The world’s first digital accountant was born in South Africa and is about to jump the water to the UK and US.
The company is called Osidon and was founded just over two and a half years ago by serial entrepreneur Hennie Ferreira and his wife, Melissa. Hennie and Melissa ran a successful digital marketing company before they had an unfortunate run-in with an accountant and that started them off in the accounting business.
The business is attracting roughly three new clients a day and this year is likely to grow 300%.
Where are the new clients coming from? “About half our clients are dissatisfied with their existing accountants – often because they got hit with penalties because they missed submitting VAT or tax returns on time – and the other half are non-compliant companies that want to get compliant,” says Hennie.
Osidon initially focused on small and medium-sized businesses, but has now started attracting much larger enterprises with turnover running into several million rands a month.
Much has been written about Artificial Intelligence (AI) and its likely impact on the accounting profession. Osidon is living proof of those predictions. Hennie says roughlky 60% of the accounting functionality has been automated, but is rapidly increasing using machine learning capabilities to automate repetitive or routine functions. Read more on Accounting Weekly.