Accounting firms have ambitious plans for 2025 and beyond, according to a survey of 400 accounting firm leaders and practitioners.
The CPA.com and BILL growth & technology survey report offers a detailed look at how accounting firms are leveraging innovation to thrive in today’s modern work environment. It also highlights actionable strategies for firms to expand their services, attract and retain clients, and optimize operations.
Intersection of technology and growth, plus a glaring disconnect
Nearly ¾ of survey participants have a detailed plan in place to add new services in the next 12 months, with the top-three services being accounts payable/bill pay, business consulting/strategy, and wealth management.
Technology will play a vital role in these plans, with 73% of all firms having a detailed technology roadmap in place. That number rises to 86% for firms who are adding new services, demonstrating that firms are not treating technology as an afterthought but, rather, as an integral part of growth strategy.
Yet, almost all participants report that their firm is using technology inefficiently, with top obstacles including more manual work, delaying new technology adoption, and lacking integrations.
The research shows that 44% of accounting firms with technology roadmaps recognize delayed adoption of new technologies as an inefficiency—compared to only 33% of firms without roadmaps. Similarly, 46% of firms with standardized technology systems acknowledge this same issue, versus 38% of firms without standardized systems.
“A structured technology approach—including an established vision and plan across a unified set of tools—enables accounting firms to view technology strategically instead of piecemeal,” said Richard Corn, CPA, Director of Product Management, Accounting Partnership, of BILL. “That may speak to the underlying frustration over delayed adoption. For example, 36% of firms that use their clients’ technology say they are missing artificial intelligence. That number increases to 50% for firms with a standardized technology stack.”
Tech that boosts advisory confidence
Advisory continues to be a priority for accounting firms, as 80% of survey participants rank consultancy and proactive guidance among their leading avenues for retaining clients.
Technology plays a key role in the delivery of client advisory services. When asked what would help improve staff confidence when advising clients, more than 2 in 5 (43%) say they need better tools for data analysis and reporting, and 35% want access to real-time financial data. These tools can foster an increased understanding of clients’ businesses and benchmarks across industries.
“Firms that adopt a standardized technology stack with seamless integrations are winning in the CAS space as it brings important data from disparate systems together. When practitioners can easily make sense of data to glean insights, that provides them with confidence to be trusted advisors to clients,” said Kim Blascoe, CPA, CPA.com’s Senior Director of CAS Professional Services.
Firms credit technology with influencing client acquisition and retention
Survey participants were clear on their view of what’s important in terms of client acquisition. The survey asked them what the strongest drivers of client acquisition are.
Tied for first place are:
- Firm reputation and brand recognition
- Advanced technology and tools
How does technology support client acquisition? 54% of accountants said technology improves customer communication and responsiveness, while 52% cite accuracy and reliability as critical factors.
Technology also enhances client retention, with 71% indicating that seamless interactions powered by innovative tools are considered essential. Moreover, nearly all participants (96%) report that their firm’s proficiency with technology positively impacts client relationships.
96% report that their firm’s proficiency with technology positively impacts client relationships.
A need for standardized tech stacks
According to the survey, only 37% require clients to use their firm’s technology.
A standardized technology stack can provide competitive advantages, such as:
- Easier employee training and deeper expertise
- Quicker client onboarding
- Increased accuracy
- A better understanding of tech stack and missing components
Create momentum
Accounting leaders and practitioners have big plans for 2025, and technology is at the center. Technology is not just a tool. It’s a catalyst for transformation in the accounting profession.
Download the survey to learn more and read expert advice on how to improve technology results.
Find out how BILL’s financial operations platform, including AP/AR, Spend & Expense, Insights & Forecasting, and Procurement, can support your firm’s growth. Schedule a demo today.
