Australian accounting sector ups AI investment to boost value

The accounting sector in Australia is experiencing significant change, with new research highlighting a growing embrace of artificial intelligence (AI) and technology-led solutions among accounting practices.

The findings, from the first MYOB Accounting Industry Monitor, are drawn from a survey of more than 350 Australian accounting practice owners and managers. The research indicates that 74% of those surveyed are actively pursuing technological innovation, and 78% say that AI-powered efficiencies are seen as essential within their practices.

The report shows a community of professionals keen to upskill in AI as they prepare for new opportunities in an evolving marketplace that is increasingly international in scope. Thirty-nine per cent of respondents identified the portability of accounting skills across borders as one of the profession's main attractions.

Tech-driven shifts

Dean Chadwick, MYOB Chief Customer Officer, commented on the longstanding relationship between accounting and emerging technologies. He said, "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."

"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.

Improving efficiency and saving time was identified as the primary benefit of AI, cited by 59% of respondents. Other key advantages were accelerating audits and reporting (46%), improving accuracy (43%), and enhancing forecasting analytics (42%). The research pointed to tasks such as contracts and document signing, accounting, reporting analytics, and the creation of workpapers and reports as areas with the highest potential for further efficiency gains.

Balancing benefits and risks

The adoption of AI is not without concerns. Issues such as data privacy and security were raised by 58% of those surveyed. Half of the participants expressed worry about potential biases in AI-based decision-making, while 46% were concerned about explaining the impact of AI to clients. Compliance and fraud detection risks were highlighted by 40% as areas needing attention in the context of increasing AI integration.

Chadwick added, "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."

He continued, "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 noted the broader impacts of adapting to technological change, especially in the current employment climate: "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."

Talent: supply and demand

The survey found that 72% of the accounting professionals polled believe there is a shortage of talent in the industry. However, the research also highlighted several positive aspects of a career in accounting, with different generations identifying different appeals.

According to the monitor, 45% of Baby Boomers see the profession as offering impactful work with a positive contribution to clients. Gen X respondents (46%) pointed to skill transferability, enabling accountants to work interstate or globally. For Millennials, ongoing skill development was the key attraction (46%), while 41% of Gen Z participants see the profession as a stable, in-demand career.

The research further indicated that Millennials are the most likely group to recommend accounting as a career, and Gen Z showed the least agreement with the notion that accounting is "dull and monotonous".

Chadwick said, "Despite the skills shortages facing practices in Australia, there is every reason for accounting practitioners to be optimistic about the future. 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."

He concluded, "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."