A new action plan based on the Thomson Reuters’ third annual “Future of Professionals Report” offers tax firm leaders a clear pathway to develop and implement AI strategies to stay competitive in an increasingly AI-driven tax, audit & accounting market
Key findings:
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AI is having a transformational impact — AI, including agentic and generative AI, is expected to have a high or transformational impact on the tax, audit & accounting industry within the next five years, surpassing other forces such as labor shortages and regulatory changes as major concerns.
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There is a gap in AI implementation — Despite the perceived potential of AI, there is a significant gap in its implementation among tax, audit & accounting firms. Indeed, just one-in-seven survey respondents said their firms have comprehensive AI strategies in place, even though our research shows that those firms utilizing advanced AI strategies are already seeing a return on investment.
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Firms should pursue strategic use of AI — Our research clearly shows that embracing AI has become essential for future success in the tax, audit & accounting industry, as those firms that strategically use AI will be able to cover more ground faster while expanding their offerings to clients.
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Today, there may be a perfect storm brewing in the tax, audit & accounting industry that will have significant consequences for future success, separating those firms that establish a strategy for navigating change from those that hope to passively weather the storm.
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Future of Professionals Report 2025: Actionable insights for tax, audit & accounting firm leaders
In the industry, workloads have multiplied, tax codes have become more complex, and an entire generation of CPAs is retiring while few new candidates are seeking to fill their ranks. Meanwhile, the industry is being transformed by private equity investors that are turning smaller, independent firms into multidisciplinary powerhouses, and new technologies that are changing the way firms work in fundamental ways.
Thomson Reuters’ third annual Future of Professionals Report reveals that AI — including agentic and generative AI — will impact the tax, audit & accounting industry more than any other force over the next five years, surpassing labor shortages, regulatory changes, increased data volumes, or Boomer and GenX retirements. In fact, 79% of industry professionals surveyed say they believe AI will have a high or transformational impact within the next five years, and 61% said their firms are already seeing a return on investment (ROI) from early AI initiatives.
You can download your copy of the 2025 Future of Professionals Report here
That adoption curve is impressive given the relative newness of professional-grade AI tools, yet growth remains uneven across firms. Our research shows a concerning gap between AI’s perceived potential and firms’ current implementation efforts. Just 14% of respondents said their firms have comprehensive AI strategies in place. Perhaps, not surprisingly, those firms with the most advanced AI strategies are also the ones most likely to already be seeing ROI from their AI initiatives.
Indeed, in both our research and first-hand accounts from tax professionals we’ve surveyed, we clearly see that strategic use of AI can be the great equalizer in tax, audit & accounting. AI helps firms to cover more ground faster, expand their client offerings, and anticipate and respond to new changes with a level of agility that was not possible just a few years ago.
Yet, the persistent and troublesome gap — between those firms using AI to propel their success, and those that are falling behind — is already bifurcating the industry into two distinct camps. Meanwhile, the wave of complex, disruptive changes that continue to confront the industry are still swelling in the background, creating additional pressure on unprepared firms.
The evidence is clear: embracing AI is no longer optional — it’s essential for firms’ future success and survival.
Clearly, many firms still need guidance to begin their way down this path to greater AI-driven efficiency and effectiveness. In this new paper, Future of Professionals Report 2025: Actionable insights for tax, audit & accounting firm leaders, that’s been specifically tailored to professionals within tax, audit & accounting firms, we offer clear steps that leaders can take now to build a framework of AI investment and adoption to move their firms forward in an increasingly tech-driven environment.
This action plan draws from the perspective of more than 462 survey responses, gathered from professionals in tax, audit & accounting firms across 25 countries, with about half coming from firms within the United States.
“The insights within this action plan provide both current benchmarks for what’s happening today and a forward-looking perspective on tomorrow’s opportunities,” says Elizabeth Beastrom, President of Tax & Accounting Professionals at Thomson Reuters. “The evidence is clear: embracing AI is no longer optional — it’s essential for firms’ future success and survival. The time to take control of your firm’s AI strategy is now, before the gap between leaders and laggards becomes insurmountable.”
This action plan and the Future of Professionals Report itself strongly underscore the importance of a well-defined AI strategy that reaches across the firm, impacting approaches on talent, client development, and pricing. Tax, audit & accounting firms that embrace these principles will be better able to take control of their firms’ future, improving their own work processes while gaining a competitive edge in an increasingly AI-driven future.
You can download
a full copy of the Future of Professionals Report 2025: Actionable insights for tax, audit & accounting firm leaders here
