As globalization evolves, accounting turns into extra central to the event of a contemporary financial system, with the necessity for better belief in digital monetary transactions. Some African entrepreneurs have begun to handle this urgency by growing atypical accounting automation and new administration methods the place CIOs drive the ins and outs of the processes to maintain up with ever-changing markets.

“Digital transformation is essential for the sustainability and resilience {of professional} accountancy organizations to satisfy altering enterprise and market calls for,” in response to the Worldwide Federation of Accountants.

On the seventh African Accounting Congress, going down Could 15 to 18 in Côte d’Ivoire, digital professionals, accountants, entrepreneurs and different consultants will deal with holistic and built-in digital options to broaden the tax base in African economies. This sector, in response to the Worldwide Financial Fund (IMF), is an integral part of most sub-Saharan economies, contributing as much as 65% of GDP, and accounting for as much as 90% of non-farm employment. It additionally contains both household companies that produce some market worth with out being registered, or, extra broadly, underground manufacturing carried out by registered companies that is probably not reported to the authorities to be able to keep away from regulation or taxation, or as a result of they’re merely unlawful. 

The Pan African Federation of Accountants (PAFA), of their program on the Congress, invitations future individuals to arrange a realistic strategy to the challenges and constraints for profitable digitalization, but additionally to revolutionary options to increase the digital tax base.

So what are methods to retailer, construction, analyze, and disseminate information collected and centralized to develop digital options that promote this? Some entrepreneurs say they’ve already discovered options to make administration simpler and extra useful to organizations.

Earlier than specializing as a fee answer for builders, Lipana, a Kenyan fintech that balances books for SMEs, began in 2021 as a easy accounting software program firm managing invoices and monitoring bills, in response to Shadrack Apollo, its co-founder and CIO.