Introducing the world’s first online ‘digital accountant’
22 May 2019 | Web Article Number: ME201914640
THE IT accountant group, Osidon, has introduced what it’s calling the world’s first online digital accountant, aimed at lending a helping hand to SMMEs and entrepreneurs, paving the way for job creation and increased compliance.
“This initiative is the first of its kind in the world, created and developed on South African soil. Traditional accounting services have failed to do the job at hand. That is why we have created a new era in the accounting industry, by pushing the bounadries and rethinking traditional methods,” Chief Executive Officer and founder, Hennie Ferreira said at the launch in Rosebank, Johannesburg recently.
He added that the system has both technological and human features, providing a full circle service to clients.
“We have used the latest AI and cloud technologies to build a digital accountant. Accounting functions are therefore executed by an intelligent system while clients are also assigned a human accountant to assist with other areas such as consulting, advising and continuous support around other areas including compliance.”
Much has been said about SMME’s being the driving force behind the economy and job creation. However, they are continuously plagued by challenges, hindering their success. More than 600 000 new companies are registered every year, but it is estimated that 30% new businesses fail during the first two year of being open, 50% during the first five years and 66% during the first 10 years. According to Ferreira, compliance is linked to many of these failures.
“Business owners tend to think you can deal with compliance, which includes accounting, tax and payroll, at a later stage. Your compliance needs to be 100% correct from day one. Currently many companies, built on fantastic business concepts, are in the process of being liquidated because debts piled up over the years due to mere ignorance.
“We ensure that our clients are compliant on all levels because we firmly believe entrepreneurs should focus on running their business and not be plagued by compliance and red tape.”
Ferreira said that contrary to popular belief, the new digital accountant would contribute to job creation across the board.
“When SMMEs are able to focus on developing their business they can actively contribute to the growing economy. As they grow bigger they will also need a larger workforce. If we remove the headaches around red tape and compliance, accountants will have more time on their hands to take on new clients and work.”
He said Osidon was the fastest growing SMME accounting firm in South Africa and would launch into the UK and USA markets early in 2020.