- Company: South African Institute of Chartered Accountants (SAICA)
- Contact: 08610 72422 (SAICA)
- Visit: saica.co.za
A hub of success
The Hub primarily addresses skills development and employment for young, previously-disadvantaged accounting graduates, and also provides SMEs with unique back-office support relating to accounting and management consulting services.
This model is designed ultimately to reduce unemployment among graduates, and also to assist SMEs in participating profitably in the mainstream economy.
Since its establishment, the Hub has supported 138 SMEs, with 110 actively serviced clients. It has groomed 16 graduates, of whom three have taken up permanent employment at mainstream organisations.
The success of the Hub is attributed to, among others, the strategic partnerships that have been forged with leading institutions such as SAGEONE, BANKSETA, FNB, the Small Enterprise Funding Agency (Sefa), the Department of Economic Development and Guarantee Trust Corporate Support Services.
The importance of SMEs
SAICA’s project director for Enterprisation, Byron Riddle, believes that small businesses are a core vehicle for driving the development, growth, and sustainability of South Africa’s economy.
“Through the relevant training and skills development offered to accounting graduates from previously disadvantaged communities, Enterprisation also provides much-needed assistance to job-seeking graduates. This initiative is intended to support the SME market through the provision of quality services that small business owners would otherwise not be able to afford.”
New opportunities have followed on the success of the Enterprisation Hub. It has partnered with the National Empowerment Fund (NEF) to provide accounting and back-office support services to NEF-funded SMEs.
BANKSETA’s Inclusive Banking division has an initiative called the Entrepreneurial Skills Project for SMEs, which provides training and mentorship for entrepreneurs starting a business — and these entrepreneurs will be referred to the Enterprisation Hub for bookkeeping and accounting services.
Services that are offered by Enterprisation:
- Accounting and bookkeeping
- Business finance consulting
- Payroll services
- Tax registration and submissions.
While business owners have to accept ultimate accountability for their business, Enterprisation adds value by:
- Alleviating the pressure that business owners may experience by not having access to accurate and well-maintained monthly financial records for their businesses.
- Contributing to the overall going-concern value of businesses through ensuring accountability and good business forecasting and budgeting.
- Ensuring that business owners are always in possession of accurate and complete financial records when applying to credit providers for additional funding.
- Accepting ultimate accountability for the day-to-day operations of the business.
- Ensuring that business owners understand the importance and potential benefits of up-to-date and timely tax submissions.
The Enterprisation Hub will be opening a second office in partnership with Sefa at the Riversands SME Incubation Hub in Fourways, north of Johannesburg. Other offices will also be opening in Cape Town and Durban to provide accounting and bookkeeping services to SMEs in those regions.