With many South African companies preparing for financial year-end in June, the spotlight is once again on financial reporting – a business function that, while often taken for granted, holds enormous sway over strategic decisions, stakeholder trust and regulatory compliance. Yet many finance teams are still struggling with outdated, manual systems that slow them down and increase the risk of error.
“Late or inaccurate reporting isn’t just an admin issue. It’s actually a business risk,” says Alwyn Pretorius, GM of Infinitus Reporting Solutions. “When reports are delayed there’s a huge ripple effect through the business. For one thing, leadership is left flying blind, which means business decisions are made on outdated or incorrect information, performance is misjudged, and operational pivots are either too slow or entirely misinformed.”
Pretorius adds that inaccurate reporting also opens companies up to scrutiny from a range of pivotal players, including investors, auditors and regulators. “We often underestimate how much is riding on a single set of financials. Getting it right and on time simply isn’t optional anymore. It’s foundational to strategic success.”
When manual interventions cause processes to lag
Speaking of the challenges they faced before implementing reporting software, Kiki Constantopoulos, group financial controller at Gem Diamonds, explains how convoluted their entire process had become. “Excel would crash constantly because we had so many documents open. It was inefficient, prone to error, and took five full working days to complete a monthly consolidation.”
Gem Diamonds, a global mining company operating in Lesotho and Botswana with a lean finance team and tight deadlines, relied on a complex, Excel-based system to consolidate data from eight subsidiaries. It was clunky, fragile and time-consuming, and for a listed company that must meet international reporting standards and undergo high-level audits, this simply wasn’t sustainable.
“We knew we needed a solution that would save time but still give us full control and accuracy,” says Constantopoulos. “By moving away from fragmented spreadsheets to a centralised digital environment that automates consolidation, we’ve managed to cut down our reporting time by 56 hours a month, which has had a real impact on business efficiency.”
Fix the problem before it costs you
It’s clear that the cost of sticking to old processes – manual inputs, multiple disconnected spreadsheets and delayed approvals – adds up fast. But the real cost often shows up in less visible ways: missed opportunities, staff burnout, reactive decision-making, and the stress of audit season looming over already-stretched teams.
As businesses evolve, so should their tools. Finance teams need centralised platforms that integrate seamlessly with existing systems, automatically consolidate data across multiple entities and currencies, and reduce the need for manual intervention. They need technology that’s audit-friendly, collaboration-ready, and designed for speed and accuracy, not just survival.
“With year-end approaching, the companies that will emerge strongest aren’t necessarily the ones with the biggest budgets or teams. They’re the ones with systems smart enough to keep up with the pace of modern business,” concludes Pretorius.