Previous FNB Xero cohort from 2023
Accounting is a service which is always in demand, a fundamental function in all types of organisations and businesses. The profession has experienced rapid technological advancements to improve productivity, enhance data analysis, enable integrated financial reporting and heighten security and scalability. Accountancy practices that do not keep up with these types of technological advancements and tools risk falling behind in efficiency, competitiveness, compliance, and client service.
The FNB Xero Accounting Programme is a first of its kind development initiative launched in 2021 which provides practice management skills, high-quality tools and the required resources needed to help transform and grow accounting practices. Through this collaboration between FNB, accounting software specialist Xero and small business development specialist Edge Growth, black-owned accounting practices are supported and empowered to supercharge their growth and efficiency. Through the pilot programme alone, participating accounting practices experienced a collective 34% rise in revenue and 700% growth in profit. Results from the second cohort saw a growth in full-time jobs of 38%, an average weighted profit growth rate of 64% and business maturity index (BMI) growth from 53% to 81%.
“I realised during 2022 that I would need to transform my practice in order to stay relevant and become future-ready. I also knew that I would need help in order to bring this dream to fruition. When I saw the invitation from FNB to apply for participation in this programme, I knew this would be my ideal vehicle to take me on my journey,” says David Cupido, founder of DC Accounting, who completed the programme in 2023. He says the impact of the programme has resulted in a business that now has fixed recurring monthly cash flow which allows for improved planning and continuous growth going forward, as well as an increased retainer client base.
Accountancy firms that qualify to participate in this year’s programme will benefit from tools and training to automate processes to maximise productivity, optimise cash flow with timely payment collection, be empowered to deliver exceptional service to more clients, leverage expert mentorship to accelerate expansion, as well as management skills for current and future operational sustainability.
The 2024 FNB Xero Accounting Programme, spearheaded by FNB in partnership with Xero and Edge Growth, is calling on eligible small to medium accountancy firms to apply for their third cohort. Businesses need to be 51% or more black-owned, have an annual turnover of between R1m and R10m and have been operating for over a year. The business should also have a team of three of more employees, be SARS compliant and be SAICA or SAIPA accredited.
A maximum of 15 entrepreneurs will be selected to participate in the programme, which commences in November 2024. Those interested can go to https://edgegrowth.incubatorportal.com/apply/fnbxero3 to register.
