For many government CFOs, the preparation of Annual Financial Statements can be cause for concern. However, by using a suitable financial system (software) there is no longer any need for concern or reliance on consultants.
Jozini cut its expenditure of approximately R2m on consultants when the municipality prepared its own financial statements for the first time using the relevant modules provided by CaseWare.
When Mr. IS Xulu , Financial Reporting and Compliance at Jozini Municipality in northern KwaZulu Natal prepared the Annual Financial Statements for the first time, he discovered that with CaseWare, many of the tasks are automated while compliance with all applicable legislation is assured.
“I’ve never prepared Annual Financial Statements before; the last financial year end was a first time for me. However, thanks to CaseWare, the process ran easily and without any complications,” he says.
Xulu says the Jozini municipality already had CaseWare implemented before he took up his employment. That meant the initial setup, including mapping of the chart of accounts, was already done. As a result, he says the job of preparing the Annual Financial Statements was a particularly smooth-running process. “What I found is a system that enables you to prepare Annual Financial Statements in a short space of time. More than that, it makes a daunting task enjoyable and user friendly,” he notes.
With responsibility for compliance, Xulu points out that CaseWare helps ensure that every rule and requirement for GRAP is fulfilled. “Like all municipalities, we are required to comply with GRAP, so software that enforces this is highly desirable as it keeps me up to date with all the compliance changes during the year,” he adds.
Thanks to the automation and built-in compliance delivered by CaseWare , Xulu has the confidence to approach any year-end in the knowledge that the duties of the accounting department are supported by the best available software. “Financial year-end is no longer a time for apprehension,” he notes.
As a result, Xulu says CaseWare can be recommended to other municipalities. “I’ve never seen a system with the same attributes and capabilities. CaseWare makes the production of Annual Financial Statements easy,” he concludes.
“I’ve never prepared Annual Financial Statements before; the last financial year end was a first time for me. However, thanks to CaseWare, the process ran easily and without any complications,”