Caseware Africa, MAP push for technology use in financial reporting

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 have relied heavily on manual processes, paperwork, and spreadsheets. 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 this advocacy at a Chief Financial Officers (CFOs) Breakfast Meeting organized 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, themed "Becoming Financial Professionals of the Future: Embracing Technology Today for Tomorrow's Challenges," aimed to engage professionals about the 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. They offer software that is 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 is required for businesses to thrive.

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

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

"For example, the insurance companies have introduced a standard called IFRS 17, and many 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 a smooth transition when implementing new financial technologies, he said companies must first conduct thorough needs assessments, choose scalable and compatible solutions, provide comprehensive training to staff, and maintain 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; they are now expected to be strategic business partners, driving growth and innovation within their organizations.

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