65% of UK accounting firms optimistic about future, says Wolters Kluwer

Wolters Kluwer has revealed that 65% of UK accounting firms are optimistic about its future, identifying profitability and client growth as key goals, according to its latest report.

Its Future Ready Accountant report is a global study that examines key trends shaping the tax and accounting profession across 13 countries. 

The study, which surveyed over 2,300 participants, found a dynamic evolution within the global tax and accounting profession. Led by AI adoption, digital transformation, and a shift toward advisory services, firms are positioning themselves for sustainable growth.

While challenges like the talent gap and regulatory complexity persist, investments in technology and strategic planning are enabling firms to adapt effectively. Modernising operations with technology, offering trusted advisory services, and fostering talent development will remain essential for firms aiming to succeed in an increasingly competitive and tech-driven environment. 

The reports key findings include

• Positive outlook on AI: 57% of accounting professionals believe that AI advancements will significantly impact the industry. While adoption of generative AI (GenAI) tools is still in the early stages, general sentiment is overwhelmingly positive, with only 15% holding negative views.   
• Adoption trends: Currently, 27% of firms utilize GenAI in their workflows, and 22% plan to adopt it within the next 12–18 months, signalling continued growth in the use of AI for automation and efficiency.   
• Barriers to adoption: Concerns about data security, accuracy, and high implementation costs remain the top obstacles. Only 25% of firms have established AI policies, yet those firms tend to view AI more positively (84%) compared to firms without policies (44%).   
• Tech integration: 62% of firms use cloud technology, with 57% reporting significant tech integration in their processes. Of these, firms with highly integrated systems (75% or more) were more likely to experience significant revenue growth.   
• Increasing advisory offerings: 83% of firms already include advisory services as a core offering or on request, and an additional 20% plan to expand these services.   
• 80% MTD awareness within accounting professionals but only 51% think clients are aware

Jason Marx, CEO of Wolters Kluwer Tax and Accounting, said: “The Future Ready Accountant report offers unparalleled insights into the global accounting landscape. Findings indicate that while firms are eager to leverage AI and other technologies for efficiency, client engagement remains paramount.

“Our comprehensive global survey uncovers crucial insights into how firms, big and small, are adapting to a digital-first world. Significant challenges, like keeping up with evolving tax laws and managing client expectations, take center stage among many others. However, these challenges also create opportunities for growth and innovation. The survey’s findings exemplify how technology advancements, especially AI, are disrupting and shaping the future of the tax and accounting industry.”