Johannesburg, 17 Nov 2014
Palladium Software has partnered with the Southern African Institute of Business Accountants (SAIBA) and will now offer its clients and business partners one year's free membership with the Institute. This is of great significance to Palladium clients and business partners, who will now be able to be aligned to a prestigious institute and receive all the associated benefits at no cost.
This partnership was prompted by new industry regulations proposed by the World Bank Group that aims to amend the form, structure and regulation of the accountancy profession in South Africa. It is drafted in response to the South African Report on the Observance of Standards and Codes (ROSC): Accounting and Auditing issued by the World Bank in June 2013. The Government is reviewing the proposals and is set to impose many of its recommendations. It may have far-reaching effects on the local profession.
Palladium Software managing director Stephen Corrigan says recent steps taken by the World Bank will mean good news for the industry as a whole. "Ostensibly recommending that all persons functioning in the industry from a credit controller to an accountant or bookkeeper, belong to a governing body.
"This is particularly beneficial to our business partners who are not yet aligned with a professional body, who will now have support of the Institute's technical department to fall back on for advice. This also gives them more credibility when dealing with clients as this membership bestows them instant credibility with the ethics and code of conduct associated with a professional body," he explains.
SAIBA offers membership and two professional designations: Business Accountant (SA) and Business Accountant in Practice (SA). In addition to receiving SAIBA membership, Palladium clients and business partners will also be eligible for the designation Business Accountant (SA).
In short, Palladium clients and business partners automatically qualify for free SAIBA membership for one year. In addition, the Palladium clients and business partners that have successfully completed the Palladium Accounting training course and have obtained at least two years of practical work experience, in line with the SAIBA competency framework, will also be eligible for the designation Business Accountant (SA).
"We realised this strategic partnership would be beneficial for both the Institute as well as for our customers and partners, notwithstanding the World Bank Report. We believe that, as a progressive accounting software company, it made sense to partner with a progressive accounting institute like SAIBA," Corrigan explains.
Chief Executive of SAIBA Nicolaas van Wyk is in favour of this new regulation and believes it will go a long way towards protecting small businesses. He speculated that the World Bank proposals would see the IRBA or its successor body being required to accredit, register and monitor professional accounting bodies.
"The time is now to join a professional body and ensure your compliance to the new regulatory model. The last thing you want is to fall outside of the new requirements and lose your ability to trade and earn a living," he says.
"We see no downside for our clients as they receive all the benefits at no cost. These include access to a range of professional designations; career recognition and guidance; personal and professional development seminars; updates on legislative changes; industry representation and many networking opportunities," Corrigan concludes.
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