Innovative solutions and a mindset change are required to deal with the dire shortage of qualified accountants and the impact this is having on businesses in South Africa.
That’s the view of Jacques Velleman, head of the Accounting Services team at The IQ Business Group who says businesses need to move away from the traditional approach of “a full time” accounts team and rather opt for “a full strength” accounts team.
In today’s tough economic environment, South Africa’s private and public sectors can no longer shrug off the “inevitability” that projects will exceed budget, will be completed past scheduled deadlines and probably won’t meet their original business objectives.
Indeed, an ongoing laisser faire attitude to the management of capital projects could have ramifications that extend way beyond a single project’s failure, says Cordi van Niekerk, head of the Consulting business unit at The IQ Business Group.
Technology will drive down banking costs in South Africa over the next few years – but the driver of this trend is unlikely to emerge from current banking sector players or technologies.
That’s according to Rogan Davies, head of Financial Services at The IQ Business Group, who believes that the widespread optimism that cellphone technology would having a depressing effect on banking charges is largely misplaced.
The IQ Business Group is a rare company – it’s an organisation where making a difference is as important as making a profit and where the growth of employees and clients is on equal footing with the growth of the organisation.
Now 10 years old, IQ withstood the turbulence of the dot-com era, which led to the demise of many of its peers. It re-engineered itself and emerged a robust organisation with a proud track record of assisting businesses to do business better.
Operational risk management (Op Risk), long regarded as nothing more than the ‘operating risk’ associated with equipment breakdown, is finally taking rightful place as a critical component of Enterprise Risk Management (ERM) alongside strategic and financial risk management.
“And with good reason,” says Bevan Smith, manager, Operational Risk at The IQ Business Group. “Some spectacular operational failures of large companies and institutions* over the past 10 years - largely resulting from a lack of control of operations involving people, policies and procedures - has positioned Op Risk firmly in the spotlight.”