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Where is industry currently with regard to digital technology? We asked, and the accountants responded, by examining everything, of the creation of digital tax (MTD) to the way they use new solutions.

The survey took place during our webinar to update iris elements, where 1,300 accountants and accountants joined us.

The answers we have received painted an image that is sometimes surprised at the way the profession manages change.

We have discovered a story of challenge and opportunity. On the one hand, there is anxiety about new conformity regulations. On the other hand, there is real optimism that accountants can use technology to obtain this compliance work on the line. We have also seen that peopleare at the front and at the center of their cloud strategy.

Without further ado, look at our results, starting with what is currently one of the industry newspapers: MTD.

MTD ITSA reality verification: a moment of imperfect progress for industry

We started by asking the accountants how ready their customers were ready for MTD ITSA.

The results were a bit mixed.

In total, 3% said that their clientele was fully prepared and 9% said the bases are almost finished. 43% said 51 to 75% of customers are ready.

However, almost a third (29%) indicate that 25% or less of their customers are set up.

This confirms what many in the industry suspected: significant progress has been made, but there is still a lot to do.

How it aligns with other industry statistics

What we see here align with the broader feeling of industry. It is always a mixed perspective. Customers have different expectations and accountants must juggle deadlines, whatever happens.

For example, HMRC has said that medium -sized practices often feel the pressure between two customers’ sets. On the one hand, they have early “digital” customers. On the other, they have traditional customers who hesitate to change.

The daily life of a practice, it seems, is never simple.

The fatigue of conformity is real, but MTD is a top of mind

The most notable conclusion is perhaps that the accountants have confirmed that MTD ITSA is their first conformity challenge. Overall, 78.8% said it was. It is almost four times more than any other regulatory problem. This reflects the collective concern of the profession concerning the link between complex regulations and customers who often do not understand implications.

The answers have other compliance problems. For example, some accounts have agreed that the law on economic crime and the transparency of companies and LMA were problems for them.

Why MTD is different

However, MTD’s domination reflects a very specific burden. With MTD, the accountants are simultaneously compliance educators, technical performers, AndRelationship managers. It is a lot to manage and reminds us of other recent studies. These show increased stress among accounting professionals, in particular those of practices at the service of SMEs. There is a strong correlation between the two results sets.

Regulation pressure

What are the most precious software investment accountants they will do in the next 12 months? Our survey shows that 72% of companies say that it is in tax automation and compliance.

This investment expected in automation considerably exceeds customer experience (15%) and the efficiency of the practice (9%).

When we look at all our results together, it is clear that compliance is absolute priority due to regulatory pressures.

The cloud revolution puts people first

Then we asked the accountants what they think is the most important advantage of cloud technology.

The clear winner? Greater flexibility in the work provisions, as indicated by 51% of the responses.

The reduction in infrastructure costs (13% of responses) and improved security (14% of responses) were one of those far behind the upper choice centered on humans.

This observation captures the fundamental change in the accounting profession after the pandemic. The workplace has changed. The hybrid work and well-being of employees are King. Cloud technology is the key to keeping talents and obtaining a balance between professional and private life.

The way accountants check the identification move

There is more evidence of transition from industry when we examine how accountants address the verification of identifiers for companies.

For example, accountants are divided between the use of automated identification verification tools (53%) and manual processes (47%).

There is something else that is particularly interesting. Among those who use automated tools, 75% prefer a customer client approach. This suggests that accountants want control and flexibility even when implementing new technologies. They do not rush into a complete automation; Instead, they choose carefully when and how to use it.

The future of technology first

What will stimulate the most growth over the next three years for accountants? 65% of respondents say that it will be efficiency through technology. Instead of expanding through traditional methods such as new service lines or acquisitions, they want technology to increase capacities.

The good news is that if they get there, prices based on value and higher level advice is possible. By automating routine compliance tasks, accountants are positioned to focus on the strategic advice that customers are increasingly needing.

The effect of IRIS elements on accounting / customer relationships

How did Iris elements made a difference in the life of the accountants? The biggest change in accounting has seen was to be able to access the data in real time. This, in turn, allows more significant and frequent interactions. These accountants move away from occasional journalists to become continuous advisers.

This transition to continuous commitment is perhaps the most important change in the accounting-client relationship for decades.

A profession transforming pressure into people centered on people

These survey results reflect the state of mind of a profession in charge.

The accountants shape the future of the industry rather than simply shaking by external pressures. Yes, there is anxiety as to the time for compliance and the challenges of technological implementation, but there is also a strategic thought.

The accountants consider how to transform pressures into catalysts for a positive change. Internally, they use it to improve the processes and professional life of their staff. Outside, they adopt digital transformation to better serve their customers.

You are not alone in feeling pressure, but collectively, you discover opportunities. The profession is evolving towards a more efficient, flexible and customer future.

So how are you going to take the technology and use it to improve the life of your staff and your customers?

Discover the possibilities here