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Too many finance teams still “in the dark ages” with their financial reporting warns CaseWare

CaseWare, one of the UK’s leading auditing and financial reporting software providers, has unveiled CaseWare AccountsAdvanced, the fastest and most flexible financial reporting system on the market.

They estimate that 80% of businesses affected by the new changes to FRS 101 and FRS 102 still use Word and Excel for their financial reporting, and CaseWare has firmly set its sights on getting as many as possible of these businesses to modernise to an automated system.

Sales Director Shez Hamill said: “Tea ladies and dot matrix printers are a thing of the past, yet many large firms, ranging from high street banks downwards, are in a time warp and still use Word and Excel to do the financial reporting for highly complex, multi-billion pound organisations.

 “As great as these products are, they are not fit for the purpose.  For instance, they don’t allow the transparency regulators now require through their lack of drill downs. One wrong piece of coding can turn a million pound asset into a liability, or vice versa.

“Many finance teams are using the move to FRS to modernise and the market is very busy. But others are determined to cling onto the familiar.  Our message to them is it is time to ‘get out of the dark ages’. 

“There is a good reason we now use calculators rather than slide rules and abacuses, it’s the same for Word & Excel – they are word processing and spreadsheet tools, not corporate reporting tools.  They are slow, prone to error and viruses, and your shareholders deserve the most accurate information possible.  It is time to switch to an automated solution. There are several around and I am pleased to say CaseWare AccountsAdvanced is the market leader.”

About AccountsAdvanced:

The choice of most major audit forms, AccountsAdvanced could improve efficiency by up to 50%. Simply producing FRS 101 an FRS 102 financial statements, across a wide range of entity types, however complex your accounting structure is. In just a few quick steps, users can import data directly from general ledger systems or Excel, then use the simple CaseWare wizard to efficiently produce a full set of compliant accounts which can be automatically tagged with iXBRL for filing with HMRC or Companies House, within minutes.

CaseWare’s integrated suite of products are designed to raise efficiency when financial reporting. CaseWare Working Papers not only acts as an electronic document management system, but feeds the core data for its three key modules; AccountsAdvanced, Corporation Tax and AuditAdvanced.  

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