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Numbers suggest accounting, finance will dominate corporate governance in 2014

If local statistics and research is to be believed, 2014 will be the year for businesses to attain a higher level of financial control – specifically in terms of compliance with corporate governance regulation and technology application.

PRLog - Feb. 3, 2014 - Human Capital Management experts at CRS Technologies, a leading local provider of HR & payroll services and solutions, say the financial sector will be one of the more active next year, driven by the uptake of solutions to help companies cope with pending legislation and relevant updates.

The Company suggests that corporate governance and accurate reporting will be foremost on the minds of decision makers.

“Appreciation for the relevance and importance of a streamlined, efficient accounting function is growing,” explains James McKerrell, CEO of CRS Technologies South Africa. “This function has to ensure effective control and reporting.”

To this end decision makers must be confident that their functions have the right controls in place to ensure compliance – in other words recons have to be up to date, information must be accurate and accurately recorded in systems.

“If the payroll function falls under finance, it places an even greater responsibility for accurate and expeditious information and compliance,” McKerrell adds.

According to CRS the payroll function in the corporate sector has gained traction in terms of the general status of its profile in business. In terms of standards, processes and procedures, the level of compliance – in terms of payroll – is a critical consideration.

Against a backdrop of increasingly important legislation affecting compliance and the pressing need for decision makers to always remain one step ahead of this process, the relevance of technology that is compliant to ease the impact of corporate governance will be emphasised.

McKerrell says there are many legitimate service providers in this space who he believes are aware of the need for systems to be robust and compliant. This will help to empower operators in the market who will have to manage critical functions in order to manage costs and keep abreast of financial requirements, changes and developments.

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