Thomson Reuters Institute 2024 State of Tax Professionals Report: Business Fundamentals and Priorities for Tax and Accounting Firms

Tax and accounting firms are gearing up for a year of re-assessment and re-building in 2024, according to the Thomson Reuters Institute 2024 State of Tax Professionals Report. The survey reveals that firms are focusing on efficiency, talent retention, pricing, client services, and firm growth as their top priorities.

Efficiency and automation remain key strategic priorities for tax and accounting firms, with many turning to automation to streamline operations. While AI-enabled tools are gaining traction, the use of AI solutions is still relatively low in the industry. However, there is a growing interest in investing in AI over the next two years to enhance efficiency and better serve clients.

Challenges in finding and retaining top talent are also a significant concern for accounting firms, with recruitment, training, and retention of employees being cited as major challenges. Pricing models have also become a strategic tool for boosting revenue, with value-based pricing gaining traction in 2024.

Despite the evolving tax code and the constant pressure to do more in less time, tax and accounting professionals are optimistic about the future. The majority of respondents reported a rise in their firms’ revenues over the past year, indicating a positive outlook for the profession.

To learn more about the priorities and challenges facing tax and accounting firms in 2024, download the full report at thomsonreuters.com/en-us/posts/tax-and-accounting/tax-professionals-report-2024.