See full profile: Woodmead, Sandton Accountant - Babalwa Digital
Were you always planning to be an accountant and why?
I wasn’t always planning to be an accountant. My career path evolved over time, shaped by opportunities and experiences rather than a specific, long-term plan.
Initially, I pursued studies in graphic design, which reflects a different interest and skill set. However, as I gained experience in various administrative and financial roles, I discovered a strong aptitude and interest in accounting and financial management. I found that I enjoyed the analytical aspects of the work and the challenge of solving complex financial problems.
Over the years, I transitioned from bookkeeping to more advanced accounting and management roles. Each step was driven by a combination of personal interest, the need for new challenges, and the opportunity to leverage my skills in different contexts. The role of an accountant naturally aligned with my strengths and interests, leading to a successful and fulfilling career in financial management.
In summary, while accounting wasn't my initial career goal, it became a passion as I realized how well my skills and interests aligned with the field.
When meeting with clients do they mostly come to your own premises or do you mostly go theirs?
I mostly go to my clients
What is your preferred mode of communication with your clients?
Face to Face, Skype
Have you ever done an online video call with a client?
Yes
What do you love most about accounting?
What I love most about accounting is how it merges precision with problem-solving. Here’s what makes accounting particularly engaging for me:
Analytical Challenges:
Engagement: Analyzing financial data to identify patterns and extract insights is both challenging and rewarding. Transforming raw data into meaningful information helps drive strategic decisions. Problem-Solving:
Satisfaction: Accounting often involves troubleshooting discrepancies and optimizing processes. I find satisfaction in resolving these challenges and improving efficiency within financial operations.
Impact on Decision-Making:
Influence: Providing accurate financial reports and forecasts is crucial for informed business decisions. Knowing that my work directly affects an organization’s success and growth is highly motivating.
Attention to Detail:
Pride: The meticulous nature of accounting requires a high level of accuracy in financial records and reports. Ensuring everything adds up perfectly aligns with my strengths and gives a sense of accomplishment.
Continuous Learning:
Interest: The field of accounting is dynamic, with evolving standards, technologies, and best practices. Staying current with new regulations and innovations keeps the work interesting and offers ongoing professional development.
Structured Framework:
Clarity: Accounting provides a structured approach to understanding and managing finances. This framework helps maintain order and clarity, making it easier to track financial performance and ensure compliance.
Overall, the combination of analytical rigour, problem-solving opportunities, and the ability to make a tangible impact on an organization’s financial health makes accounting a field I’m passionate about.
Would you recommend accounting as a career for school leavers, and why?
Why Accounting Can Be a Great Career Choice for School-Leavers
Strong Demand and Job Security: Accounting is essential to all businesses, ensuring a steady demand for professionals. This translates to job security and opportunities in various sectors like corporate finance, government, and non-profits.
Diverse Career Opportunities: Accounting offers roles such as financial analyst, auditor, tax advisor, and management accountant. This diversity allows individuals to specialize in areas that align with their interests, whether in strategic planning, compliance, or financial reporting.
Clear Career Path: The field provides a structured career progression from entry-level positions to senior roles. Certifications like CPA (Certified Public Accountant) can enhance career prospects and lead to advanced positions.
Transferable Skills: Skills developed in accounting—analytical thinking, attention to detail, and problem-solving—are highly transferable. These skills are valuable in many business and finance roles, facilitating career shifts within the financial sector or beyond.
Good Earning Potential: Accounting offers competitive salaries with potential for growth as experience and responsibilities increase. Specialized roles can lead to even higher earnings.
Intellectual Challenge: For those who enjoy working with numbers and solving complex issues, accounting is intellectually stimulating. It involves analyzing data, understanding regulations, and tackling financial challenges.
Professional Development: The dynamic nature of accounting, with evolving standards and technologies, provides ongoing learning opportunities. Staying updated with industry trends and obtaining additional certifications keeps the work engaging and supports career advancement.
Contribution to Business Success: Accountants are crucial for effective financial management and informed decision-making, providing a sense of fulfilment through direct impact on an organization’s success.
Considerations: Accounting requires strong numerical skills, attention to detail, and the ability to manage stress. School leavers should ensure these aspects align with their interests and strengths.
In summary, accounting offers strong job prospects, a clear career path, and the chance to make a significant impact, making it a rewarding choice for school leavers.
What qualities should South African business people be looking for in their accountant?
When South African business people are choosing an accountant, they should prioritize the following qualities to ensure effective financial management and business success:
Technical Expertise
Knowledge of Accounting Principles: Proficiency in South African accounting standards, including IFRS and local tax laws enforced by SARS, is essential.
Accounting Software Proficiency: Familiarity with software like Pastel, Sage, or QuickBooks can streamline financial processes.
Attention to Detail
Accuracy: Ensuring error-free financial statements and tax returns is crucial for compliance and avoiding penalties.
Record-Keeping: Meticulous and organized financial records are important for accurate reporting and audits.
Analytical Skills
Data Interpretation: Ability to analyze financial data and provide actionable insights for decision-making.
Problem-Solving: Identifying financial issues and crafting effective solutions is key.
Integrity and Ethics
Trustworthiness: Handling sensitive information with integrity and maintaining confidentiality to prevent fraud.
Communication Skills
Clarity: Explaining complex financial information clearly to clients, management, and stakeholders.
Interpersonal Skills: Building strong relationships through effective communication and collaboration.
Organizational Skills
Time Management: Efficiently managing tasks and meeting deadlines, especially during busy periods.
Project Management: Overseeing financial projects to ensure timely and budget-compliant completion.
Adaptability and Continuous Learning
Staying Updated: Keeping current with regulatory changes, technology, and industry practices.
Flexibility: Adapting to the needs of different businesses and embracing new technologies.
Strategic Thinking
Business Acumen: Understanding how financial decisions impact long-term goals.
Financial Planning: Offering strategic advice on budgeting, forecasting, and planning.
Client-Focused Approach
Understanding Client Needs: Providing tailored solutions and proactive advice.
Responsive Service: Ensuring timely communication and commitment to client satisfaction.
Experience and Qualifications
Relevant Experience: Proven track record in handling financial matters relevant to the industry or business size. In summary, an ideal accountant for South African businesses should combine technical expertise with strong analytical, organizational, and interpersonal skills, while also demonstrating integrity, adaptability, and strategic thinking.
What is the biggest challenge facing accountants today?
The biggest challenge facing accountants today is adapting to rapid technological advancements. Key aspects include:
Technological Adaptation: Automation and AI are revolutionizing traditional accounting tasks such as data entry and reconciliation. Accountants must embrace these technologies to stay relevant and enhance their roles with more strategic insights. Keeping up with evolving tools and software demands continuous learning.
Data Security and Privacy: With increased electronic processing of financial data, protecting information from cyber threats is crucial. Accountants need to follow best practices for data security and comply with regulations like GDPR and South Africa's POPIA.
Regulatory Compliance: The constant evolution of accounting standards and regulations, such as IFRS and local requirements, requires accountants to stay updated and manage rigorous scrutiny and audits effectively.
Skills and Talent Management: The growing demand for technological and data analysis skills poses a challenge. Accountants must engage in ongoing education to fill the skills gap and retain top talent.
Client Expectations: Clients now seek more than basic services; they expect strategic advice and real-time data analysis. Accountants must balance efficiency with high-quality, personalized service.
Changing Business Models: Remote work and globalization add complexities such as cross-border taxation and virtual collaboration, requiring adaptation in service delivery and communication.
Overall, navigating these challenges demands a blend of technical skills, continuous learning, and strategic thinking.
What aspects of accounting do you focus on most?
In accounting, I focus on several key aspects essential to effective financial management:
Financial Reporting: Ensuring accuracy and compliance with standards like IFRS or local GAAP is crucial. This includes preparing timely reports to provide stakeholders with a clear view of the company’s financial health.
Budgeting and Forecasting: I emphasize detailed budget preparation and forecasting using historical data and market trends. This supports strategic planning and resource allocation.
Internal Controls and Compliance: Implementing robust internal controls to prevent errors and fraud and staying updated with financial regulations to ensure legal compliance are fundamental.
Cost Management: Monitoring and analyzing costs, identifying cost drivers, and establishing cost control measures help manage expenses and improve profitability.
Financial Analysis: Analyzing performance metrics and variance analysis helps assess financial health and make informed decisions.
Tax Planning and Compliance: Accurate tax preparation and strategic planning to optimize tax benefits are key to managing tax liabilities and staying compliant.
Audit Support: Conducting internal audits and assisting external auditors ensures the effectiveness of controls and transparency in financial reporting.
Technology Integration: Utilizing accounting software and ERP systems streamlines processes, improves accuracy, and supports data analysis for strategic decision-making.
Strategic Advisory: Providing business insights and risk management advice adds value and supports growth strategies.
Client and Stakeholder Communication: Clear communication and proactive client support ensure informed decision-making and build trust.
Describe your average client:
My average client varies widely based on industry, size, and financial needs:
Industry and Sector: Clients span diverse sectors such as manufacturing, retail, technology, and non-profits. Their unique regulatory requirements and operational complexities dictate specific accounting challenges. They may include small businesses needing hands-on support or large corporations requiring specialized services.
Size and Structure: Clients range from small businesses with a few employees to large multinational corporations. Smaller clients often need more frequent, personalized assistance, while larger entities typically require complex financial services. The complexity of the client's organizational structure also influences their accounting needs.
Financial Needs and Challenges: Clients require accurate financial reporting, compliance with industry regulations and tax laws, and assistance with budgeting and forecasting. They often seek help with cost management to improve profitability and operational efficiency.
Goals and Objectives: Clients focused on growth may need strategic financial planning and support for capital raising or mergers. Those aiming for efficiency might seek process improvements and technology integration, while clients seeking stability may need risk management and liquidity planning.
Typical Services Required: Services often include bookkeeping, financial statement preparation, tax planning, audit support, and strategic consulting.
Communication and Relationship: Clients have varied communication preferences and value transparency, responsiveness, and personalized service.
Technological Needs: Clients use various accounting software and tools, requiring effective integration and robust data management.
Understanding these aspects allows accountants to deliver tailored and effective support.
How far away from your premises is your furthest client?
Bapsfontein 110km one way
From your accounting experience, if you could cite one of the biggest reasons SME's in SA fail, what would it be?
From my accounting experience, a major reason SMEs in South Africa fail is poor cash flow management. Common issues include inadequate planning and forecasting, delayed receivables, and over-extension of credit. Many SMEs struggle with accurate cash flow forecasting, leading to disruptions from cash shortfalls. Delays in customer payments and overgenerous credit terms further strain liquidity. Additionally, underestimating expenses and weak financial controls contribute to instability. To improve, SMEs should focus on effective cash flow forecasting, prompt invoicing, rigorous credit management, expense monitoring, and strong financial controls. Addressing these areas can enhance financial stability and long-term success.
What accounting software do you like best?
Pastel (Sage) all packages
What other software, online services or apps do you use?
Quickbooks, Dropbox, Teams, Linkedin
Do you think the coming wave of automation in the next few years will steal some accounting jobs and why/why not?
Automation will significantly transform accounting roles rather than simply eliminate jobs. Routine tasks like data entry and basic bookkeeping will be automated, reducing the need for manual work and entry-level positions. However, this shift will allow accountants to focus on higher-value tasks such as financial analysis, strategic planning, and advisory services. New roles will emerge, such as automation specialists and data analysts, to develop and manage these systems. Additionally, automation will enhance analytical capabilities, enabling accountants to offer more strategic insights. Accountants will need to upskill in data analysis and technology to stay relevant. Overall, automation will reshape the profession, emphasizing strategic and analytical functions.
What is your opinion on Bitcoin?
Bitcoin, a digital cryptocurrency, offers notable benefits and challenges.
Benefits:
Decentralization: Operates on a decentralized network, minimizing manipulation risks.
Global Accessibility: Enables international transactions without banks, improving financial inclusion.
Transparency and Security: Uses blockchain for transparent and secure transactions.
Potential Returns: Attracts investors with its potential for high returns.
Challenges:
Volatility: Prone to significant price fluctuations.
Regulatory Uncertainty: Faces varying and evolving regulations.
Scalability Issues: Experiences slow transaction speeds and high fees during peak times.
Security Risks: Users must protect private keys to prevent theft.
Environmental Impact: Mining consumes substantial energy.
Bitcoin's future will depend on technological advancements, regulatory changes, and market acceptance.
What do you enjoy doing in your spare time?
Arts, reading and learning new technology
What is the most interesting thing on your bucket list?
One of the most interesting items on my bucket list is to experience the Northern Lights in person. The mesmerizing display of colourful lights dancing across the Arctic sky is both beautiful and otherworldly. It's a natural phenomenon that combines science and art, and witnessing it firsthand would be a stunning way to connect with the wonders of the universe.
What has your experience been on FindanAccountant?
Pros:
Ease of Search: Quickly find accountants by location and specialization.
Profile Information: Detailed profiles with qualifications, experience, and client reviews help in decision-making.
Client Reviews: Provide insights into an accountant’s reputation and service quality.
Connection Process: Simplifies initial contact and communication.
Cons:
Quality Variability: Profile accuracy and completeness can vary. Review Bias: Reviews may not always be fully representative. Initial Match: Further research or interviews may be needed to find the best fit.
Overall, FindanAccountant is a useful tool for connecting with accountants, but additional research may be necessary.
See how our other local South African accountants have answered the above questions.
