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Caseware launches cloud financial reporting solution

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Canadian audit, financial reporting and data analytics developer Caseware has unveiled a cloud financial reporting system for the UK market.

14th May 2024
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Launched today, Caseware Financials is a cloud product designed for accounting firms and corporates to prepare, review, and deliver financial statements. The new system builds on the vendor’s existing desktop financials product and cloud audit tool for accountants.

Full FRS 102, FRS 102 1A and FRS 105 are contained in today’s release. Caseware confirmed to AccountingWEB that it has a roadmap to deliver FRS 101, IFRS, LLPs, charities and academies over the next two years.

Caseware Financials’ features include:

  • Automatic drafting of financial statements
  • Built-in XBRL review tools with warnings and diagnostics to trap errors. For example, if a user used a balance sheet tag in a P&L context this would be flagged with a warning symbol during the tagging process.
  • Simplified data imports with intelligent mapping suggestions, which pick up the name of nominal code to suggest the most suitable choice.
  • Carry-forward functionality
  • Multi-user access from different locations
  • Fully automated tagging, allowing users to export instance documents in an HTML format.
Caseware Financials
Caseware

Caseware Financials automates financial statement preparation through a tailored checklist, importing and mapping data directly from Excel, CSV, and accounting packages such as QuickBooks and Xero – with a Sage cloud accounting integration coming soon.

An enhancement to the cloud financials product is the ability to automatically apply XBRL tags, allowing users who create financial statements to avoid manually adding all tags.

The system mirrors its desktop counterpart, offering the ability to tailor to accounting practice level via templated customisations. Users answer templated questions, for example a format one or format two P&L, and going forward all engagements start from this default standpoint.

Cloud move a ‘no-brainer’

“We already have well-regarded desktop accounts software in the UK, so it’s a no-brainer to move to the cloud,” Natasha Kobrak, head of product management UK at Caseware told AccountingWEB. “We launched our cloud audit product a few years ago and it’s been really successful. Caseware Financials is just the next step.”

“We’re looking to capitalise on cloud technology to make sure we can integrate with different software and plug into the latest APIs,” she continued. “With accountants engaged in more hybrid, collaborative working, we’re making sure we’re giving people access to software from anywhere. You can request client information from the cloud and clients can upload a trial balance to the cloud.”

“We want to take the best features of the desktop app but with no legacy code that slows down the processing,” added Ashley Goldsmith, senior product manager at Caseware. We’ve streamlined the cloud app for what’s relevant for today.”

One example of this is a system called Components. “This only loads the content that’s relevant for that particular app,” explained Goldsmith. “If you’re preparing a single entity rather than a consolidation, all group content is effectively hidden based on one selection in the optimiser at the start of the process.”

Caseware Financials is priced on a per-user basis within practices, with each licence containing FRS 105 and FRS 102. More specialist areas will be provided separately and on a per-engagement basis.

Existing users of Caseware’s on-premise (desktop) financial reporting product can migrate across to the cloud version using the vendor’s ‘CloudBridge’ tool. This migrates all trial balance and auto-maps to the cloud mapping codes and also moves across desktop data such as director names and employee number breakdowns.

If you’re at Accountex in London this week (15-16 May 2024), Caseware will be demonstrating Caseware Financials at stand 420.

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