Automation is one of the key strategies driving financial reporting says Nienke Krüger.
CaseWare Africa, a division of AdaptIT, has announced the launch of its latest product innovation, Interim Financial Statements, a new template designed to help enterprises easily draft interim financial statements in line with the IAS 34 standard. The Interim Financial Statements template allows for the seamless import of data for multiple periods, and fully integrates with CaseWare’s existing IFRS template for annual financial statements. In addition, it provides listed entities with new functionality to allow for JSE disclosure requirements and interim financial statement market trends, all in a single file, says CaseWare Africa product manager of financial reporting Nienke Krüger.
“Until now, the market has lacked a solution to automate the preparation of interim financial statements. At present, companies are typically using spreadsheets to produce these statements, following a highly manual process that can be both severely error-prone and hugely time-consuming. In addition, existing manual processes take place independently of the annual financial statement processes, thus duplicating effort. The challenge is exacerbated for companies with multiple subsidiaries which need to report on consolidated figures as well,” she says.
Nienke adds that all of these challenges, including consolidation, are efficiently solved in CaseWare Africa’s new solution. “Automation is one of the key strategies driving financial reporting because it reduces manual intervention and makes the process both more streamlined and accurate.”
She notes that the template can be customised to ensure it aligns with the particular organisation’s requirements as well as applicable regulations. It can also be customised to show only the material items required by IAS 34, and can be adjusted to produce financial statements monthly, bi-monthly, quarterly or semi-annually.
Companies listed on the JSE are compelled to produce semi-annual interim financial reports, while companies listed on other exchanges, such as the Nigerian Stock Exchange, need to do this on a quarterly basis. There are also various other stakeholders that will require interim financial statements to be prepared by a corporate entity, such as venture-capital and private-equity shareholders.
“CaseWare Africa’s new Interim Financial Statement solution provides a unique opportunity to automate and unify both interim and annual financial statement processes in a single solution,” Nienke adds. “Above all, the new template will allow the finance professionals preparing these statements to reduce production time and save costs while at the same time improving quality and taking advantage of CaseWare’s industry-leading compliance.”
For more information contact +27 10 494 1002 or visit www.casewareafrica.co.za.