The successful digitalisation of (sub-)processes helps to make accounting fit for the future. Efficiencies can be increased and processes sustainably optimised through the use of various technologies. This includes, for example, the homogenisation of the system landscape or the standardisation of workflows. Companies have already made considerable progress in these fundamental areas in recent years.
Cloud solutions in particular have now established themselves in the implementation of various technology trends; AI-based solutions, on the other hand, have not yet been able to establish themselves: Only 16 per cent of the companies surveyed in Germany, Austria and Switzerland (DACH region) use such learning systems in accounting.
The study is based on assessments by accounting experts
These are some of the insights we gained from the online survey "Digitalisation in accounting". 232 people, mainly CFOs (29 per cent) and heads of accounting (54 per cent), provided complete answers. The companies in which these people are employed operate in various market segments and 61 per cent of them come from Germany, 34 per cent from Austria and 5 per cent from Switzerland.
The study provides insights into both the status quo of digitalisation and the current digitalisation efforts in accounting at the companies surveyed. In this edition, the focus of the selected key topics is on the strategic importance of digitalisation and its influence on efficiency and effectiveness in accounting.
A case study on the use of robotics process automation in the management of subsidiaries (continuation from the 2022/2023 edition of the study), as well as interviews with company representatives on the topics of predictive analytics, European Single Electronic Format, and digitalisation and sustainability round off our study.
Digitalisation strategy: predominantly considered important, but only used by half of the companies
A digitalisation strategy can help companies make the right choice for their own business from the multitude of technical options available. 57 per cent of the companies we surveyed for the study believe it is important to develop a digitalisation strategy with specific goals in order to make their processes more digital. At 47 per cent, just under half of those surveyed already have an established strategy. A distinction can be made between an accounting-specific and a company-wide strategy. A further 31 per cent are currently in the planning phase or discussing a strategy. 19 per cent state that they have no digitalisation strategy at all.
Efficiency and effectiveness: rare cost savings when preparing and auditing financial statements
The expectation of positive effects on costs and time expenditure is an important reason for many companies to digitise. However, many of the companies we surveyed on the audit and preparation of financial statements have not yet realised any cost savings. This was stated by 65 per cent in relation to the preparation of financial statements and 72 per cent for the audit. In some companies, even higher costs were recorded for the preparation of financial statements despite progress in digitisation in accounting - a fifth of respondents noted this fact. A quarter of the companies share this assessment for the audit.
Accelerated processes, less time required
The situation is different when it comes to saving time: 50 percent of those surveyed confirmed that digitalisation makes a noticeable contribution to saving time when it comes to preparing financial statements. With regard to auditing, 48 per cent of respondents made this assessment.
Digitalisation therefore does not lead directly to cost reductions for every company. However, by speeding up processes and reducing the time required, human resources can be freed up and used for other, value-adding activities.
In addition, the possibilities of extended data analysis and greater transparency and quality of company data help to improve the overall quality of accounting.
For the complete results and analyses, you can download the study here.
