Tag: accounting

The last five years have seen an improvement in the audit profession when it comes to audit failures. Is this evidence that the entire financial ecosystem finally understands the importance of taking responsibility for the audit process or is it because of the increase in legislative mandate and high scrutiny that is currently imposed on the audit profession?

New research shows that sustainability and technology are driving changes in the accounting and finance profession. A significant part of the work we do is about looking at trends within the profession and using them to discern what the future of accounting looks like, to best prepare our members to thrive within it.

Determining the right amount of funding a business needs is a common challenge for many small and medium enterprises (SMEs). This is due to several reasons or practical challenges. To begin with, no business is the same. Funding requirements and the use of credit will vary based on business life stage (start, run or grow), operating cycles, growth plans, industry, and market conditions

There is no longer space to think of the accountant in the traditional sense. The role, responsibility and professional competence of an accountant has grown significantly in the modern era with the profession branching into blockchain, Artificial Intelligence (AI) and the likes, with limitless reach across the globe by means of ever improving technology.

Accessing the right funding and financing, at the right time, can mean the difference between starting up, staying open, or shutting down. The economy is facing a challenging business environment, with slow global growth, economic volatility, and ongoing power supply issues. This means that many businesses in South Africa are still trying to find their financial footing

The shortcomings of the Value Added Tax (VAT) apportionment formula set out in 2011, have been addressed in a new formula which applies with effect from all financial years commencing on or after 1 January 2024. We highlight important adjustments to the formula which is laid out new Binding General ruling, BGR 16 (Issue 3).

Few business leaders dispute that artificial intelligence (AI) is on course to upend every major market sector and industry, but many boards aren’t always aware of what a successful AI strategy looks like, or how best to prepare their organisations for the change.

SMEs play a crucial role in most economies, and South Africa is no exception. They are also important contributors to job creation and global economic development. According to the World Bank Group SMEs represent about 90% of businesses worldwide, while the International Finance Corporation revealed that roughly 50% to 60% of South Africa’s workforce finds employment within SMEs.

The accounting profession may be at a crossroads, but perhaps the choice of direction is one that can reshape the future and its reputation. The challenge facing the accounting profession is nuanced. On one hand, the profession is attracting fewer people and struggling to retain those are in it.

Resilience is key to building a successful and sustainable organisation capable of withstanding internal and external shocks. Building resilience asks that the organisation bed down stable and agile financial foundations that are aligned with global and local governance, risk and compliance (GRC) mandates.