At veterinary pharmaceuticals company Onderstepoort Biological Products (OBP), producing Annual Financial Statements has become a faster, easier and more accurate task since it introduced CaseWare Working Papers’ Enterprise solution. Using the software, Financial Manager,Zolani Poni says the company’s accounting department enjoys a significant boost in productivity while knowing the figures it produces are accurate.
A government organisation, OBP develops products for animal health. It plays an important role in the prevention and control of animal diseases in South Africa, Africa and the rest of the world.
Zolani Poni says prior to the move to CaseWare Enterprise, OBP used a spreadsheet to guide the process of creating our Financial Statements. “Before we moved to CaseWare,it took a whole month to prepare a reviewable version of the Annual Financial Statements ready to be handed to the auditors,” he notes.
Zolani Poni is unequivocal about the improvements OBP has experienced in the first year of using CaseWare. “Now, the preparation of our draft Annual Financial Statements takes us just two days,” he reveals. “That compares extremely well with the previous year.”
With regards to efficiency, Zolani Poni says he likes the ease of changing and deactivating notes, with CaseWare automatically renumbering them.“Functionality like this makes life a lot easier,” he notes.
And if this year’s Annual Financial Statements went well, Mr Poni says the process should become even more efficient in future. “The structure in CaseWare means that once the files are set up and mapped, you just update with new information. With CaseWare keeping the core information as well as your calculations, once your Trial Balance is correctly mapped, the output is synced. That means you won’t have problems with your Annual Financial Statements.”
Using the software also means Mr Poni’s department presents auditors with a professionally structured set of documents.
“Without a doubt, CaseWare has made it easier and quicker to draft documents and has streamlined the audit. The auditors were very impressed with our Annual Financial Statements this year, noting the quality of International Financial Reporting Standards disclosures.”
Supported by a spreadsheet, the preparation of Annual Financial Statements was a time-consuming, error-prone task for Onderstepoort Biological Products.
CaseWare Working Papers Enterprise replaced the spreadsheets, bringing a proven process-driven approach to the preparation of Annual Financial Statements.
The introduction of CaseWare Working Papers Enterprise has dramatically reduced the time taken to produce Annual Financial Statements. It improves accuracy and delivers professional-looking documents that auditors appreciate.
“Before we moved to CaseWare,it took a whole month to prepare a reviewable version of the Annual Financial Statements ready to be handed to the auditors,”