Accounting Today publishes its latest research report, The Year Ahead: 2025 in Accounting

The findings reveal accountants are going into 2025 with positive expectations, but there are signs of friction in their forward progress

NEW YORK, Dec. 19, 2024 /PRNewswire/ -- Accounting Today (www.accountingtoday.com), the leading resource from Arizent (www.arizent.com) for public accountants, publishes its latest research report, The Year Ahead: 2025 in Accounting, providing insight into the strategies, concerns and expectations of accounting professionals as they navigate the coming year. Sponsored by Zoho, the findings paint a picture of optimism and growth, despite some noteworthy obstacles.

For the third consecutive year, firms are forecasting strong revenue increases, with 70% expecting revenue growth of 4% or more and nearly a quarter anticipating double-digit growth. Additionally, 87% of respondents predict the 2025 tax season will be as smooth as, or better than, the previous year's.

However, the findings reveal some challenges:

• Advisory aspirations unmet: While 49% of firms aim to expand their advisory services, they report spending less time on them in 2024 than they had hoped. Compliance work continues to dominate, consuming nearly half of firms' client-facing time.
• Hiring struggles persist: Although 52% of firms plan to hire in 2025, they expect ongoing issues with finding quality talent.
• Technology tension: Keeping up with technology remains a top challenge, with cost and cybersecurity being primary concerns. While AI tools are gaining traction, only 23% of firms currently use them.

"All in all, this is a picture of a profession that continues to move forward, but faces some inhibitors to evolution," says Janet King, Vice President of Research at Arizent. "Firms aren't moving into advisory services to the degree they'd expected, and keeping up with technology in terms of both cost and expertise is another brake on progress. As tech becomes more critical to day-to-day functions, firms have to integrate it into their strategic thinking, keep up with the latest trends and protect their own data as well as their clients'. This creates growing sources of friction in firm operations."

Technology continues to consume more than a fifth of firm budgets, and this is similar across firm size and type. Additionally, 60% of firms are expecting to up their IT spending next year, which is up 10 percentage points from the 50% who expected an increase the two prior years

For a deeper dive into actionable recommendations and trends — including the perception of remote work, staffing challenges and expectations for tech investments — download the full report here: https://www.accountingtoday.com/research-report/a-balancing-act-between-confidence-and-resistance

Research methodology

This research was conducted online by Accounting Today (an Arizent brand) from mid-September to early October 2024. A total of 291 accounting professionals completed this year's survey.

About Arizent

Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders Forum, a digital content platform featuring livestream and on-demand formats. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.

About Accounting Today

Accounting Today is the leading information resource for public accountants — serving the community of professionals who provide tax preparation, bookkeeping, auditing, financial planning, and business advisory and consulting services to individuals and small businesses. Accounting Today is sharply focused on the industry's most important concerns, including tax law, accounting standards, technology, audit and assurance, and wealth management. Its analysis and breaking news, opinion and expert advice, and practical business-building ideas enable partners, principals and practitioners to make informed decisions about their business and the clients they serve.

About Zoho

With 55+ apps in nearly every major business category, Zoho Corporation is one of the world's most prolific technology companies. Headquartered in Austin, Texas, with international headquarters in Chennai, India, Zoho is privately held and profitable with more than 14,000 employees. For more information, please visit: www.zoho.com/

SOURCE Arizent