The cloud-based financial reporting company has announced its mission to develop the financial reporting process with the launch of Caseware Financials.

Caseware has announced the launch of Caseware Financials to mark an advancement in financial reporting technology.

According to the company, the new innovative cloud-based application is designed to transform the financial reporting process, providing corporations with an efficient, compliant and streamlined solution for meeting local and global reporting standards.

Caseware Financials is being launched in Australia after its previous UK launch.

Caseware Australia head of development Andreas Ong said the company is looking forward to launching the program in the Australian market.

“The suite is extremely versatile, enabling organisations to customise the solution to meet their unique reporting needs, which can differ greatly in complexity based on the size of the business,” he said.

The company said the program will simplify the complex and time-consuming tasks associated with mandatory financial reporting.

“Caseware Financials leverages advanced automation, seamless data integration and robust compliance capabilities that reduce errors, save time and enhance accuracy,” it said.

“It will ultimately enable finance teams to focus on strategic decision-making and value creation.”

The program would allow companies to easily import trial balances via Excel or CSV without the need for manual data entry.

Caseware Financials utilises intelligent automation to analyse imported trial balances and automatically populate the necessary disclosures.

This process allows for a significant reduction in the time and effort required from finance teams to produce accurate reports.

According to Caseware, this automation will allow professionals to focus on higher-value activities that benefit the business.

Key features of Caseware Financials include automatic drafting of financial statements, built-in review tools with warning and diagnostics, as well as carry forward functionality.

Simplified data imports with intelligent mapping suggestions and multi-user access for enhanced collaboration are also new features in the program.

Caseware Australia general manager Craig Waldon said the company is confident the suite will establish a new benchmark for financial reporting in Australia.

“Caseware Financials ensures the full reconciliation of all financial statements and supporting notes, even at the account-level rounding stage,” Waldon said.

“This consistency prevents discrepancies that could raise concerns during audits and build stakeholder confidence in the accuracy of financial reporting.”

The new suite will feature comprehensive review tools allowing users to track changes from the base template and compare different versions of financial statements.

Caseware said this would ensure transparency and control over the reporting process, minimising errors and improving the integrity of the final report.