MARIA MACHARIA in Nairobi , Kenya
NAIROBI, (CAJ News) – WITH economic growth improving significantly in the past decade, internet adoption increasing 39 percent and the country scoring highly in innovation and financial services in the World Economic Forum’s 2015 Global Competitiveness Report, there is a growing market for accounting practices in Kenya.
Analysts note because more businesses were starting up, there was an increased demand for accounting services and an opportunity for accountants to start their own businesses.
However, while an accounting practice can offer the benefits of being self-employed, such as a better work/life balance and growing earning power, there are drawbacks, Nikki Summers, Director, Sage One in East and West Africa, says.
She said to succeed, owners of accounting practices needed to be able to operate in an environment of changing technology.
Many accountants have a keen grasp on finance, but lack specialist experience in areas such as information technology, marketing and human resource management.
“When you’re in a business on your own, you can quickly run into a range of operational challenges,” she says
“From a computer hard drive that fails during tax filing season, client’s that haven’t paid for services, to changing deadlines and the constant need to seek new business – it’s not always easy to keep your head above water.”
Summers says to succeed, owners of accounting practices need to be able to operate in an environment of changing technology, increasingly demanding customers, and growing economic pressure.
She advises the owners to embrace cloud computing.
“Moving to the cloud is an opportunity to get closer to your clients’ businesses and transform your own working practices and succeed in Kenya’s competitive economy.”
– CAJ News