By Iddi Yire
Accra, June 21, GNA- Caseware Africa, a provider of auditing and financial reporting software, 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, paper and spreadsheets, but while these methods served their purposes, they often proved time-consuming, error-prone and limited in capacity. them to provide real-time information.
The duo supported a Chief Financial Officers (CFOs) Breakfast Meeting organized by Caseware Africa to discuss financial technology integration, future skills for CFOs, innovative financial reporting solutions and challenges in adopting new technologies.
The forum, themed: ‘Become Finance Professionals of the Future: Embracing Technology Today for Tomorrow’s Challenges’, aimed to engage professionals on the challenges they face and how they could overcome them using the right technology.
Speaking at the event, Ms Simphiwe Zuma, Caseware’s Africa Sales Manager, said the company was a technology provider to financial professionals who are particularly concerned with financial reporting compliance, offering software that is compliant with International Standards Financial Reporting (IFRS) 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 essential for businesses to thrive.
“We want the Finance Office to be in a space where it will be confident of efficiency in delivering quality work. they become business consultants and provide valuable insights instead of spending too much time on businesses they work for.”
Ms Zuma revealed that among the specific challenges related to financial reporting had to do with the fact that compliance was changing on a regular basis.
“For example, insurance companies have introduced a standard called IFRS 17 and many of them don’t know where to start in terms of implementing the software, we are automating everything that is required to be able to implement this software,” he said.
Mr Nii Addo Mensah, Managing Partner at MAP, said the integration of financial technology into reporting could streamline operations, improve data accuracy, reduce costs and improve decision making through data analysis in real time.
It said it also facilitated better compliance with regulatory requirements and offered improved customer experiences through faster and more efficient services.
Addressing how companies could ensure a smooth transition when implementing new financial technologies, he said companies should first conduct thorough needs assessments, choosing scalable and compatible solutions, providing comprehensive staff training and maintaining clear communication across the entire implementation process.
Mr Kwasi Agyemang, Chief Executive Officer of the Institute of Chartered Accountants of Ghana (ICAG), also highlighted the role of CFOs. saying it “has undergone a major transformation in recent years”.
He explained that CFOs were not just responsible for financial reporting and compliance. but are now expected to be strategic business partners, driving growth and innovation in their organizations.
Mr. Agyemang added that to thrive in this new environment, CFOs must possess a unique skill set that goes 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.
GNA