“Account preparation is always a challenge when using Excel and Word - it is not designed to perform financial reporting” explains Rainford. “We wanted to put in place a robust process that drastically reduced the margin of human error, eliminated the issue of version control and gave control back to the finance team. All this and removing the mundane task of preparing the financial accounts - it was a big challenge.” Rolling a trail balance forward year on year from Excel and Word documents can quickly lead to errors with data transfer, and any adjustments take a long time as they have to be replicated in the primary statements and the account notes. Even simple issues such as rounding up or down can soon add hours, days and weeks to a project.
Using CaseWare AccountsAdvanced software meant that Stephen and his team could quickly get control of producing a set of finanical statements. “A big differentiator for us was the pre-defined template that CaseWare provides to show what a set of accounts should look like” recalls Stephen. “We wanted best in practice statutory reporting that would stand up to scrutiny. We didn’t want a simple mapping tool between Word and Excel, we wanted a more sophisticated solution. By uploading our trail balance, CaseWare’s software shows us what our accounts should look like and where any revisions or checks need to be made”. Other features of CaseWare’s solution soon started to make an impact, such as the ability to add documents into a file and store them in the software. This provides the necessary evidence to support the numbers in the accounts, which is all accessible within CaseWare. This makes a set of financial statements much more robust when it comes to auditing, as supporting documents are readily available to be provided to the auditor.
"The synchronisation between the tax and accounting modules will bring us huge savings on efficiencies in the future. With the confidence that CaseWare provides, I can focus on the financial operation of the UK business to add real value, rather than spend time on an annual process for regulatory compliance.”