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.
The report found that 74 per cent of accounting professionals are proactively seeking tech-led innovation, and 78 per cent say that AI-powered efficiencies are a must-have in their practice, with many looking for emerging opportunities in this evolving industry.
MYOB’s chief customer officer Dean Chadwick commented: “Early adoption of technologies like AI can have meaningful financial impacts for local practices. Ninety-five per cent of those surveyed said that finding efficiencies led to more profit and increased revenue. When we consider the opportunities presented by tools like agentic AI to provide even greater gains in this area, the sector’s attention is firmly fixed on how these can be realised.
“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,” he added.
According to the report, 59 per cent of respondents shared that AI offers benefits such as time savings and increased efficiency, as well as audit/reporting speed (46 per cent), accuracy (43 per cent), and forecasting analytics (42 per cent).
MYOB noted that as future processes aim to deepen the integration of AI across more areas of their business, this will lead to a greater focus on time-based billing services and consultancy for existing clients and new prospects, which in turn is helping to boost performance and revenue.
“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,” Chadwick said.
However, the industry faces a significant hurdle due to a lack of talent. Seventy-two per cent of accounting professionals believe there is a shortage of talent in the industry, despite the rewards and prospects of a career in the field.
Regardless of the shortage, accounting remains a viable career path across generations. Forty-five per cent of Baby Boomers believe their profession delivers impactful work and positive contribution to clients. In comparison, 46 per cent of Gen X respondents recognised the transferability of skills, which enables professionals to work interstate or globally. Opportunities for ongoing skill development hold the strongest appeal with millennials (46 per cent), while 41 per cent of Gen Zs view accounting as a stable career with strong demand.
“Despite the skills shortages facing practices in Australia, there is every reason for accounting practitioners to be optimistic about the future,” said Chadwick. “Between the ongoing evolution of the industry and the benefits of a profession that is stable, offers vast development opportunities, and builds globally transferable skills, the attraction of pursuing a career in accounting remains strong.
He added: “Improved employee engagement and well-being 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.”
