Business challengeEddie Fivaz, Chief Financial Officer (CFO) of TWK, says his team strives for excellence in the fulfilment of compliance requirements. “We initially had two goals, the first was the fulfilment of all IFRS compliance mandates and the second was the eradication of spreadsheets and word templates from the business. “Accuracy is crucial in our dynamic and fast growing business environment. Because we are a listed entity, we are mandated to publish our financial results within three months of our year end. Adherence to these timeframes is a critical compliance requirement. In 2011, when I joined TWK a couple of months prior to year-end, I immediately realised that a quick and sustainable solution needed to be found that would guarantee IFRS compliance for the group. Caseware was a perfect match for our needs and became solution that helped us to eradicate time consuming spreadsheets and word templates from our business,” says Mr. Fivaz.
Caseware deployed the following solutions“We assisted TWK to acquire a quality set of financial statements and we helped with the consolidation process. “Automation delivers time savings, quality, greater efficiencies and peace of mind in terms of compliance issues. In the post COVID-19 world Caseware enables remote operations through cloud, where finance teams can now collaborate on files, regardless of their location. “In our automated world there is always only one version of the truth, negating the situation many financial professionals face of having to constantly update spreadsheets,” adds Mr. Holtshuizen.
Business benefits – Time, Significant Cost Savings and Heightened Efficiencies.Mr. Fivaz says: “At the end of the day it is all about compliance, quality and timeous production of reports – all of which Caseware enables us to deliver. Automating certain processes meant that our time was freed up to focus on adding greater value to our business. We now completely automate IFRS templates and building of reports – these are tasks that historically would have consumed many man hours. Automation also dramatically reduced the time spent on the consolidation process – a major bonus to our professional teams. The time this has afforded our teams is now being utilised far more productively in analysing outcomes and devising strategies aimed at driving growth and improving business efficiencies. “In order for a business to thrive and be sustainable management needs to be able to move fast and make quick informed decisions – this is a given at any time, but it has possibly become even more crucial over the past two years. An efficient management team can achieve this but only if they have access to detailed and accurate information. This is what we have been able to achieve through our relationship with Caseware, ” Mr. Fivaz concludes.
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