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Atlanta (April 5, 2017)
Sage, a market leader in cloud accounting software, today announced the results of a new global survey of 700 accountants which shows that attitudes towards automation within the accounting profession are changing as the benefits become clear – signalling a new era for the accounting practice.
The ‘Practice of Now’ report, conducted for Sage by independent research company Viga, reveals that 96% of those surveyed are confident about the future of accountancy and their role in it, despite 68% seeing their role changing through automation in the future.
"Technological change can be divisive - some are quick to adopt while others are more hesitant. This research shows that the majority of accountants see the empowering opportunity that automation can create and how it will free up more of their time so they can focus on their practice and their clients," said Jennifer Warawa, EVP Product Marketing, Sage. "As artificial intelligence and bots become progressively more intuitive, there is even greater potential for a future of invisible admin to help accountants focus on more strategic areas of their business. The industry must come together to support these changes and help eliminate any barriers or fears that can hold accountants back from the benefits of the increased efficiency that automation will afford them."
The report also showed that 89% of U.S. accountants view automating data entry and reporting as a way to create more value add service for clients. Currently 77% use a cloud-based practice management solution to help serve their clients, while the majority stated that the most important service accounting software provides is automation that frees up time for clients and empowers staff to spend less time crunching numbers and do more analysis, which leads to greater job satisfaction. In an industry moving towards automation, 99% of U.S. accountants surveyed voiced confidence about the future of accountancy and their role in it, while 58% see their role becoming more strategic, allowing them to provide more financial advice to customers.
Cloud Adoption: With cloud now seen as table stakes in most organizations, cloud-based solutions among accountants are proving popular:
Admin & Automation: Many accountants surveyed find admin tasks such as time spent number-crunching frustrating and can see great benefits in automation such as it freeing their time to serve more clients and creating more services for their clients. However, some still worry about how technology will impact their role:
Future Gazing - Optimism Prevails: Despite fears and frustrations, accountants have an optimistic view of the future of their profession:
The State of Accounting research was conducted by research & data collection agency Viga, on behalf of Sage, between the 13th and 27th February 2017. 700 accountants, from entry level to C-suite, were surveyed online across seven markets, including the UK, USA, Australia, Canada, France, Spain and Ireland.
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Victoria Borges PR Manager, North America Sage Office: 470-447-4086 Victoria.Borges@Sage.com