The CommBank Accounting Market Pulse attempted to gauge the general consensus of the profession regarding their economic outlook, and the trends that they believe will affect the industry moving forward.
Alongside a majority of large and restructuring firms who have reiterated their reliance on social media, the results of the research also indicated that 29 per cent of mid-tier firms believed that marketing their business through social media platforms was crucial to their success.
The respondents of the survey also indicated that the adoption and implementation of enterprise social media platforms is experiencing an uptake, with 28 per cent of all firms frequently using their implemented social media platforms, with a further 17 per cent looking to adopt a similar process.
Marc Totaro, national manager of professional services for CBA, noted that while accountants are a fairly traditional profession, the pace of adoption and influx of new technologies have been the driving force behind those firms who are eager to differentiate.
“Accountants are probably fairly traditional, so maybe the adoption of social media has been a long time coming, but as they get fresh people into the business they get new ideas and they’re willing to adapt and try different things,” Mr Totaro stated.
Mr Totaro added that with “tech-savvy” younger employees continuing to enter firms, more and more firms will begin to undertake the journey of integrating social media into their practices, with the process slowly becoming a necessity.
“I think five years ago it wouldn’t have been a question we would’ve considered asking, but now if you’re not on social media, if you’re not LinkedIn; why not? Why aren’t you using Facebook? How are you engaging with that part of the market?”
“It is certainly something that we will continue monitoring,” Mr Totaro concluded.