It Is Important for Accounting and Finance Teams to Attend Business Seminars – Nompumelelo Nyembe – BNM Elite

Accounting, Tax and Management specialist, Nompumelelo Nyembe said that it is important for Accounting and Finance team members to attend industry related seminars and events which help them with information that improves their efficiency and effectiveness.

She made these remarks while attending the 2024 Budget Speech Update organized by the Chartered Institute of Business Accountants (CIBA) in partnership with Draftworx, Quickbooks and Sage at Marriot’s Protea Hotels in Pretoria, South Africa.

Nompumelelo is the Managing Director of BNM Elite, a Johannesburg based Accounting, Taxation, Bookkeeping and Management consulting firm which helps all types of entrepreneurs with the relevant Statutory and Financial compliance solutions in the South African business landscape.

The event which was mainly attended by accountants and other professionals in the Finance sector was graced by Gauteng Province’s MEC for Finance, Jacob Mamabolo who was among the speakers together with Tax Expert, Johan Heydenrych, Investec Chief Economist, Annabel Bishop and Deloitte’s International Tax Director, Musa Manyathi.

An Accountant and Tax Practitioner who is a member of the Chartered Institute of Business Accountants (CIBA), Nompumelelo highlighted that when people gather and share ideas regarding their trade, many operational challenges get to be solved quickly and easily.

During the panel discussion at the 2024 Budget Speech Update, various attendees raised their concerns on some SARS and CIPC challenges that they are encountering and stressed how these challenges are affecting accountants and tax practitioners’ efficiency and clients’ operations.

“The answers which we got from field experts such as Johan Heydenrych and Musa Manyathi goes a long way in helping us to solve the challenges which we face when doing compliance submissions on behalf of our clients.

As such, those who do not attend such seminars tend to miss out on these tips which are shared on such informative gatherings.” She explained.

“As you might have already witnessed, from the seminar alone, we have learned about various opportunities in the areas of electricity power generation and road infrastructure which we can share with our clients that are in these fields since the success our clients results in the success of our accounting firm.

We have also taken note of the implications of the 2024 Budget on the operations of our clients and have taken note of many solutions that have been shared which helps us to solve the accounting, bookkeeping and tax challenges of our clients.” She added.

Nompumelelo expressed that it is also important to understand the relevance of what CIBA’s CEO, Nicholaas van Wyk emphasised concerning opportunities that can come with the implementation of the African Continental Free Trade Area (AfCFTA) which is one of the Flagship Projects of Agenda 2063 on Africa’s development frameworks according to the African Union.

One of AfCFTA’s objectives is to create a single market for goods and services facilitated by the movement of persons in order to deepen the economic integration of the African continent.

CIBA’s CEO highlighted that AfCFTA presents an opportunity for accounting firms to spread their wings especially into the neighbouring countries rather than to rely on clients from one country.

“As accountants, we can start to look for opportunities that AfCFTA avails to our benefit, and we can also advise our clients in different sectors of the economy to be ready for such regional developments.” Nompumelelo said.