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Caseware Africa, MAP push for technology use in financial reporting


  22 Juin      3        Economy (15436),

   

Accra, June 21, GNA- Caseware Africa, an auditing and financial reporting software provider, and Makers and Partners (MAP), a chartered accountancy firm, have urged businesses to embrace technology in financial reporting and management.

According to the duo, traditionally, financial reporting and management in Ghana relied heavily on manual processes, paperwork, and spreadsheets but while these methods served their purposes, they often proved time-consuming, prone to errors, and limited in their ability to provide real-time insights.

The duo made the advocacy at a Chief Financial Officers (CFOs) Breakfast Meeting organised by Caseware Africa to discuss the integration of financial technology, future-ready skills for CFOs, innovative financial reporting solutions, and challenges in adopting new technologies.

The forum, on the theme: “Becoming Financial Professionals of the Future: Embracing Technology Today for Tomorrow’s Challenges,” aimed at engaging professionals about challenges they experience and how they could overcome them using the right technology.

Speaking at the event, Madam Simphiwe Zuma, Africa Sales Manager of Caseware, said the Firm was a technology provider to financial professionals dealing particularly with financial reporting compliance, which offer software that was International Financial Reporting Standards (IFRS) compliant and makes the lives of CFOs and their teams much easier.

The forum, therefore, sought to highlight the importance of investing in technology, which was required for businesses to thrive.

“We want the Finance Office to be in a space where they are confident about efficient in delivering quality work; they become business advisers and provide valuable insights rather than spending too much time on businesses their work for.”

Madam Zuma revealed that among specific challenges regarding financial reporting had to do with the fact that compliance was changing on a regular basis.

« For example, the insurance companies have introduced a standard called IFRS 17 and a lot of them do not know where to start in terms of implementing the software, we automate everything that’s required to be able to implement that software, » she said.

Mr Nii Addo Mensah, Managing Partner at MAP, said integrating financial technology in reporting could streamline operations, enhance data accuracy, reduce costs, and improve decision -making through real-time data analytics.

He said it also facilitated better compliance with regulatory requirements and offered improved customer experiences through faster and more efficient services.

Touching on how companies could ensure smooth transition when implementing new financial technologies, he said companies must first conduct thorough needs assessments, choosing scalable and compatible solutions, providing comprehensive training to staff, and maintaining clear communication throughout the implementation process.

Mr Kwasi Agyemang, Chief Executive Officer of the Institute of Chartered Accountants Ghana (ICAG), also highlighted the role of CFOs; saying « it has undergone a significant transformation in recent years. »

He explained that CFOs were not merely responsible for financial reporting and compliance; but they are now expected to be strategic business partners, driving growth and innovation within their organisations.

Mr Agyemang added that to thrive in this new environment, CFOs must possess a unique set of skills that go beyond traditional financial expertise; and must be able to navigate the complexities of emerging technologies, leverage data and analytics to drive insights and decision-making.

Iddi Yire

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