'Accounting a problem'
AMONG of the biggest challenges facing small businesses are access to markets and the cost of accounting services, says Lwazi Bam, head of corporate finance and chief executive-designate of accounting firm Deloitte.
Bam is expected to assume his new role in June next year.
He said small and medium enterprises needed cooperatives to operate, guaranteed sources and procurement and government support in a highly regulated arena.
Bam said small businesses needed services offered by chartered accountants but such services were not affordable. He said there was a need for accountants to be trained in order for them to focus on small and medium enterprises.
Bam said one of the most important elements in business today was to improve client services and make sure that the organisation constantly keeps up with the times.
"Deloitte is very passionate about training and developing its employees. We focus a lot on talent management and have structures and programmes in place to do that because we believe that it's very strategic to the long-term interests of the organisation," Bam said.
Having been in the accounting profession for more than 17 years, Bam still believes there is a serious lack of skills in the country, not only in the accounting profession but in all sectors crucial to the growth of the economy.
"If you haven't contributed to society, you have not done much," he said.
Bam is currently president of the Association of Black Accountants of Southern Africa.
He said one of the reasons for accreditation by the SA Institute of Chartered Accountants was to get accountants qualified to serve in other parts of the country.
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