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Most SA SMEs want tech-savvy accountants

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A new survey conducted by World Wide Worx for Xero shows South African SMEs want their accountants to keep up with changes in technology.

The majority (87%) of SMEs prefer to work with  accountants who understand technology, according to a survey of over 600 South African accountants and SME owners conducted by Xero, in partnership with World Wide Worx.

Most accountants (88%) think that in-depth knowledge of technology and automation will be crucial to the success of the profession within the next three years. Professionals will need to upskill, and 80% of accountants acknowledge that they’ll need some kind of training in the next five years to adapt.

Respondents identified mobile technologies (59%), automation (29%) and AI (22%) as some of the most exciting new innovations, although a worrying 15% did not know enough about any to be intrigued.

Technology has enabled SMEs to automate many of the tasks traditionally performed by accountants, such as data entry and bank statement processing, and as a result 31% of SMEs surveyed do not think they will need an accountant in 10 years’ time.

However, the research identified an opportunity for accountants to remain relevant through offering value-add services such as business consultancy: 23% of SMEs report frequently asking their accountant for non-financial advice, and 27% report doing it more than once. The potential for added value is considered ‘very important’ by 62% when choosing an accountant. As a result, accountants are the most trusted advisor for 65% of SME owners.

Technology will help enable this by increasing flexibility: 59% consider technology to be highly important in terms of freeing up time for consultancy beyond day-to-day numerical work.

Cindy Dibete, Chairperson for the South African Institute of Professional Accountants, comments on the research: “Twenty years ago, at the beginning of my accounting career, we were updating financial records manually on DOS computers. Xero’s research has illustrated that, in 2017, the technological landscape is rather different. Although technology poses several challenges for the profession, we shouldn’t panic: accountants aren’t going to become obsolete, and SMEs will still be in need of their services for years to come. What Xero’s research illustrates is a need for a broader realignment of the accounting role: one that focuses on strategic and advisory functions as much as financial management.”

Colin Timmis, Xero’s SA Head of Accounting, adds, “We are entering a period of rapid technological change within the accountancy profession. From automation to artificial intelligence, accountants are having to upskill and evolve their offering. The report has shown that South African accountants are preparing for change, but they need to ensure they’re clued up on the next big tech innovations and affirm their status as the SME owner’s most trusted advisor. If they can do that, the future looks bright, as 42% of accountants peg South Africa as the country to watch for future innovations in the profession.”

To read Xero’s full SA State of Accounts report, go to www.xero.com/za/state-of-accounts. 

Xero SA state of accounts 2017 infographic

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Password managers don’t protect you from hackers

Using a password manager to protect yourself online? Research reveals serious weaknesses…

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Top password manager products have fundamental flaws that expose the data they are designed to protect, rendering them no more secure than saving passwords in a text file, according to a new study by researchers at Independent Security Evaluators (ISE).

“100 percent of the products that ISE analyzed failed to provide the security to safeguard a user’s passwords as advertised,” says ISE CEO Stephen Bono. “Although password managers provide some utility for storing login/passwords and limit password reuse, these applications are a vulnerable target for the mass collection of this data through malicious hacking campaigns.”

In the new report titled “Under the Hood of Secrets Management,” ISE researchers revealed serious weaknesses with top password managers: 1Password, Dashlane, KeePass and LastPass.  ISE examined the underlying functionality of these products on Windows 10 to understand how users’ secrets are stored even when the password manager is locked. More than 60 million individuals 93,000 businesses worldwide rely on password managers. Click here for a copy of the report.

Password managers are marketed as a solution to eliminate the security risks of storing passwords or secrets for applications and browsers in plain text documents. Having previously examined these and other password managers, ISE researchers expected an improved level of security standards preventing malicious credential extraction. Instead ISE found just the opposite. 

Click here to read the findings from the report.

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MWC: Next generation of inflight connectivity to be unveiled

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Next week at Mobile World Congress, the Seamless Air Alliance will reveal progress on its mission towards enabling the next generation of inflight connectivity. This follows a significant start for the Alliance, which has seen membership increase five-fold since the first meeting in June of last year. The Alliance has a new research laboratory setup and continues progress through its three working groups, writing specifications for the technology, requirements, and operations.

These developments represent a huge leap towards the goal of making connectivity as easy and enjoyable in the skies as it is on the ground. Appearing as part of the Airbus stand (Hall 6, stand 6G34), the Seamless Air Alliance will reveal specification topics that have been completed and published to its membership.

“The passenger experience with inflight connectivity remains one of the great technology challenges. From Day One we have been determined to deliver on our mission to bring industries and technologies together to make the inflight internet experience simple to access and a delight to use,” said the Alliance’s Chief Executive Officer, Jack Mandala.

“I have been tremendously encouraged by the enthusiastic and committed response we have seen and the widening areas of expertise we can call upon as more and more companies and organisations continue to join us,” he added.

Announced during MWC 2018, the Seamless Air Alliance has since grown to twenty-three membercompanies with more than one-hundred key personnel from across the membership participating in its three working groups, with numbers continuing to increase.

The Seamless Air Alliance was created by founding members Airbus, Airtel, Delta Air Lines, OneWeb and Sprint, and quickly joined by Air France KLM, Aeromexico, and GOL Linhas Aereas Inteligentes and global technology leaders including Astronics, Collins Aerospace, Comtech, Cyient, iDirect, Inmarsat, Intelsat, Latecoere, Nokia, and Panasonic. 

Today, the Alliance is pleased to announce five additional new members: Adaptive Channel, Etihad Airways, GlobalReach Technology, Safran, and SITAONAIR.

“We are extremely pleased to have these companies join and be a part of the companies driving the next generation of connectivity.” said Mr Mandala.

The Seamless Air Alliance will enable travelers boarding any flight, on any airline, anywhere in the world, to use their own devices to automatically connect to the Internet with no complicated login process nor paywall to scramble over.

The Alliance is also announcing the release of a new research study on the economic benefit of standardization on the inflight connectivity market at Mobile World Congress. This report is available for download at https://www.seamlessalliance.com/publications/

The Alliance is moving rapidly towards an expected demonstration of the technology later in 2019 and anticipates massive interest in Barcelona from the whole communications eco-system.

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