Accountants Optimistic on Economy, Business Prospects and Job Growth

According to a new survey released by Right Networks, accounting professionals feel confident about the prospects for increased business growth and stability throughout the profession and the economy as a whole. The Right Networks cloud impact survey polled more than 350 CPA firms, accounting professionals and small businesses about their confidence in the economy, their business prospects and the impact of cloud technology on their business operations.

Cloud Technology Critical to Optimism for Future

  • 75% of the respondents using cloud storage and application technology indicated they are “very confident” about the future of accounting and their respective role in the industry.
  • 40% identified as willing to embrace technology as “early adopters” and are committed to investing in state-of-the-art technology and applications, including the cloud, to deliver the highest level of service and value to clients.

Technology Allows for More Time with Clients

  • Over 63% were motivated to upgrade technology to either automate administrative tasks and increase productivity and efficiency, or institute more flexible and responsive solutions for clients who increasingly expect an “always available” approach.
  • Moreover, the cloud-based solutions are allowing accountants to work on the aspects of the industry they enjoy the most. Allowed to choose more than one answer, 67% of respondents indicated they like building relationships with clients, followed by advising on clients’ business strategy, for example, forecasting, risk management (35%) and engaging new business and winning clients (33%).

Cloud Users Feel More Prepared for Future Economic Conditions

  • More than half of the respondents pointed to accounting software when asked to name the most important innovation in the industry.
  • Asked to rate their confidence level in the economy compared to March 2017, 61% of the respondents identified as “moderately confident” while another 32 respondents were “very confident” in the economic outlook.

“The findings in this survey help highlight the ever-present need in this industry for evolving technology,” says Rachel Krug, director of product marketing at Right Networks. “We are happy to see such a promising outlook for the future, based on the accounting professionals and CPA firms surveyed.”

For more details, read the Right Networks survey here.