South African enterprises are in the midst of a significant transformation, accelerated by the Covid-19 pandemic and the ongoing digitalisation of services and processes.Given the key role digitisation has had on the way organisations conduct their electronic transactions and financial reporting, the role of the chief financial officer role in ensuring compliance and good governance has never been more important.
At the crux of this new listing requirement is for the CEO and CFO/FD to attest on a prescribed statement on the effectiveness of financial control over financial reporting period. Non-compliance with regulations, fraud and inefficiencies are just some of the challenges that CFOs, financial directors, and procurement teams face. Detecting fraud amid vast amounts of data and processes supported by most enterprises can be challenging.
In the past, a financial transaction had multiple hand-off points that could result in failed transactions making real-time transaction reporting nearly impossible. However, with an Application Programming Interface , technology applications such as Syspro 8 can integrate directly into the bank’s processing system. This allows transactions to be processed in real-time rather than duplicated across various business channels such as procurement and finance.
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