• About
  • Contact
  • Testimonials
  • Newsletter
  • More
    • Demographics & Advertising Rates
    • Terms & Conditions
Thursday, September 21, 2023
No Result
View All Result
California Business Journal
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness
California Business Journal
Number Crunch: Nine in 10 Accountants, Auditors Struggle to Find Talent, Global Caseware Surveys Reveal

Photo Credits: The Business Journals

Number Crunch: Nine in 10 Accountants, Auditors Struggle to Find Talent, Global Caseware Surveys Reveal

Surveys show firms adopting new technologies at a rapid pace to attract and retain talent, connect with clients and increase insights.

by Claire Cattone, California Business Journal
A A
Share on FacebookShare on Twitter

What is the fastest-growing challenge facing accounting firms and internal audit departments today? More than 90% point to hiring and retaining skilled accountants and auditors. Some are even turning away business due to a shortage of staff.

That’s the finding of two newly released reports by leading software provider Caseware International, which surveyed more than 6,000 accountants and auditors globally.

According to the surveys, to tackle this challenge and boost client collaboration, accounting and auditing organizations are ramping up the adoption of advanced technologies such as cloud services, data analytics and business intelligence.

David Osborne, Caseware CEO

The Caseware reports ‐ 2023 State of Accounting Firms Trends Report and 2023 State of Internal Audit Trends Report ‐ offer a glimpse into how accounting firms and internal auditors worldwide are adjusting to changing business environments. Responses were gathered from more than 4,100 accountants and 2,300 auditors.

ADVERTISEMENT

The talent crunch

Nearly 35% of accountants cite finding the right talent among their three biggest practice management issues over the past year, compared to just 14% of accountants who cited it last year ‐ making finding talent the fastest-rising industry challenge.

More than 90% of accountants and 95% of auditors surveyed find it either challenging or extremely challenging to hire skilled talent. When retaining talent, more than 85% of accountants and 90% of auditors said it is either somewhat or extremely difficult.

“With unemployment rates at historic lows, it’s not surprising that accounting firms and audit teams are having difficulty finding and retaining staff,” said David Osborne, CEO at Caseware. “Companies seeking top talent need to employ innovative strategies to address this challenge, such as improving compensation, implementing more flexible work policies, and adopting technologies that allow staff to work more creatively and efficiently.”

Technology challenges

Other top practice management challenges cited by accountants relate to new ways of working, including communicating with clients in a virtual world (40%), using new technologies (38%), and adjusting to working remotely (35%). Auditors pointed to moving from manual to digital processes (38%) and adopting new audit technology (36%) as the main issue.

“Accounting and auditing professionals are still coming to grips with technologies that most were forced to adopt due to the COVID-19 pandemic and are placing a heightened sense of urgency on adopting new technologies to enhance their work processes, collaboration, and insights,” said Davis Jackson, Chief Commercial Officer at Caseware.

According to the reports, almost 70% of accounting firms expect their rate of technology adoption to increase over the next two years, while more than 80% of internal audit teams are already employing cloud technology.

“Clients today expect their accountants and auditors to deliver more than just numbers ‐ they want deeper insights to help direct their business strategies, so it’s not surprising that more and more professionals are turning to intelligent technology to enhance their role as strategic advisors,” Jackson said.

Other highlights include:

2023 State of Accounting Firms Trends Report

● While nearly 80% of accounting firms use client collaboration tools, almost 52% said their client engagement process is only somewhat efficient.

● Nearly three-quarters (74%) of accounting firms plan to adopt new cloud technologies over the next two years.

● More than half of accountants (56%) have adopted business intelligence software to advise and guide clients on their finances and risk factors, while 30% say they are planning to invest in it.

2023 State of Internal Audit Trends Report

● More than 60% of auditors said the amount of advisory services they provide has grown over the past year.

● Analytics is a critical operational tool for more than 55% of internal audit teams.

● Nearly 42% of auditors said their most significant internal pressure is to prove their value to their organization.

To download the two Caseware trends reports free of charge, visit the 2023 State of Accounting Firms Trends Report and the 2023 State of Internal Audit Trends Report.

About Caseware International

Caseware is the leading global provider of desktop and cloud-enabled solutions for audit, assurance, financial reporting, and data analytics for accounting firms, corporations, and government regulators. Caseware’s innovative tools and platforms help more than half a million customers in 130 countries work smarter, dig deeper, and see further as they transform insights into impact. For more information, visit www.caseware.com.

Related Posts

Lease Accounting For California Businesses: A Snapshot Of Current Accounting Guidelines
Lease Accounting For California Businesses: A Snapshot Of Current Accounting Guidelines
Tags: 2023accountingadoptionadvisoryanalyticsauditauditorsboostCEOchallengesclientclientscloudcollaborationcustomersdataengagementfinancesfinancialflexiblefreegovernmenthirehiringindustryinnovativeinsightsintelligenceinvestJacksonmakingmanagementoperationalpastprofessionalsratesremotelyreportssolutionsstrategiestalentteamstechnologiestechnologytoolsTrendsunemploymentvaluevirtualworkworking remotely
ADVERTISEMENT
Claire Cattone, California Business Journal

Claire Cattone, California Business Journal

Related Posts

Lease Accounting For California Businesses: A Snapshot Of Current Accounting Guidelines
Lease Accounting For California Businesses: A Snapshot Of Current Accounting Guidelines
ADVERTISEMENT
ADVERTISEMENT

CBJ Newsletter

Facebook Twitter LinkedIn Instagram LinkedIn

Advertise With CBJ

Contact Rick@CalBizJournal.com

CBJ Rates and Demographics

ADVERTISEMENT
ADVERTISEMENT
1REALTOUR-SAN DIEGO-WEB DESIGN
Facebook Twitter LinkedIn LinkedIn Instagram Youtube
C B J   LOGO  SVG-01
  • About
  • Contact California Business Journal
  • Testimonials
  • Demographics & Advertising Rates
  • Terms & Conditions

Categories

  • Art & Culture
  • Business
  • California Hotel Listings
  • Daily Updates
  • Editor's Choice
  • Education
  • Featured
  • Finance
  • Food & Dining
  • Health & Fitness
  • Human Interest
  • Insurance
  • Law
  • Lawyers
  • Marketing
  • Medical
  • News
  • Newsletter
  • Opinion
  • People
  • Popular
  • Real Estate
  • Social Media
  • Technology
  • Uncategorized

CBJ Partner Firebrand Media

Laguna Beach Independent Newspaper
 Laguna Beach City Guide
 Newport Beach Independent Newspaper
Newport Beach Country Club Magazine
  Montage Magazine
 Omni Escapes Hotel Magazine
 Bespoke Concierge New York
 Evans Hotels
 Laguna Beach Magazine
 On The Menu Laguna Beach
 Newport Beach Magazine
Coastal Real Estate Guide (NB,LB, CDM)
Monarch Beach Resort Magazine
 Pacific Coast Magazine (SoCal)
Sea Island Life Magazine
Salamander Hotel & Resorts Magazine
 View our entire portfolio

 

Most Viewed

  • More Truth About Temu: Is Temu A Chinese Company?

    The Truth About Temu: Where Is It From?

    0 shares
    Share 0 Tweet 0
  • Lawsuit Basics: How Much Does It Cost to Sue Someone?

    0 shares
    Share 0 Tweet 0
  • How to Get Free Stuff on Temu (The EASIEST Methods Explained)

    0 shares
    Share 0 Tweet 0
  • Investigation: Can TriumphFX Take Your Money?

    1 shares
    Share 0 Tweet 0
  • What to Do When an Online Casino Refuses to Pay Out Your Winnings

    0 shares
    Share 0 Tweet 0
  • The Impact of Covid: Racing to Buy Second Citizenships

    3 shares
    Share 0 Tweet 0
  • 30 Best Temu Alternative Apps To Buy from Online

    2 shares
    Share 0 Tweet 0
  • NFL Paychecks: How Do NFL Players Get Paid?

    0 shares
    Share 0 Tweet 0
  • Top 5 Flavors On Elf Bar BC5000 Review

    0 shares
    Share 0 Tweet 0
  • Temu’s New Shipping Policy Is A Smashing Hit For Shoppers All Over the Country

    0 shares
    Share 0 Tweet 0

Latest Articles

Source: https://www.pexels.com/photo/woman-in-white-long-sleeve-shirt-using-macbook-pro-5076531/

Renty AI: Is AI Going To Take Over The Rental Market?

Dr. Keith Keating: Empowering lifelong learning and transforming learning and development

Where can I Buy Designer Pakistani Clothes in the USA

The Role of Home Security in Crime Prevention: Safeguarding Your Home and Peace of Mind

Credits: Unsplash

Mastering Real Estate Marketing with Exterior 3D: Your Problem-Solving Guide

Redefining the Game: How Cutting-Edge Tech Transformed the Live Online Casino Experience

The Betting Industry’s Growing Impact on Sports Sponsorship

The Significance of a Police Report in a San Diego Car Accident Case

Why Originality in Writing is Important in Our New ChatGPT World

Karns and Karns: The Gold Standard in Personal Injury Law Arrives in Sacramento

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR

No Result
View All Result
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR