FloQast has 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It Starts with the Close: 60% of finance professionals “say the root of stress and overwork are manual and outdated financial Close processes.”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.”
Adam Zoucha, FloQast Senior Vice President of International Sales said:
“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,. 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.
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. “
