Take a look at the table below and decide if you are in the right accounting body.
These are actual comparisons of SA Institute of Business Accountants (Saiba)/ South African Institute of Tax Professionals (Sait) and two other well-know accounting bodies (which are not named here for reasons of fairness).
First of all, entrance fees to Saiba/Sait are the lowest of the three at R1,500. That’s way below the other two. This means you get a designation as soon as you enroll, which gives you the backing the credibility of a professional body which is looking after your interests, helping you grow your career or practice, and keeping you up-to-date on the latest developments and regulatory changes affecting the profession.
Saiba/Sait is not the cheapest. It falls in the middle. But that annual membership fee gives you full access to the tax professionals at Sait – that alone, believe me, is worth the annual fee and could save your clients substantial amounts in tax liabilities.
Voting rights and class of membership
As a member of Saiba/Sait, you have voting rights and can motivate resolutions and put yourself – or your selectees – up for board representation. Saiba/Sait is committed to remain fully and vigorously democratic in how it operates.
All Saiba/Sait members immediately attain full (first class) membership of the body. It does not have second class members as this, in its constitution, violates the open and democratic principles it espouses.
Articulation to NQF 9
This is an important benefit which none of the other bodies offer. It is the equivalent of a Master’s degree from a recognised university.
Professional Indemnity Cover
This is vitally important in this new era of professional liability. You are fully covered in the event of being sued for professional malpractice. While Saiba/Sait members are expected to meet the highest ethical and professional standards, mistakes can happen. Hopefully not often, but they can happen. In that event you are fully covered and will not lose your house, car and other assets in the event of being successfully sued.
This is where Saiba/Sait soars above the competition. This is the future of accounting – specialising in certain chosen fields.
Here are the specialist licenses currently (or imminently) obtainable through Saiba/Sait. You must be a Business Accountant in Practice, or BAP, as a minimum in order specialise in these fields.
Other designations available are the Certified Business Accountant, or CBA, of Chief Financial Officer (CFO):
Independent reviewer (Designation: BAP)
Business rescue practitioner (Designation: BAP)
Foreign investments accounts (Designation: BAP)
Accounting officer for schools (Designation: BAP)
Accounting officer for Non-Profit Organisations (Designation: BAP)
Cyber-security assurance provider (Designation: BAP/CBA)
Executor and Estate Planner (Designation: BAP/CBA)
Business Advisor and Financial Planner (Designation: BAP/CBA)
IFRS Specialist (Designation: BAP/CBA)
Audit Support Provider (Designation: BAP/CBA)
Accountant for Religious Organisations (BAP)
Accountant for Farmers (BAP)
IFRS and Cost Management (CBA)
Strategy, Governance, Operations (CFO)
Get licensed in one or more of these specialisations – and the beauty is they are inexpensive and quick to complete – and you can vastly improve your career trajectory and your accounting practice income.
None of Saiba/Sait’s competitors offer this.
In addition, you have access to Continuous Professional Development (which you must do as a practicing accountant) through Saiba’s association with SA Accounting Academy.
International representation and reciprocal agreements
Here again Saiba/Sait offers substantially more networking opportunities than its opposition. It is affiliated with 12 local and international bodies, more than any other accounting body in SA. And it will keep you up-to-date on the latest trends and requirements of its local and international sister bodies.
There’s a bunch of reasons you should be a member of Saiba/Sait. Find out more here.