Accounting Study 2024

The optimization of the financial statement process continues to be highly topical and is being further stimulated by constant process improvements and the latest technological innovations. The aim of the further development of the financial statement process is anytime closing, i.e. closing at the touch of a button. So far, this exists only in fiction, but some aspects of this fiction already exist in reality. The unstoppable rise of artificial intelligence, particularly in the field of accounting, is also opening significant optimization opportunities for companies, for example through the automation of tasks. In this context,  
our Accounting Study 2024 looks at the extent to which companies have improved the preparation of their financial statements in recent years. We would like to compare the results of this study with the results of the Horváth study "The path to Closing 4.0" from 2020.  

The study "The path to Closing 4.0" already established that the preparation of financial statements has a high degree of maturity. However, the use of artificial intelligence (AI)/machine learning (ML) and robotic process automation (RPA) was not yet widespread within companies in 2020. At the same time, the shortage of skilled workers, a mega-trend of our time, is becoming an ever-greater challenge. This further reinforces the need for digitalization and automation. Against this background, we want to examine in this study whether the advancing digitalization of recent years has led to companies improving their financial statement process and coming closer to Closing 4.0.  

The overarching core thesis that provides the focus for this study is:  

The initiatives to improve the financial statement process in recent years have been successful and are reflected in a measurable improvement. 

In order to consider this thesis from different perspectives, we asked the participants to answer questions on the following current topics: 

• Status quo of the preparation of financial statements in accounting: Time required and current challenges 
• Optimization approaches in the preparation of financial statements 
• Factors influencing the accounting of tomorrow 

The cross-industry study involved 85 finance executives, mainly CFOs and heads of finance and controlling.