Accounting weekly

Three lessons for accounting resilience

This week Accounting Weekly looked at risk, resilience, and turning adverse situations into successful situations. These are three takeaways we got from writing the articles. 

Be an early adopter 

Since the first coder got his house-sized computer to display ‘Hello World’, digital technology has generated a fear narrative. Something along the lines of ‘They’re coming for your jobs’. After speaking to the co-founders of Ecomm Accounting and Fintech analyst Robert Cronje, it became clear that if you embrace the change that technology brings, it will replace your job. With a better one. 

No one wants to digitise receipts. That time could rather be spent advising clients on how to grow their business. The accountants at Ecomm Accounting now spend more time advising clients and less on tasks better done by software. 

Similarly, Web 3.0 technologies, including machine learning and blockchain, are opportunities for accountants to use their unique skill sets to shape the workplace of tomorrow.

Doing too much is just as bad as doing too little 

It’s an understandable urge. We want to not only do the bare minimum when it comes to accounting. But sometimes, the bare minimum is exactly what is needed, according to this article by SAIBA CEO Nicolaas van Wyk. 

Small businesses and NPO clients have a tough enough time already trying to run an organisation in South Africa. We need to make compliance as easy and cost-effective as possible for them. 

I wonder what other areas of our professional lives exist where doing things’ good enough’ instead of perfectly is the wisest choice? 

Think about where you choose to allocate resources 

According to expert Quinton Simpson, one of the problems in the NPO sector is a supply-demand mismatch. While a large portion of funding goes to NPOs in the health sector, the most popular sectors to register NPOs are the education and nutrition spaces. Too many well-intentioned people are looking to make a difference where there aren’t the resources available to make a difference. 

The lesson here is that we should be careful about allocating our time and resources. Take the co-founders of Ecomm Accounting. Instead of trying to please every client that comes to them, they only accept clients from specific industries to provide better advice and expertise.