In a move that has seen the birth of cutting-edge technology – the first of its kind in South Africa – SignFlow has partnered with Draftworx, addressing a critical need identified among auditors and corporate companies that draft financial statements.
Draftworx provides automated drafting and working paper financial software to more than 2 500 accounting and auditing firms. The company went to market six and a half years ago, bringing the industry easy-to-learn and easy-to-use automation software, which allows accountants and auditors to generate International Financial Reporting Standards (IFRS)/IFRS SME compliant financial statements and ISA audit, review, and compilation engagement compliance.
According to Leon van der Merwe, head of digital at SignFlow parent company PBSA, the integration between the two software platforms came about when a massive need among auditors and corporates that prepare their own financial statements was identified – that of automating and digitising the process of getting financial statements and engagement documents signed off by company directors.
“Auditors can now automate and digitise their document delivery processes using the DigiSign module in the Draftworx platform to distribute documents electronically for customers to sign, using legally binding SignFlow digital signatures. The distribution and signing process is completely digital and auditable, entirely removing the need to print, scan and deliver paper-based financial statements and engagement contracts.”
Draftworx CEO Earl Steyn says the company, which aims to be in the cloud by year-end, sees SignFlow becoming one of its core technologies and marketing advantages. “Accountants and auditors can reduce time wastage – as well as waiting periods – by having their clients sign all their documentation offsite and at their leisure.”
Steyn adds his experience with SignFlow – a locally developed and internationally recognised digital signature and workflow solution – has been “phenomenal”. He says the team pays attention to detail and is willing to customise SignFlow to Draftworx and its clients’ requirements.
Van der Merwe says the SignFlow team is proud to be associated with Draftworx software, “which is leading the way in IFRS/IFRS SME compliant financial statements and ISA audit software in South Africa and across Africa”.