A survey conducted by Woodland Hills accounting software company BlackLine Inc. found that the finance and accounting industry has prioritized technology adoption to avoid business interruptions in the coronavirus economy.
The company, which makes software that automates the process of closing out books and reconciling quarterly and annual accounts, surveyed 780 finance and accounting professionals throughout the U.S. The survey comes just after the first quarterly report period since the coronavirus pandemic started to impact the U.S. economy in March.
Among respondents, 40 percent said they felt a renewed urgency to embrace technology within their organization. Forty-four percent cited communication and collaboration as an obstacle to closing virtually, while 31 percent citied technology and infrastructure. Eighty-two percent of respondents said they expect closing virtually with a distributed workforce to impact their audit or other third-party accounting functions.
BlackLine President Marc Huffman said businesses are increasingly turning to accounting technology to stay competitive amid these shifts.
“These polling results validate what we are seeing and hearing in the marketplace,” Huffman said in a statement. “CFOs and controllers report that the pandemic is accelerating their adoption of modern finance and accounting technology to enhance and preserve business continuity.”
Shares of BlackLine (BL) have nearly doubled since state regulators implemented the “Safer at Home” order in mid-March, and closed Thursday up 97 cents, or 1 percent, to $87.38 on the Nasdaq.