Accountancy and digital disruption
From the Daily Maverick By Ruan Jooste - 29 October 2019
According to Hashim Salie, chairman of the South African Institute of Professional Accountants (SAIPA), the days of traditional practices, where accountants make a living from providing record-keeping and compliance services are numbered.
“The practitioner’s value proposition will migrate away from manual transaction entry, compiling reports and number crunching. Instead, they will channel automatically generated insights into actionable business development initiatives, risk management plans, flexible and sustainable business models and much more,” he says.
Greenline Financial is a recently developed cloud-based software platform
Designed by Syncrony Digital to automate and control the entire financial close process, it has already been deployed by a large local security firm to all its branches.
“Automated account reconciliation provides financial directors and internal auditors with a streamlined method to verify the correctness and appropriateness of their balance sheet,” says Howard Rybko, founder of the digital development outfit.
“Automated accounting used to be a manually intensive process, requiring the capturing of every transaction and receipt. Now, this can be done automatically and with few errors, giving businesses a real-time overview of their financial health,” he says.