According to the GEM South Africa 2014 report, one of the main challenges faced by SMMEs’ are commercial and professional infrastructure, which speaks to the presence of commercial, accounting and other legal services and institutions. These services are crucial to promoting the sustenance of existing SMMEs in the country.
Digital accountants are providing the accounting infrastructures to SMME’s to sustain their business. Gone are the days of expensive desktop accounting software, that add limited value to running your business in real time.
The growth in cloud accounting software like Xero, Quickbooks online and Sage One has soared in the past few years in South Africa, as SMME’s start to catch the worldwide bug of inexpensive, user-friendly cloud accounting software. This software has resulted in the next generation of accountants; The Digital Accountant!
The digital accountant taps into a community of more than20 000+ could-base accounting apps to provide your business with a tailored collaboration, and it assists you with managing your bookkeeping tasks, as well as it gives you an insight on handling the financial and tax administration associated with your business.
This seamless, affordable digitalised accounting solution allows business to issue quotations and invoices from your smartphone, automate reminders for debtors to pay. The ease of bookkeeping when optical recognition technology for scanned supplier invoices, turning the hardship of SARS compliance into a walk in the park. The cherry on top is now cashflow funding systems like Bridgement ( www.bridgement.co.za ) that taps into your cloud accounting software to provide immediate funding for your business. Having a digital accountant significantly reduces time spent on accounting administration for your business, allowing you to focus on growing your business
I can not hide my excitement about the new wave of cloud accounting, and digital accounting services in South Africa. It will ultimately provide SMME’s with the financials service infrastructure their business requires to grow. SMME contributed 22% to the gross value added (GVA = GDP before taxes and subsidies) of South Africa. Hence a growing industry in effect creates real jobs for the unskilled labour force in South Africa