Disoriented

Furthermore, from a global perspective, more than one-third of the executives surveyed believe that finance and accounting cannot keep pace with other business units in the digital transformation. In Germany, 33 percent of executives are also of this opinion. However, the study also reveals a major skills gap. This particularly threatens F and A departments and their ability to provide the necessary support for ambitious business goals with advice, analysis, planning and due diligence.

Many executives plan to invest heavily in junior staff. Internationally, almost a quarter of respondents plan to focus on developing existing skills from within their own ranks. 23 percent are focusing on acquiring new talent at management level to drive growth. In Germany, the potential of existing employees appears to be viewed in a more differentiated way, with 66 percent of respondents seeing their further development as sensible.

The study showed that qualifications and skills are a particular concern for CFOs. When asked what their most pressing concerns are for the next five years, 32 percent of CFOs internationally said that creating a solid balance sheet was their top priority - in Germany, only 17.5 percent saw it that way.

"It is positive to see that so many companies are now focused on growth and that business leaders are pursuing ambitious strategies to achieve this. The global economy is in a period of recovery and it is vital that the finance function, which is at the heart of businesses, has the people appropriately skilled to meet the many challenges ahead" said Marc Huffman, CEO of Blackline. "Leaders need to ensure that employees are retained and developed, and that companies are able to attract the best people in the market - but as the survey shows, this can be a challenge.“