Survey: More than 60% of DACH Finance Professionals Say Outdated Financial Close Processes Result in Employee Turnover

Aug 28, 2024 FloQast

53% of DACH employees cite stress and overwork as reasons behind leaving finance roles

August 28, 2024 (MUNICH) – Today, FloQast,  an Accounting Automation Platform created by accountants for accountants, announced the results of Market Study: The Role of Finance Automation in Reducing Stress and Retaining Talent in the DACH Region, the company’s latest research initiative. The survey explores the status of automation and digitalization in finance and accounting teams in Germany, Austria, and Switzerland (DACH), revealing key insights into the challenges and opportunities faced by finance professionals.

The survey was conducted in partnership with Vogel Research (Vogel Communications Group GmbH & Co. KG) with more than 420 CFOs, Heads of Accounting, and other accounting and finance decision-makers from departments with at least five employees. Findings revealed alarming trends around stress, heavy workloads, and employee turnover within accounting and finance teams.

Key findings include:

    • Overwork Takes its Toll: Organizations in the region experience significant employee turnover in finance teams due to stress and overwork. In fact, 50% of employees surveyed cite stress and overwork as reasons for leaving their jobs.
    • Recruiting Challenges: These factors may contribute to a tighter accounting and finance talent pool, with 65% of organizations indicating they experience difficulty finding qualified employees. 67% of organizations stated that there is a high demand for specialists in financial analysis and data interpretation in finance departments.
    • It Starts with the Close: 60% of finance professionals say the root of stress and overwork are manual and outdated financial Close processes. 

The survey did indicate, however, positive trends around how some organizations are addressing these challenges: 

    • Growing Adoption of Automation Tools: More than 50% of companies in the region are using automation to enhance efficiency and boost employee satisfaction.
    • Exploring AI Integration: 60% of DACH companies are actively working on AI projects to further improve their finance processes.

“The accounting sector in DACH is a pressure cooker of heavy workloads and stress. Organizations that don’t embrace automation to drive financial transformation run the risk of falling behind in a very competitive marketplace,” said Adam Zoucha, FloQast Senior Vice President of International Sales. “Disparate workflows that address narrowly defined needs won’t deliver true transformation. Instead, a more cohesive approach leveraging artificial intelligence and automation can reduce workloads, improve employee satisfaction, and ultimately position accounting and finance teams as greater strategic resources within the organization.”

FloQast is committed to publishing industry research on today’s most pressing topics in the accounting and finance ecosystem. Earlier this year, FloQast released Embracing Financial Transformation: What It Is, Why Organizations Should Want It, and How to Achieve It. 

A German-language eBook with more detailed survey results can be found here. Explore more about the survey’s development and findings on our blog.

About FloQast

FloQast, an Accounting Automation Platform created by accountants for accountants, enables organizations to automate a variety of accounting operations. Trusted by more than 2,800 global accounting teams – including Emma Sleep, On Running, Centogene and GetYourGuide – FloQast enhances the way accounting teams work, enabling customers to automate close management, account reconciliations, accounting operations, and compliance activities. With FloQast, teams can utilize the latest advancements in AI technology to manage aspects of the close, reduce their compliance burden, stay audit-ready, and improve accuracy, visibility, and collaboration overall. FloQast is consistently rated #1 across all user review sites. Learn more at FloQast.com.

Contact:

Kyle Cabodi

FloQast Director of Corporate Communications

[email protected]