Cyber security among key concerns for IFA members.
Key points
- The 2024 IPA Group survey nearly 60 per cent surveyed accountants believe demand for professional accounting skills will grow over the next three years.
- About 15 per cent feel fully prepared for technological changes ahead.Â
- Half of accounting professionals report increased workloads over the past two years.
The survey of members of the global IPA Group, that includes members of the Institute of Financial Accountants (IFA) and the Institute of Public Accountants (IPA) in Australia, revealed the majority felt somewhat prepared for the challenges ahead.
The IPA Group survey showed more than 15 per cent of respondents felt fully prepared for the twin challenges of technology and compliance. However, 73 per cent were somewhat prepared and more than 11 per cent felt not at all prepared.Â
Issues surrounding net zero were seen as less likely to have an impact, although 43 per cent of members believed this would have some or a significant impact on them.
Meanwhile, the response was mixed to the wider use of offshore accountancy resources. About 20 per cent of members surveyed believed they would not be affected, more than 28 per cent believed it would have some impact and 27 per cent reported this would have a high impact on their business.
Members were interested in updates on any relevant developments in AI and software, tax, compliance and legislation including the International Financial Reporting Standards and HR support. Being part of a globally recognised group that advocated on their behalf, keeping up to date with regulatory developments, upholding professional standards and obtaining a practising certificate were among the reasons for joining the IPA Group.Â
Accounting clients work in construction, retail and finance
The majority of respondents, some 78 per cent, had been accountants for more than 11 years, while 8 per cent had been accountants for less than five years. There was significant growth in the proportion of women joining the profession in the past five years. The majority of respondents worked in accounting practices with two to five employees.
Accounting practice clients came from diverse industries, including construction, wholesale and retail. Â
While about 60 per cent of IPA Group members worked in accounting practices, the remainder worked in accounting but in other sectors.
IFA members worked in a variety of industries, including government and property. More than 11 per cent of IFA members worked in banking and financial services, more than 10 per cent in manufacturing organisations and more than 9 per cent in education and training.
Among IPA members, sectors included banking and financial services related companies, including audits of self-managed superannuation funds, agriculture/farming and primary production.
Work to do to maintain business processes and plansÂ
The results showed that many practices were well prepared in terms of strategic, succession and development planning. Nearly two-thirds of respondents said strategic, growth and development planning were of interest to their practice.
Accountants face increasing work pressure
Half of respondents reported their workload had increased over the past two years. More than 30 per cent struggled to take time out for holidays and 13 per cent said this impacted their family.
Some 36 per cent of members worked 41-50 hours a week and more than 12 per cent of IFA members worked more than 51 hours a week. One quarter frequently worked evenings and weekends. This rose to 31 per cent for those working in an accountancy practice and fell to 21 per cent in non-accounting workplaces, indicating a lack of work-life balance remains an issue.
Attendance for IFA continuing professional development (CPD) events rose to nearly half of member survey respondents. IFA members were interested in a broad scope of topics focused on tax, AI and emerging technologies, anti-money laundering, accounting software updates, compliance updates and information about IFRS and IAS.
Nearly 60 per cent believed there will be increased demand for professional accountancy skills over the next three years.