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Meet the accountant of the future

The accountant of the future will need a new set of skills, writes ARTHUR GOLDSTUCK, as he meets both the local users and the global creators of Xero accounting software

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Buchule and Sivenathi Sibaca get a highrise view of London. Pic by Arthur Goldstuck

Meet Buchule and Sivenathi Sibaca. They are not only partners in marriage, but also in a thriving accounting business. Buchule and Sivenathi are, respectively, chief executive officer and chief financial officer of SMTAX, which focuses on tax and accounting services for small businesses in the Western Cape, but includes the likes of Absa and Old Mutual among its clients. It employs 18 people and has 4,500 individual and business customers.

That’s not what makes the outfit remarkable. The startling feature of this business is that it has been structured to be a model accounting firm of the next decade. Even more remarkable is the fact that the couple both hail from rural areas where thoughts of the future tend to be about survival rather than blazing new trails.

Last week, they made their first trip out of the country, to attend Xerocon London 2019. This 2-day conference, hosted by the world’s fastest growing accounting software maker, Xero, attracted more than 3,000 delegates from the United Kingdom, Europe Middle East and Africa. A total of 57 Xero partners and users, mostly from accounting practices or suppliers to accountants, made the trek from South Africa.

“It was really about seeing how other accountants on other continents operate in terms of how they think and where their headspace is at,” Buchule told us during Xerocon. “Also, being our first time out of the country, it was to see the culture of other small businesses outside of South Africa. 

“London’s quite different in that regard, but it’s been a really a great learning curve, and we were pleasantly surprised to find elements that look like South Africa, where we can say, at least you’re doing something right. The banking environment is quite unique, as it’s been a really good learning curve in terms of where banking might go to in the future of South Africa if they follow the same trend.”

Buchule comes from the “dusty streets” of Uitenhage in the Eastern Cape, while Sivenathi grew up on a farm in a deep rural area near Mthatha.

“I had no idea about technology or the rest of the world or how it could impact the economy in general,” she said. The two met at the University of Cape Town, where she was studying to be an actuary, and he completed a Masters degree in tax. She decided to put actuarial science behind her, however, when the opportunity arose to join Buchule’s business. But her skills helped transform the business.

Said Buchule: “When Sivenathi came on board we did the modeling of the business, and we said that in order to in order to automate the whole bookkeeping journey, we would need to turn closer and closer towards ‘x’, meaning fully automated bookkeeping. We looked at the journey of how long it will it take for us to get to time ‘x’. And then we said, OK, once we get there, what then?

“It was a big realization that when we do get to time ‘x’, the most important thing will be the human touch. That will be the differentiator. So we then spent our time developing that.”

Visit the next page to read more about the Xerocon 2019 event.

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Second-hand smartphone market booms

The worldwide market for used smartphones is forecast to grow to 332.9 million units, with a market value of $67 billion, in 2023, according to IDC

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International Data Corporation (IDC) expects worldwide shipments of used smartphones, inclusive of both officially refurbished and used smartphones, to reach a total of 206.7 million units in 2019. This represents an increase of 17.6% over the 175.8 million units shipped in 2018. A new IDC forecast projects used smartphone shipments will reach 332.9 million units in 2023 with a compound annual growth rate (CAGR) of 13.6% from 2018 to 2023.

This growth can be attributed to an uptick in demand for used smartphones that offer considerable savings compared with new models. Moreover, OEMs have struggled to produce new models that strike a balance between desirable new features and a price that is seen as reasonable. Looking ahead, IDC expects the deployment of 5G networks and smartphones to impact the used market as smartphone owners begin to trade in their 4G smartphones for the promise of high-performing 5G devices.

Anthony Scarsella, research manager with IDC’s Worldwide Quarterly Mobile Phone Tracker, says: “In contrast to the recent declines in the new smartphone market, as well as the forecast for minimal growth in new shipments over the next few years, the used market for smartphones shows no signs of slowing down across all parts of the globe. Refurbished and used devices continue to provide cost-effective alternatives to both consumers and businesses that are looking to save money when purchasing a smartphone. Moreover, the ability for vendors to push more affordable refurbished devices in markets in which they normally would not have a presence is helping these players grow their brand as well as their ecosystem of apps, services, and accessories.”

Worldwide Used Smartphone Shipments (shipments in millions of units)

Region2018
Shipments
2018 Market
Share
2023
Shipments*
2023 Market
Share*
2018-2023
CAGR*
North America39.022.2%87.226.2%17.4%
Rest of World136.877.8%245.773.8%12.4%
Total175.8100.0%332.9100.0%13.6%

Source: IDC, Worldwide Used Smartphone Forecast, 2019–2023, Dec 2019.

Table Notes: Data is subject to change.
* Forecast projections.

Says Will Stofega, program director, Mobile Phones: “Although drivers such as regulatory compliance and environmental initiatives are still positively impacting the growth in the used market, the importance of cost-saving for new devices will continue to drive growth. Overall, we feel that the ability to use a previously owned device to fund the purchase of either a new or used device will play the most crucial role in the growth of the refurbished phone market. Trade-in combined with the increase in financing plans (EIP) will ultimately be the two main drivers of the refurbished phone market moving forward.”

According to IDC’s taxonomy, a refurbished smartphone is a device that has been used and disposed of at a collection point by its owner. Once the device has been examined and classified as suitable for refurbishment, it is sent off to a facility for reconditioning and is eventually sold via a secondary market channel. A refurbished smartphone is not a “hand me down” or gained as the result of a person-to-person sale or trade.

The IDC report, Worldwide Used Smartphone Forecast, 2019–2023 (Doc #US45726219), provides an overview and five-year forecast of the worldwide refurbished phone market and its expansion and growth by 2023. This study also provides a look at key players and the impact they will have on vendors, carriers, and consumers.

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Customers and ‘super apps’ will shape travel in 2020s

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Customers will take far more control of their travel experience in the 2020s, according to a 2020 Trends report released this week by Travelport, a leading technology company serving the global travel industry.

Through independent research with thousands of global travellers – including 500 in South Africa – hundreds of travel professionals and interviews with leaders of some of the world’s biggest travel brands, Travelport uncovered the major forces that will become the technology enablers of travel over the next decade. These include:

Customers in control

Several trends highlight the finding that customers are moving towards self-service options, with 61% of the travellers surveyed in South Africa preferring to hear about travel disruption via digital communications, such as push notifications on an app, mobile chatbots, or instant messaging apps, rather than speaking with a person on the phone. This is especially important when it comes to young travellers under 25, seen as the future business traveler, and managing their high expectations through technology.

Mobile takeover

With the threat of super app domination, online travel agencies must disrupt or risk being disrupted. Contextual messaging across the journey will help. Super app tech giants like WeChat give their users a one-stop shop to communicate, shop online, book travel, bank, find a date, get food delivery, and pay for anything within a single, unified smartphone app. Travel brands that want to deliver holistic mobile customer experiences need to think about how they engage travellers within these super apps as well as in their own mobile channels.

Retail accelerated

In the next year, research shows, we will see an accelerated rate of change in the way travel is retailed and purchased online. This includes wider and more complex multi-content reach, more enriched and comparable offerings, more focus on relevance than magnitude, and an increase in automation that enables customer self-service.

“How customers engage with their travel experience – for instance by interacting with digital ‘bots’ and expecting offers better personalised to their needs – is changing rapidly,” says Adrian Roodt, country manager for Southern Africa at Travelport. “We in the travel industry need to understand and keep pace with these forces to make sure we’re continuing to make the experience of buying and managing travel continually better, for everyone.”

Read the full 2020 Trends report here: 2020 Trends hub.

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