Tag: accounting

The rise in finance and accounting cybercrime through phishing and Business Email Compromise (BEC) has made headlines with massive implications for South African companies with gaps in their payment systems. However, robust financial controls together with strong server, IT, and email monitoring processes aren’t enough if staff aren’t savvy to the psychological tricks scammers use to manipulate people, making them more vulnerable to tricker and deception.

The use of spreadsheets in accounting and finance departments has vastly improved data analysis and enabled fast and accurate reporting, computing and information storage. Life without them is almost unthinkable. However, danger lurks within and although the use of macros in Excel to automate processes can enhance efficiency, macro malware can put your entire business at risk.

Keeping your business finances in order needs a proper payroll system to avoid mistakes that come with payrolling. Whilst many small businesses opt for manual payroll processing spreadsheets or other basic tools that seem less cost-saving, they add on to more risks as the business expands and you add more employees to your payroll.

I quickly realised during my accounting articles that technology would have a massive impact on the profession and that I would have to continuously upskill to keep up. Even today, things are changing so fast, one can never just sit back and rely on existing knowledge - I now cultivate a habit of continuous learning.

The 10th of November is the day when accountants around the world are honoured for the invaluable role they play in the world of business. Their work helps businesses to thrive, it supports the economy, and enables people to navigate the complexities of finance. 

There is a technology that is disrupting the workplace, it’s called Robotic Process Automation (RPA). Using software ‘robots’ to mimic repetitive human interactions with computers, this technology can do these tasks much faster, without any rest and no errors that human are prone to making.

So far the effects of Artificial Intelligence (AI) have been slow to reveal themselves in businesses in South Africa but the scale of the oncoming change is starting to become apparent overseas. AI’s influence is growing in the workplace and will bring substantial change to South African offices in the next few years as machine learning, task automation and robotics are increasingly used in business.

Organisations started outsourcing specific business activities in the 1990s mainly as a cost-saving measure. Functions not related to the core business, such as accounting, human resources, data processing, security and maintenance were contracted out to specialised service providers rather than handled by internal staff and resources.

The growing demand for accurate, effective and convenient business support tools has seen a rise in solution-driven innovations from payment, banking and budgeting applications, to accounting desktop solutions.

EasyBiz QuickBooks, the authorised South African partner of global accounting software leaders, Intuit QuickBooks, is rebranding to align its identity with its vision for the future – providing the latest in technology and innovation to South African customers, partners and accountants.