Today, accountants are expected to offer financial services that match the speed at which businesses function. However, meeting performance demands cannot happen at the cost of compliance, risk and regulatory adherence. This means that accountants need to, somehow, add more strategic value wherever they can. While that may sound like unwarranted pressure, even unreasonable, it is becoming increasingly possible and easy. As technology develops and network architectures evolve, applications are becoming more agile, offering accountants flexible access to resources, centralised data libraries and automation functions that were largely absent in the past.
For government entities, the need for more transparent systems and processes means they too are looking at more efficient ways of reporting on their fiscal practices. With technological advances stepping in to meet this demand, financial statements and reporting have become a much-less burdensome undertaking. Let’s take a look at a few functions of modern financial reporting systems and how they aid in compliance, reporting, efficiency and transparency.
The importance of integration in financial statement software
In many organisations, client data is still stored across stand-alone computers and network drives. Searching for documentation or previous years’ files can be a time-consuming process that involves sifting through reams of data – with losses in productivity. This highlights the importance of an integrated platform. Information stored in one central environment can save many hours of work. Thanks to increases in computing power and storage capacity, modern financial statement software solutions are lean, integrated and highly available. This means they also offer deeper process visibility for improved risk identification. The software is designed to be compatible with most computing systems, allowing ease of set up and use.
Eliminating risk and non-compliance is a top priority on any accountant’s list, so choosing software that has built-in validation tools is absolutely essential. With these tools, any inaccuracies can be immediately identified and brought to your attention for correction. This will give you peace of mind that all risk has been eliminated, and more time to focus your energy on other areas of your practice.
Automation means less risk and more time
One way to eliminate risk is through automation. Finance departments are inherently process-heavy, with manual task-repetition infamously susceptible to human error, the more automated your daily functions and processes can become – the better. Reliance on spreadsheets has high levels of risk, and spreadsheet solutions are often said to be among the biggest causes of damage to business productivity. When looking for a solution for your, the number one rule to keep in mind is, “If you can automate it, then automate it”.
Automation does not only reduce risk, it results in substantial time-savings. The more automated processes your organisation has, the more streamlined your work becomes. Automation frees up staff to focus on other important aspects of their jobs.
Protection and support
Financial statement software is safe to use and provides full protection of sensitive data. Backups ensure that recent copies of documents are always accessible. Like all technology, software packages require support – just in case there are any queries or questions. Financial statement software generally offers online and telephonic technical support to keep your work flowing smoothly.
A comprehensive solution is a must
Public entities are operating in a space where utmost transparency and trust are in increasing demand. CaseWare is widely relied on in 130 countries, and has over 18000 users in Africa alone. We serve a wide range of customers from public entities to auditing firms to blue chip companies. CaseWare is continually updated to ensure our systems meet and exceed the compliance demands placed on modern financial statement software. Our solutions remove the frustrations and confusion involved in dealing with financial standards like IPSAS Accrual or IPSAS Cash and Modified Cash, IFRS for SME and IFRS. Please contact us for more information on how we help public entities remain compliant, efficient and transparent.