We are committed to growing successful businesses.
We at The Outsource Practice want to play a role in supporting SME’s in their broad challenges. We are in the business of ‘supporting the commercial direction’ of SME’s and early stage businesses. This is through helping companies with meeting needs associated with Financial Readiness, Management Control, Financial Accounting, compliance functions and Our Approach.
Entrepreneurship has the potential to be one of the most critical contributors to South Africa’s economic growth (currently SMEs contribute 55% to GDP). South Africa lagging behind other developing countries in entrepreneurship with a marked decrease in entrepreneurial activity in recent years. South Africa has one of the highest business failure rates in the world at 75%.
Challenges faced by SME’s include:
- access to markets and customer, revenue generation and sales cycles
- access to funding and capital;
- Cash constrain and working capital
- Talent and Skills shortage; and
- Proper business and financial management
Our continuing drive
One of the biggest changers is the introduction of technology into the accounting world, through used of cloud accounting solutions, allowing for owner interface, to the point where the need for an accountant diminished by the day. We however continue to want to pursue our cause to help SME’s grow financially and monitor their businesses better. Last year our theme was around “Simplified Accounting” This year we want to move towards “Finance and Accounting Conversations” this is through trying to achieve an interactive approach to financial management, in the meetings we have, in blogs, in social media, the backbone technology platform and our overall Corporate look and feel.
How we have assisted various SME’s in the past