Knowledge gaps among employees hinder the use of AI
Even though the use of artificial intelligence (AI) promises greater efficiency, many companies are still reluctant to utilise the technology in sensitive areas such as accounting. This is shown by a survey conducted by the consulting firm Lünendonk & Hossenfelder and the auditors RSM Ebner Stolz, for which responses from 40 companies were analysed. Almost half of the participants were medium-sized companies with a turnover of up to 100 million euros; 28% generated more than 250 million euros in annual turnover.
Of the participants, only a third use AI in their accounting. If only the larger SMEs with a turnover of over 250 million euros are considered, every second company uses the technology.
AI use still in its infancy
The authors of the study write that companies are „still at the very beginning“ when it comes to utilising AI. However, technical and regulatory issues are not the biggest challenge facing SMEs. 52% cite the qualification of their employees as a significant or preeminent challenge. This is followed by challenges relating to data protection.
At Schott Pharma, for example, CFO Almuth Steinkühler is working on „empowering and inspiring“ her employees for AI, she said recently in an interview with Börsen-Zeitung. Schott sees use cases in the supply chain, investor relations and planning. However, Schott Pharma also believes it is only at the beginning of its journey.
Many companies still lack the technical requirements to integrate artificial intelligence into their business processes on a large scale. Only 29% of the study participants use an entirely cloud-based enterprise resource planning (ERP) system, while 13% are currently planning to switch. The majority of respondents work with their on-site IT (on-premise).
Some companies reluctant to move to the cloud
This stands in the way of the widespread use of AI solutions. The software company SAP, for example, announced last year that AI innovations should be reserved for cloud users in future. The cloud allows developments in AI use cases to be rolled out to customers within a short space of time. The Walldorf-based company is now offering migration assistance, to motivate on-premise customers to switch to the cloud.
In accounting, most companies can imagine using new technologies to automate specific work steps. 73% want to introduce tools to automate document processing in the next two years, while two out of three companies are planning to do so for payment transaction processes. Half can also imagine having a tool take over the consistency check within the annual financial statements. So far, most of the participants still do this manually.
Costs and lack of skilled labour as motivation
Even if the use of AI in-house is still limited for many companies, the companies' expectations of their auditors are high. More than 60% each expect their auditor to use digital tools and AI when auditing individual business transactions, exchanging data, auditing accounts in general ledgers and sub-ledgers and preparing reports. This is sign for the profession to invest more here, the authors of the study note, since clients increasingly expect AI expertise.
Kai-Uwe Marten, Director of the Institute of Accounting and Auditing at the University of Ulm, sees costs as a critical motive for companies to rely on AI when preparing their annual financial statements. „The question is: Can I operate my processes more cost-efficiently in this area?“ he comments on the study results. It is also often about countering the shortage of skilled labour. „This applies to clients and audit firms alike.“
