Accountants see GenAI reshaping the profession, but are slow to adopt it

Though accountants see generative AI as a trend that will transform their profession, they’re still relatively slow to adopt it. That’s according to Wolters Kluwer’s Future Ready Accountant report, based on a survey of 2,373 global tax and accounting professionals conducted last year.

More than half (57%) of respondents predicted that GenAI would have a major impact on the accounting profession. But only 27% said they were using GenAI in their workflows, and just a quarter of firms had AI policies.

Accountants’ sentiments toward AI varied considerably depending on the size of their firm and whether their firm had an AI policy. Staff at large firms viewed AI much more positively (76%) than those at small firms (54%; Wolters Kluwer defined small firms as having between five and 19 employees). And staff at firms with AI policies were much more optimistic about AI (84%) than those at firms that lacked them (44%).

Talent still a top concern: The talent shortage was the second-most-likely trend that accountants saw affecting their profession, after GenAI. More than four in 10 firms (42%) said they had trouble attracting talent. Staffing challenges were affecting firms of all sizes; 37% of large, 40% of midsize, and 35% of small firms cited it as their top issue.

Firms were thriving, and adoption of advisory services was widespread: Accounting firms were prospering in 2024. 72% of respondents said their firms’ revenue increased last year, while 67% saw profitability grow, and 63% increased their client engagements.

Advisory services continued to be a growth area. More than eight in 10 firms offered some form of the services, either as a “core service” (49%) or upon request (34%).