20th August, 2025
Technology is changing businesses and jobs all over the world, in all industries, and accounting is no different. The vast majority of practices use tech to manage key processes, and many are now embedding generative AI into their daily work. The result? Efficiency gains, deeper insights and teams with time to focus on more intensive work.
MYOB’s Accounting Industry Monitor Report asked Australian practices about everything from operations and talent to technology. The survey focused on practices in the ‘progressive’ category, which is those with a vision for the future, an increasing client list and growing revenue.
How are these practices using technology? The Report found that progressive practices are spending more on tech, with 43% investing $40K+ each year, and looking for integrated, cloud-based solutions that can handle both accounting and business management processes. Growth-focused practices were also more likely to be using AI to enhance their work, aligning with broader trends in the industry.
Here’s a look at some of the key findings.
Most of the 370 accounting practices surveyed have a similar goal when it comes to accounting software, with 80% looking for user-friendly cloud-based software, including options for multiple users and locations.
Progressive practices are particularly focused on cloud solutions, mobile capability and integrated platforms. Most reported looking for a single solution that can manage both accounting and practice management processes.
Why? Modern software tends to meet the needs of modern practices. Unlike older, on-premise software, cloud platforms allow remote access, which supports hybrid and WFH work options. With many progressive practices using work-life balance and flexible schedules as staff retention tools, this type of flexibility is a must-have. The mobile requirement indicates that practices are shifting away from desktops and office-based work to a more flexible, expansive approach.
Fully-featured platforms allow simpler collaboration and client communication through custom portals. Working in the cloud means that documents are updated and saved in real-time, which minimises errors and duplicated work. It’s about practices finding efficiencies wherever they can.
Another key trend: More practices are formalising their use of generative AI. When GenAI emerged just a few years ago, it was more of a novelty than a serious tool, but now, practices are embedding it into daily workflows.
Liam Hindle, Head of Practice Product Marketing at MYOB, sees practices using AI to take notes in meetings and transcribe, draft emails and proposals, summarise documents, help with spreadsheet formulas, and automate workflows. Embedding AI within existing platforms makes it less intimidating for both practices and their employees.
“It’s all sitting inside familiar tools,” Liam explains, “which reduces friction and makes firms comfortable rolling it out broadly.”
The MYOB Accounting Industry Monitor Report reflects this trend, with many respondents saying that they’re using AI in some capacity. 58% reported using AI to save time and improve efficiency, while 46% said they were using AI to enhance reporting and auditing.
In Liam’s experience, there’s a mix of AI optimism and reluctance in Australian practices. Some are holding back, some are jumping in with both feet, but the majority sit somewhere in between. He sees that changing as GenAI providers put safeguards in place and build trust with the sector.
“Most sit in the middle,” he explains. “Curious, trialling safe use-cases, and waiting for clearer standards before going deeper. As vendors demonstrate stronger controls, that middle segment is moving forward.”
Progressive firms are already using AI to enhance their service, and practices in other categories are likely to follow. Survey respondents showed a strong belief in the transformative power of AI, pointing to the potential of tools like chatbots, predictive modelling and real-time financial reporting. As the industry gets more comfortable with GenAI, tools taking on more complex work rather than automating repetitive daily tasks will be more common.
Here’s what that future looks like to Liam: “Agentic AI: Systems that don’t just answer a prompt, but can plan and execute multi-step tasks under human oversight. An example could be an AI ‘assistant’ opening a new client file, chasing missing documents, drafting a tax return from the ledger, flagging anomalies, and then presenting a review pack for sign-off.”
As Liam explains, it’s “almost inevitable” that legislation will need to change to reflect this shift. If humans are no longer needed for some core accounting tasks, the law will have to clarify where and how AI can be used. Of course, with technology moving at light speed, legislation may take a while to catch up.
“Australia already has a notoriously complex compliance environment, and AI will expose friction points faster,” he says. “We’ll need clarity on what an AI system can ‘validate’ versus where a human must sign-off, how audit trails are stored, and liability if an AI-assisted process goes wrong.”
How are growing accounting practices using technology? Our Accounting Industry Monitor Report found that progressive practices tend to invest more money in tech, move to flexible cloud platforms, and use AI to minimise manual tasks and automate workflows.
As this trend spreads across the industry, we’ll see the role of human accountants shift towards strategy and guidance; your team will still need to validate outputs, apply their expert judgement to results, and offer advice to business owners based on AI insights.
For practices wanting tech transformation, MYOB is a good place to start. Our main accounting solution, MYOB Practice Compliance with Client Accounting, supports growing, future-focused practices. Streamline workflows, automate tasks like account mapping and document profiling, and have access from anywhere to give employees more options.
We’re also embedding AI into the platform, so practices can start using AI via a trusted provider. It’s a safe, accessible path into the benefits of AI – without putting your data at risk. More AI is coming, with an AI Assistant in Client Accounting to launch early in 2026.
Want to know more? Read the full Accounting Industry Monitor Report now.
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