With many South African companies preparing for the 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. However, many finance teams continue to struggle with outdated, manual systems that hinder their operations and increase the risk of errors.
“Late or inaccurate financial reporting isn’t just an admin issue. It’s actually a business risk,” says Alwyn Pretorius, General Manager at 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 For one thing, leadership is left flying blind, which means business decisions are made on outdated or incorrect information, performance is misjudged, and operational pivots are either too slow or entirely misinformed.”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 exposes companies to scrutiny from a range of important stakeholders, including investors, auditors, and regulators. “We often underestimate how much is riding on a single set of financials. Getting it right and on time isn’t an option; it’s foundational to strategic success.”
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 financial reporting 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, these methods were simply unsustainable.
“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.”
The cost of sticking with outdated processes, manual inputs, disconnected spreadsheets, and delayed approvals adds up quickly. However, the real expense often shows in less obvious ways: missed opportunities, staff exhaustion, reactive decision-making, and the stress of audit season impeding already-overworked teams.
As businesses grow, 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. Consult with Infinitus Reporting Solutions today for your financial reporting automation demonstration that counts for accountants, before the audit season breaks your books.