Judy Nkuna is a remarkable professional who has made significant strides in the accounting industry. As the CEO and Founder of Accounting & Tax Nation (Pty) Ltd, Judy’s journey is marked by dedication, resilience, and a commitment to excellence. Her insights into the profession offer a comprehensive guide for aspiring accountants, while her personal reflections and financial wisdom provide valuable lessons for everyone.
Qualifications and Career Path
Educational Background
Judy Nkuna holds a BCom Degree and Honours in Financial Management, along with a postgraduate degree in Public Administration. She is currently pursuing her Master of Commerce with UNISA. These qualifications have laid a solid foundation for her successful career in accounting.
Choosing the Career Path
Judy chose the accounting field for its clear career progression opportunities, analytical challenges, and the ability to provide strategic financial advice. She enjoys identifying financial discrepancies and helping clients navigate complex financial situations.
Reflection on Career Choice
Reflecting on her career choice, Judy states, “Yes, I would pursue the same career. Accounting principles and standards like IFRS are used globally, allowing accountants to work in different countries and cultures. I would choose my career over and over again.”
Advice to Her Younger Self
Judy advises her younger self to “never give up, keep your head high. A fail and a no doesn’t mean it’s the end of the world; it only means that you have been given another chance to start over and do your best.”
Essential Skills in Accounting
Judy emphasizes that both hard and soft skills are crucial in the accounting field. Hard skills include a strong understanding of GAAP or IFRS, proficiency in financial statement preparation, tax law knowledge, and advanced Excel skills. Soft skills such as communication, analytical thinking, and teamwork are equally important.
Roadmap for Graduates
For graduates looking to enter the field, Judy suggests obtaining relevant degrees, gaining experience through internships, becoming proficient in accounting software, and continuously developing analytical skills. Networking through professional associations and industry events is also crucial.
“Holding a certificate or a degree is a way to prove to your potential employer or business partners that you have the ability and expertise to perform the job effectively. It serves as a formal acknowledgment of your knowledge, skills, and commitment to your field, providing confidence in your professional capabilities. Ensure you have a degree in accounting or a related field. Courses in finance, economics, and business administration can also be beneficial. As an added advantage, consider pursuing a master’s degree or certifications like CPA (Certified Public Accountant), CA (Chartered Accountant), or ACCA (Association of Chartered Certified Accountants) Many of us learned on the job. There is someone out there willing to give you an opportunity, and I still say, go out there, prove yourself worthy, and God will do the rest.”
Job Responsibilities and Industry Insights
Day-to-Day Activities
As an accountant and CEO, Judy’s daily activities include bookkeeping, financial reporting, budgeting, forecasting, and tax compliance. “My role involves overseeing and ensuring the accuracy and completeness of financial transactions such as sales, purchases, income, and client payments,” she explains.
- Bookkeeping & Financial Reporting: Overseeing and ensuring the accuracy and completeness of financial transactions such as sales, purchases, income, and client payments. After her team records and reconciles these accounting entries, she comes in as an overseer and ensures that all entries are accurately and comprehensively reflected in the financial reports.
- Budgeting and Forecasting: Developing budgets and financial forecasts. Monitoring actual performance against budgeted figures and providing variance analysis.
- Tax Compliance: Preparing and filing tax returns. Ensuring compliance with SARS regulations. Staying updated on changes in tax laws and regulations.
Industry Insights
Judy highlights the complexity and diversity of services in the accounting industry that outsiders may not fully appreciate. Beyond traditional tax preparation and audit services, modern accounting firms offer advice on international tax issues and compliance with multiple jurisdictions’ laws. “To put these in simple terms or to further elaborate, the world of taxation is evolving, and this means as accountants we need to continuously learn and adapt to current development legislation of our country.”
Surprising Elements of the Job
When Judy started her current job, she was surprised by the importance of technology and building strong client relationships. “The accounting field revealed a dynamic field that combines technical expertise with interpersonal skills and a commitment to continuous improvement,” she reflects.
Future of Accounting with AI
Judy believes that while AI and automation are transforming the profession, the role of accountants will evolve rather than disappear. Accountants will focus more on higher-level tasks that require human judgment, such as financial analysis, strategic planning, and advisory services.
Challenges and Rewards
Challenges
One of the most significant challenges Judy faces is managing resources, including financial and human resources. She explains, “When we started, we did not have enough budget to allocate to salaries, so we took in some trainees who eventually left for better-paying jobs. This has been a setback in our human resources, and our company growth was compromised.”
Rewards
Helping clients navigate complex financial situations and seeing them achieve their goals is immensely satisfying for Judy. “One of the most satisfying aspects is helping clients navigate complex financial situations, providing them with advice and solutions that improve their financial health, and seeing them achieve their goals,” she says.
Career Setbacks and Advantages
Early in her career, Judy faced a significant setback when her firm struggled with capacity management, leading to errors in financial reporting. This challenge pushed her to develop more robust processes and invest in advanced accounting software, ultimately enhancing her firm’s ability to handle growth and increase demand.
Career Goals for the Year
This year, Judy aims to grow her clientele and empower her team to make decisions independently. “Growing our team to a level where they don’t need to rely on me, but can stand on their own and make decisions that will move the firm forward,” she states.
Personal and Financial Reflections
Reaction of 10-Year-Old Self
Judy believes her 10-year-old self would be proud of her achievements and resilience. “She would be so proud of how far we have come and the achievements we have, not giving up when things were hard.”
If Money Were No Object
If financial constraints were lifted, Judy would focus on empowering disadvantaged girls. “If money were no object, I would focus on pursuits that align closely with my passions and values, such as helping disadvantaged girls become the best of what God has in store for them,” she shares.
Financial Lessons for Kids
Judy emphasizes the importance of financial literacy for children. “Teach children about saving money and delayed gratification, the concept of budgeting, the importance of saving regularly, and the responsible use of credit cards and loans,” she advises.
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