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Unless professional accountants embrace the rapid advancements of technology and digital transformation, they risk not being relevant in their employ and in servicing clients.
This is according to Shahied Daniels, CEO of the South African Institute of Professional Accountants (SAIPA), speaking at the launch of the organisation’s digital transformation resource toolkit, the Digital Hub.
The launch follows a 2021 survey conducted by SAIPA, which found digital transformation is lagging in the accountancy profession.
It highlights that modern technologies such as artificial intelligence, big data and robotic process automation are not used, or are very rarely used, by as many as 51% of surveyed respondents.
Barriers to digital technology adoption include budget restraints (36%); customers not liking change (21%); uncertainty around what is involved, coupled with limited knowledge of the digital journey (15%); and limited professional resources (10%), it reveals.
To address this challenge, SAIPA decided to develop the Digital Hub, in partnership with Vodacom Business and NtaNet Solutions.
The Digital Hub, states the organisation, aims to be a bridge for the digital divide in the accountancy profession, and features the first of four digital transformation resources: the Digi-Kit.
“Digital transformation is the most visible manifestation of a progressive organisation and profession. As symbols of business continuity and sustainability, it is critical for South African businesses, SMEs and entrepreneurs to continuously evaluate their digitisation capabilities and adapt their strategies to realise growth opportunities,” Daniels comments.
“New technologies are rapidly transforming the accountancy profession. The professional accountant, irrespective of which designation you hold, should no longer be burdened by task-oriented projects or activities.
“The changes in technology have gone so fast and at a speed that the role of the professional accountant is to be seen as more of a business advisor.”
While IFAC, the global advocacy organisation for the accountancy profession, has determined SAIPA to be ahead in its digital transformation journey, many of its members are not, Daniels revealed.
He pointed out it’s of no use for SAIPA to move along the digital transformation journey but have its members lag behind, as it is the responsibility of the15 000-member professional accountants’ organisation to take its members along.
That is why SAIPA’s digital and technology committee developed a strategy to take members along this journey and developed a number of initiatives, such as the Digital Hub, he stated.
“Technology and the modern professional accountant and digitisation are the new business language. We need to transform. It’s not that we will or should do it; it’s a prerequisite for sustainability.”
SAIPA says the Digital Hub and Digi-Kit will enable professional accountants to leverage technology to deliver value.
This is so that they can take on a more advisory role for clients by interpreting data-driven insights, transitioning away from just the traditional bookkeeper role, it states.
The Digi-Kit incorporates business-ready digital resources to help members improve their own business model efficiencies, while strengthening their client relationships.
It contains digital tools such as VOIP, network access, telephony, cloud solutions, domain registration and applications that lay the foundation for each member’s digital transformation journey.
“We want to encourage our members to rethink and redesign practices and service offerings with a focus on leveraging mobile connectivity, data analytics, cloud computing and incorporate these tools into their business models,” stated the SAIPA CEO.
“Digital technologies fundamentally change the customer’s engagement and experiences, and are an enabler to drive organisational efficiencies and growth ambitions,” adds Furzana Sadiq, director at NtaNet Solutions.
“Remaining adaptable to the ever-changing technology landscapes and going on a digital transformation journey ensures the successful navigation and sustainability of any profession.”
Thomas Nyamvura, digital and technology manager at SAIPA, explains: “The SAIPA Digital Hub will act as a platform, servicing our members, and will be used to avail products and services at reduced prices.
“It will also become a workspace where ideas, products and services are created and shared with members.”
In addition to the Digi-Kit, SAIPA plans to create a bouquet of tools within the Digital Hub, including the Cyber-Kit, to help businesses protect and secure information; the Practi-Kit, a digital marketplace for practice management; and the business continuity Hardware-Kit.
Nyamvura told the audience that the additional kits will be online by the end of the year.
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