3 Major Trends That Will Shape the Future of South African Accounting Firms
Trends in any industry arise from the development and reactions to changing environments, technology, and other market forces that impact an industry.
As things change, it is critical to adapt or be left behind.
In 2022, this is what we’re seeing:
#1 Move to cloud-based accounting
According to Statista, out of all emerging technologies, cloud-based technology has the greatest adoption rate globally.
For accountants in South Africa, it opens up a world of opportunities.
The most prominent example of this came with Covid-19. With cloud-based accounting, firms could both adhere to COVID-19 guidelines and also keep servicing clients anywhere.
In addition, with cloud-based technology, South African accountants have the opportunity to extend their services overseas.
However, accounting firms may need to craft a hybrid system to service clients that have not yet embraced the internet and require more traditional accounting methods.
#2 Focus on digital transformation and automation
Digital transformation is the adoption of technology to increase efficiency, save costs and enhance the customer experience. It is accelerating across most industries and is currently a priority for financial leaders.
Using Artificial Intelligence (AI) opens opportunities to serve a much wider audience and dramatically reduces the time needed to gather and analyse data.
In addition, according to Forbes, automated accounting will grow significantly in the next few years, largely due to the increasing presence of fintech (financial technology).
#3 A need for online collaboration
Covid-19 has reshaped the way we look at work, with many companies sticking to the remote work model. This has also become a trend amongst South African accounting firms, and cloud-based collaboration software is in high demand as a result.
This type of software allows physically dispersed teams to collaborate and accomplish financial processes from any location using a computer and an internet connection.
More and more, accounting firms will need collaboration tools, such as Zoom for meetings, DataGrows Accounting CRM and Practice Management for Customer Relationship and task Management, and cloud-based file sharing such as Dropbox or Google Drive.
Why get started with the DataGrows CRM and Practice Management software?
The DataGrows Accounting CRM and Practice Management system is South African-specific and allows you to:
Generate share certificates in the app
Track progress on all South African accounting and tax tasks
Provides you with a list of required documents and steps for various CIPC and SARS tasks with download links
Once you select that documents have been submitted to CIPC or SARS, there is a working day counter so you can follow up and know when to escalate.
You can even track time and view revenue within the app.
Why not take our CRM and practice management software for a free 30-day test drive? Get started now.