Research
Unlocking Efficiency and Reducing Stress: A Survey on Financial Automation in the DACH Region
Accounting and finance teams around the world are grappling with new, more pressing challenges, including rising burnout, the need for faster operations, and a shrinking talent pool.
Accounting departments across the DACH region are not immune to these challenges. Not only are they dealing with these global pressures, but they are also navigating the unique complexities of stringent regulatory demands and investor expectations. As FloQast continues to expand its international presence, understanding these unique regional challenges is essential. We aim to determine how these challenges correlate with the universal hurdles faced by finance and accounting professionals worldwide.
FloQast’s latest market study, “The Role of Financial Automation in Reducing Stress and Retaining Talent in the DACH Region,” delves into the specific issues facing the region, offering insights and strategies designed to help accounting teams overcome these challenges, reduce stress, and boost efficiency. By understanding the specific conditions within the DACH region, FloQast aims to equip finance professionals with the tools they need to build a more resilient and future-ready sector.
Key Findings: The Modern Finance Department’s Challenges
The survey highlights several pivotal challenges facing finance departments across the DACH region. Urgency restraints and regulatory complexity are prominent, with 41% of respondents citing time pressure as a major challenge, with 42% reporting they are grappling with complex regulations. This stress is exacerbated by the lack of process automation, identified by 40% of participants as a critical hurdle, leading to increased workloads and potential burnout.
Automation and AI: A Path to Alleviation
According to respondents, automation and AI have emerged as transformative solutions for combating these challenges. Although companies in the region report an average automation level of 57%, there’s substantial room for improvement. While many manual tasks burden employees and leave little room for value-adding activities, the promise of automation can significantly reduce such tasks, freeing employees to focus on strategic, strategic initiatives. Notably, 74% of respondents report that financial statement preparation is only partially automated, indicating a significant potential for advancement.
The survey also dedicated a significant portion to generative AI — both in its current state, and its promise. AI integrations are on the rise, with 60% of finance departments engaged in some form of AI projects. Respondents report that these technologies not only support routine tasks but enhance accuracy and efficiency, offering a solution to high workloads and stress.
The Crucial Role of Talent Management
Amidst these challenges, talent management is crucial for building and maintaining resilient accounting teams.
The survey reveals that over 65% of respondents acknowledge difficulties in recruiting qualified personnel, underscoring the need for streamlined onboarding and training programs. Furthermore, 70% of participants report that onboarding processes are resource-intensive, often leading to delays in new hires reaching full productivity. As automation continues to transform the accounting landscape, equipping teams with new skills and expertise is essential for sustaining long-term success.
Practical Steps for Improving the Implementation Roadmap
Acknowledging our earlier data on automation and AI, it’s clear these technologies are reshaping accounting — with considerable room to grow. With automation levels at 57%, finance professionals can refocus on strategic activities, while the 60% engagement in AI projects highlights its role in delivering precise, real-time insights. These advancements are critical for maintaining competitiveness and informed decision-making, while also easing the day-to-day burdens facing accounting teams.
To harness these benefits, accounting leaders should further invest in these technologies to alleviate routine tasks and foster innovation. On the talent front, moving beyond recruitment challenges to a focus on continuous learning and skill development is key. By establishing adaptive training programs, organizations ensure their teams are prepared for future technological shifts, creating a resilient, future-ready workforce in the automated landscape.
Conclusion: Shaping a Resilient Future
Accounting teams are at a pivotal moment, where embracing technology can redefine their roles and impact. With further investment in automation and AI, teams can move beyond repetitive tasks to focus on strategic initiatives and decision-making that propel business growth.
For individual accountants, these advancements mean more opportunities for skill enhancement and involvement in meaningful projects, contributing to career satisfaction and advancement. On a team level, technology adoption enhances collaboration and operational efficiency, reducing errors and improving accuracy, which ultimately benefits the team’s overall performance.
From a business perspective, integrating these technological tools transforms the accounting function into a more agile and responsive entity, delivering precise financial insights that support better business strategies. This proactive approach not only strengthens the organization’s competitive positioning but also fosters a culture of innovation and continuous improvement.
By rethinking their operational and technological strategies, accounting teams can unlock greater productivity and innovation, setting a positive trajectory for future success in the industry.
