In a major boost
for accountants of the future, the University of Johannesburg (UJ) has become the first tertiary education institution in South Africa to adopt Xero
Learn.
Developed by Xero, the global cloud accounting and small business platform, the aim of Xero Learn is to help drive innovation in financial education
and develop digital skills fit for the future of accounting. It will support tutors in preparing courses, delivering lessons and provide students with real-world experience in using cloud technology to support clients.
“We’re proud to be the first South African university to introduce Xero to our teaching syllabus. Our vision is to educate a generation of accountants
that embraces the fourth industrial revolution. The partnership is a first for education in the accounting industry and will give our graduates the necessary tools to be well-skilled, agile and ahead of the game.” said Professor Amanda Dempsey, Senior Director
at the School
of Accounting, University of Johannesburg.
Colin Timmis, Country Manager at Xero
South Africa, commented: “Cloud technology is rapidly transforming accountancy, so it’s critical that the next generation of accountants is equipped with these skills to support
businesses through economic challenges. We hope this is the first of many academic institutions future-proofing their accounting courses in this way.”
How the technology works
Every full-time, second-year B Com Accounting student at the university – approximately 800 to 1,000 students each year – will be given a Xero
license. After completion of the University of
Johannesburg course, every student will be given the option to become
‘Xero Advisor certified’ by completing the Xero Advisor certification.
Within
the Xero Learn software there are customisable ‘teaching’ panels that
guide students, allowing tutors to adjust the in-product content
to meet curriculum requirements. They can also create a dummy company
moulded to resemble various scenarios, like a failing company or a
completed assignment.
To make these examples as authentic as possible, digital accounting firm DoughGetters worked closely with Xero and the University of Johannesburg
to shape the in-product messaging and scenarios. Willem Haarhoff, the co-founder and CEO of DoughGetters
Accounting,
said: “Developments like this will help equip students with the ideal
tools to become digitally-thinking professionals. As a digital-first accounting business
ourselves, it’s been great to help create learning experiences that reflect what it’s like in the real world of beautiful accounting.”
Mandi Olivier, Senior Executive: Professional Development Pre-Qualification at the South African Institute of Chartered Accountants (SAICA) confirms
that, “Accounting Professionals of
the future need to have significantly more digital acumen than in the
past. The new CA2025 competency framework which will be introduced at
universities from 2021 requires far more emphasis on the acquisition of
these digital
skills. Digital acumen includes data analytics, cognitive and
non-cognitive systems, cyber security and IT user competencies to name a
few. Cloud computing is the way of the future and it is pleasing to see universities adapting by including this in their academic
programmes.”
Business’ expectations of their accountants are undergoing a radical shift. Xero research from one year ago showed the majority (61 percent) of
South Africa’s small and medium-sized enterprises preferred their
accountants to handle finances exclusively. In new research this year,
that number has dropped to only 35 percent, while the number who
consider their accountant a business consultant has more
than doubled (11% in 2019 compared to 28% now).
“So beyond merely providing compliance, there’s a need for accountants to stay ahead of the technology curve and adopt the latest tools. As such,
we want to equip them with the right skills for the future,” said Xero’s Colin Timmis.
