This week we signed a Memorandum of Understanding (MoU) with the Association for Advancement of Black Accountants of Southern Africa (ABASA). We’re joining forces to support the great work they’ve been doing to drive the advancement of black accountants and practices, and encourage future professionals into the industry.
We’ll be working with ABASA – alongside other industry leaders – to help equip black accountants across South Africa with the right tools, education, and digital skills to thrive now and in the future.
We’ve seen the transformational role that technology has had on the accounting industry over the last ten years – helping professionals streamline processes, scale and save time so they can focus on adding value to their clients. We’re excited to work with ABASA to make sure accountants are ready to capitalise on this digital revolution, something that will be essential in a post-Covid world.
Accountants will drive economic growth for South Africa
With new restrictions being introduced this month, the role of accountants has never been more important. They are on the front line of helping small businesses. They will also be critical in helping drive digitisation amongst SMEs, improving cash flow, driving job growth, and helping SARS to expand the tax base amongst small businesses.
Xero research shows that over half (56%) of South African small businesses say their accountant has been crucial in helping them survive the impact of COVID-19 so far. 40% say working with an adviser has meant they have kept employees on the payroll. And 46% admitted that they are more likely to turn to their accountant for advice than looking at government websites and resources.
Advisors have helped our small business community remain open, retain employees and have been the unsung heroes of the past year. It’s now crucial we help them to grow and also inspire the next generation into the industry in the coming months.
To do this, we need collective support from the private and public sectors – from tech companies, banks, government, accounting bodies and other key organisations like ABASA – to help accountants fulfil a role that creates wider value for society and South Africa’s economic recovery.
ABASA’s mission to cultivate a thriving black accounting community
Commenting on the partnership with Xero and their future plans, ABASA National President, Mr Ashley Dicken says: “The journey to launching the ABASA business forum has been long yet rewarding. With the current unrest in our country and its impact on already stretched black owned businesses, at ABASA, we feel this launch comes at a time where organisations need to use their voices and influence to give hope and find solutions to the underlying factors that got us here as a country. As we partner with Xero we look forward to working together to help rebuild and upskill black businesses as we leverage off the digital solutions available today.”
This partnership marks our ongoing commitment to create a diverse and thriving accounting industry in South Africa. It follows the launch of our programme with FNB to mentor and drive digital adoption and skills amongst fast-growing, entrepreneurial black-owned accounting firms.
As part of our partnership with ABASA, we’re excited to be joining them for a Business Forum online launch event on 29th July at 5pm (SAST). This event will launch the ABASA Business Forum Advisory Council and will be attended by industry leaders including the Black Business Council (BBC) President, Sandile Zungu, and ABASA President, Ashley Dicken, with the keynote address delivered by renowned businessman and speaker Vusi Thembekwayo under the theme ‘Strengthening Black Business to Rebuild our Country’. Join us by signing up here.