Draftworx's Earl Steyn shares the easiest way to be compliance and XBRL-ready in 2018.
Draftworx, a platinum sponsor of the 2018 Finance Indaba, held at the Sandton Convention Centre – hosted three sessions at the event. The first took place on 3 October when Earl Steyn, a director at Draftworx, and Jeremy Alderson-Smith, Draftworx’s head of business, spoke on simplifying compliance with their primary Draftworx tool and newly released Cync tool, which works like a universal dashboard across accounting software packages.
The session delved into compliance and automating processes. Jeremy kicked off, presenting a round-up of several global studies that examined the world of compliance in the 21st century, as well as the greatest compliance challenges compliance practitioners expect to face in 2018.
This included matters such as the bring-your-own-device (BYOD) trend, ongoing patches and updates, POPI (or GDPR) compliance, the burden of frequently reworked regulations, and whether to in-source or out-source for your compliance software.
To Jeremy’s mind, software providers in this space are more often ready and regulation-aligned than their clients, as this is integral to the offering they provide. Draftworx itself spent months rejigging their software to be ready for the CIPC-mandated XBRL regulations which came into effect on 1 July 2018 – and now submitting in the new format can be as quick as five minutes. It’s included with Draftworx, or available as an add-on product if you’re not already in the ecosystem.
Then Earl took to the podium to share their experience of developing and continuously tweaking their package to promote automation and compliance. Earl is understandably proud of their home-grown solution, which recently was ranked second in terms of software for automating financial statements – competing and surpassing several global competitors. It’s a solution he developed out of his own experience as a CA, designed to tackle the real problems finance teams experience every day.
Another selling point in their favour is the creation of master templates that can automatically update the 36 other financial statements expected of the finance team – reducing time taken and opportunity for human error. This is where Earl believes people will experience huge value from their product – for everyone from sole proprietors to large corporations.
“The biggest challenge to uptake that we have is that people are stuck in what they are used to and what they know. It is hard to drive change. Conversion opportunities lie in offering them a solution for output that has the cosmetic options they get in a program like Word, but the functionality of Excel or similar packages.”
The next goal Draftworx has set for themselves is to get the cloud version of the software out there. It is currently in the beta stage (free for clients), and they expect it to be completed and ready to go to market by the end of the year.