Every year, businesses spend hundreds of hours on reporting, planning, data gathering, fact checking, writing, editing, error fixing and the list goes on. It’s a mammoth task not only for those producing, but also for the investors, auditors and regulators sifting through countless pages for key information.
So, what is the answer to this age-old problem? Digital reporting.
Most of the world’s advanced economies have mandated digital financial reporting to cut red tape, improve efficiency and reduce errors. However, in Australia, businesses are limited in their ability to compete internationally as digital reporting remains voluntary.
Expectations of organisations are growing, and not just to share accurate, transparent and timely financial data - there's a surging demand for ESG disclosures from consumers and investors, adding pressure to an already strained system. It's no surprise, then, that the burden of reporting is intensifying. With a 2019 Senate inquiry recommending the Australian Government make digital financial reporting standard practice, it's clear this change is now essential.
Deloitte's modelling finds that by 2030, the economy would be approximately $7.7 billion larger per year if all large businesses adopted digital financial reporting. The benefit to the economy could be even greater if digital reporting is extended to sustainability and climate disclosures.
This latest report by Deloitte Access Economics analyses a range of data sources and presents the views of leading Australian businesses to understand why now is the time embrace digital reporting.