Due to outdated infrastructure and skills shortages, accounting management across Africa is in need of a digital-centric revolution. Credit: Jono Erasmus / Shutterstock As globalization evolves, accounting becomes more central to the development of a modern economy, with the need for greater trust in digital financial transactions. Some African entrepreneurs have begun to address this urgency by developing atypical accounting automation and new management systems where CIOs drive the ins and outs of the processes to keep up with ever-changing markets. “Digital transformation is crucial for the sustainability and resilience of professional accountancy organizations to meet changing business and market demands,” according to the International Federation of Accountants. At the 7th African Accounting Congress, taking place May 15 to 18 in Côte d’Ivoire, digital professionals, accountants, entrepreneurs and other experts will focus on holistic and integrated digital solutions to broaden the tax base in African economies. This sector, according to the International Monetary Fund (IMF), is an essential component of most sub-Saharan economies, contributing up to 65% of GDP, and accounting for up to 90% of non-farm employment. It also includes either family businesses that produce some market value without being registered, or, more broadly, underground production carried out […]
CIOs step in to help upgrade Africa’s account management systems
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