At the University of Limpopo, preparing the Annual Financial Statements has become considerably easier following the introduction of CQS CaseWare Working Papers Enterprise Edition. From a situation where large quantities of financial information presented a serious challenge for spreadsheets, today the organisation’s Financial Manager, Gail Meekings has a far better experience preparing and delivering Annual Financial Statements on time.
Situated in the Limpopo province, the University of Limpopo is the result of a 2005 merger between the former Medical University of Southern Africa and the University of the North.
“With a trial balance which runs to 9000 lines, the spreadsheets we had in use were completely unsuitable,” Meekings says.
Having wrestled with spreadsheets and large information sets, one of CaseWare’s standout features is its automatic updating of all linked information, such as notes and page numbers. “As soon as the trial balance is imported, it provides checks to makes sure the figures add up and are consistent throughout,” Meekings says.
In this technological age, Meekings cannot understand how anyone could still use a spreadsheet to draft Annual Financial Statements. “CaseWare just makes it so much easier and more efficient. It allows you to drill down, it gives you a clear audit trail, and the lead sheets are a great feature,” she explains.
When presenting Annual Financial Statements to auditors Meekings says the response is always good. “Our auditors, KPMG,use CaseWare themselves and so can offer guidance should we need assistance. They like that fact that the changes are done throughout the Annual Financial Statements, so there is no need to go through all 9000 lines to examine details. We just supply the CaseWare file and they use the lead sheets,” she notes.
Return on investment
As an accountant, Meekings is well aware of the concept of return on investment. “We’ve absolutely seen that return. We worked with CQS Consulting to get the CaseWare template exactly as we needed it but like many organisations, our resources are limited. Without CaseWare we wouldn’t be able get our Annual Financial Statements done on time. In short, it is extremely efficient, user friendly and logical.”
With large data sets, spreadsheets proved impractical in supporting the preparation of Annual Financial Statements. Getting the job done on time was becoming impossible.
CaseWare Working Papers Enterprise Edition was introduced, with templates customised by CQS Consulting to meet the University of Limpopo’s particular requirements.
Using CaseWare, the accounting department enjoys an efficiency boost, and delivers fast, accurate and professional Annual Financial Statements.
“CaseWare just makes it so much easier and more efficient. It allows you to drill down, it gives you a clear audit trail, and the lead sheets are a great feature,”