Experts are advocating the use of technology in financial reporting. This, they believe will help mitigate organisational risks. Businesses have thus been called to make use of technology rather than sticking with conventional methods which have almost become obsolete. Caseware Africa, an auditing and financial reporting software provider, and Makers and Partners (MAP), a chartered
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Experts are advocating the use of technology in financial reporting. This, they believe will help mitigate organisational risks.
Businesses have thus been called to make use of technology rather than sticking with conventional methods which have almost become obsolete. Caseware Africa, an auditing and financial reporting software provider, and Makers and Partners (MAP), a chartered accountancy firm are of the view that it is non-negotiable for businesses today to do without the use of technology especially in the area of finance.
The benefits of technology-driven financial reporting and management are far-reaching, as it leads to increased efficiency and productivity by automating manual processes, reducing errors, and enabling faster processing times.
This advocacy was highlighted 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, on the theme “Becoming financial professionals of the future: Embracing Technology today for tomorrow’s challenges”, aimed at engaging professionals about challenges they experiencing and how they can overcome them using the right technology.
Africa Sales Manager of Caseware, Simphiwe Zuma, noted that Caseware offers technology solutions for financial professionals.
She said in an era where technological advancement shapes financial landscape it was important to discuss the reality of investment in technology.
She emphasized that this requires the business environment to be ready for the change that comes with adopting the technology, “ for us, this is to reiterate that yes it sounds expensive but if you dont make the investment you will end up being left behind”.
“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”.
She mentioned that among specific challenges was about compliance, which changes on regular basis, however, Caseware automates everything required in terms of being able to implement the software.
On his part, Managing Partner at MAP, Nii Addo Mensah, underscored the need for CFOs champion the use of technology in financial reporting to mitigate organisational risk.
He said integrating financial technology in reporting could streamline operations, enhance data accuracy, reduce costs, and improve decision-making through real-time data analytics.
Touching on what skills will be essential for CFOs in the future, he noted that future-ready CFOs would need strong data analytics skills, a solid understanding of emerging technologies like AI and blockchain strategic thinking, adaptability, and excellent communication skills.
The Managing Partner at MAP further stated that these skills could be developed through continuous learning and professional development, such as attending relevant courses, workshops, and conferences.
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