape. intended to study. accounting of the main areas, how accounting companies are prepared to solve these problems and others. The survey was conducted online.
About Wolters Kluwer
Walters Kluwer (WKL) is a global leader in professional information and software solutions and healthcare services; tax and accounting; governance, risk and compliance; legal and regulatory sectors. By offering expert solutions that combine deep domain knowledge with advanced technology and services, we help our customers make critical decisions every day.
Wolters Kluwer’s annual revenue in 2021 is 4.8 billion euros. The group serves clients in more than 180 countries, operates in more than 40 countries and employs approximately 19,800 people worldwide. The company’s headquarters are located in Alphen an den Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. ADRs are traded on the US over-the-counter market (WTKWY).