The accounting industry is undergoing a profound transformation powered by agentic artificial intelligence (AI) and a rising demand for skills that transcend borders, according to the inaugural MYOB Accounting Industry Monitor.
In a survey of more than 350 Australian accounting practice owners and managers on the future of accounting, 74% said they are proactively seeking tech-led innovation, while 78% say AI-powered efficiencies are a must-have in their practice.
Accounting professionals are upskilling in AI, equipping themselves for emerging opportunities in an evolving, international marketplace. Thirty-nine per cent of respondents identified the transferrable nature of accounting skills as a key appeal of the profession.
MYOB’s Chief Customer Officer, Dean Chadwick, said the accounting sector has been at the forefront of several technology-led evolutions and this new research reveals accounting practitioners are ready to embrace the next wave.
“The MYOB Accounting Industry Monitor shows that early adoption of technologies like AI can have meaningful financial impacts for local practices. Ninety-five per cent of those surveyed said finding efficiencies led to more profit and increased revenue. When we think of opportunities presented by tools like agentic AI to provide even greater gains in this area, the attention of the sector is firmly fixed on how these can be realised,” said Dean.
“While for many sectors agentic AI and agent adoption is a relatively new concept, accountants have a significant opportunity to harness the advanced reasoning potential of the technology to redesign workflows, create more accurate and in-depth client reports and lean on this ‘digital employee’ to grow the wider team so they can focus on the advice that adds client value,” said Dean.
Acting on AI
Saving time and increasing efficiency is recognised by more than half (59%) of those surveyed as the top benefit of AI, followed by audit/reporting speed (46%), accuracy (43%) and forecasting analytics (42%).
Insights from the MYOB Accounting Industry Monitor show contracts and document signing, accounting, reporting analytics, and workpapers or reports, are tasks with the greatest scope for efficiency improvements.
Balanced against these opportunities are concerns around data privacy and security (58%), bias in decision-making (50%), compliance and fraud detection (40%) and explaining AI impacts to clients (46%).
“As practices look to deepen the integration of AI across more areas of their business, this is leading to an elevated focus on time-based billing services and consultancy for existing clients and new prospects which in turn, is helping to boost performance and revenue,” said Dean. “A key opportunity for leaders of local accounting practices is ensuring they are treating AI upskilling as an ‘always on’ for their teams. This technology is evolving daily, so a continuous eye on change is essential to stay ahead of the curve.
“We know improved employee engagement and wellbeing is frequently a positive offshoot of embracing productivity-enhancing technology and as the industry struggles with a talent shortage, leveraging intelligent tools to help manage the load and free team members to focus on value-driven work is even more important.”
A future combining tech and talent
Nearly three-quarters (72%) of the accounting professionals surveyed believe there is a shortage of talent in the industry, despite the rewards and prospects of a career in the field.
The MYOB Accounting Industry Monitor uncovered a range of reasons to advocate for a career in accounting, which fluctuated across different generations. A higher proportion of Baby Boomers (45%) believe their profession delivers impactful work and positive contribution to clients, while more Gen X respondents (46%) recognised the transferability of skills which enables professionals to work interstate or globally.
The opportunity for ongoing skill development holds the strongest appeal with Millennials (46%), while most Gen Z (41%) sees accounting as a stable career with strong demand.
Millennials and Gen Z also hold the most positive perceptions around their chosen field, with Millennials being the most likely to recommend accounting as a profession, while Gen Z are the least likely to agree accounting is stereotyped as being ‘dull and monotonous’.
“Despite the skills shortages facing practices in Australia, there is every reason for accounting practitioners to be optimistic about the future,” said Dean. “Between the ongoing evolution of the industry and the benefits of a profession that is stable, offers vast opportunities for development, and builds globally transferable skills, the attraction of pursuing a career in accounting remains strong.
“Our MYOB Accounting Industry Monitor shows a profession ready for reinvention; one that blends tech and talent to deliver strategic, borderless value. With solutions like agentic AI accelerating practice performance and enabling transferable, future-focused skills, accounting is increasingly a career that goes wherever you do.”
To read the MYOB Accounting Industry Monitor report in full, please visit here.