By: Darren Isaacs – CEO and Founder of Makosi delves into the impact innovation has on the changing audit and advisory space.
In keeping with our focus on technologies and platforms that are available to businesses, I recently had a conversation with Darren, asking him to shed light on the company’s role in the accounting and advisory space, highlighting its unique approach and global reach.
Makosi is a tech-enabled platform that connects accounting firms with a global community of accountants, helping them grow and better serve their clients.
When asked about the areas they are involved in, Darren emphasized their expertise in audit services, which he described as their “bread and butter.” However, he also pointed out their deep involvement in advisory services, demonstrating their commitment to delivering comprehensive solutions to their clients.
What sets Makosi apart from other firms in the industry, according to Darren, is their ability to deploy on-demand teams within a short span of 48 hours. Their goal is to simplify the process of addressing audit resourcing challenges, making it as effortless as turning on a light bulb. Leveraging technology, they ensure scalability, quality, and continuity in their services.
Operating in 20 countries, their global presence is a significant advantage. Darren emphasized that their ability to deploy resources globally on demand is a key differentiator for the company. Despite serving different regions, they encounter similar challenges across these areas, allowing them to bring valuable insights and solutions that benefit clients worldwide.
Discussing their involvement in the FinTech space, Darren drew an interesting analogy to Airbnb. Just as Airbnb became the largest provider of accommodations without owning any real estate, Makosi aims to be the leading provider of audit services without ever signing a set of financial statements. In 2022 alone, they tackled over 10,000 audits, surpassing the audit volume of major clients like KPMG in the United States. This scale enables them to develop best practices, innovative technologies, and democratize them for the entire industry.
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Regarding the composition of Makosi’s workforce, Darren revealed that a significant percentage of their employees are full-time, accounting for around 60-70% of their workforce. They also have a network of contractors comprising the remaining 30%. With over 12,000 qualified and certified digitized accountant profiles, they can scale up their teams to hundreds of professionals when needed. The company particularly taps into the talent pool of South Africa, known for producing high-quality accountants, providing them with international exposure and opportunities.
Darren attributed their success to their technology platform and understanding of talent markets worldwide. The platform facilitates efficient operations while recognizing the nuances and demands of different markets. Their mission goes beyond building a brand; they aim to create a movement by revitalizing the perception of audits and making the field more appealing and engaging for accountants and auditors.
The conversation also touched on the evolving landscape of auditing, driven by regulatory changes and financial reporting requirements. Their focus extends to the financial services sector, including insurance, asset management, and related industries. They serve clients in various regions, each with its unique elements in terms of GDP and industry focus.
Their diverse experience allows them to gain insights from different sectors globally, enabling them to provide valuable local expertise to clients.
They also recently released a white paper on trends in the world of work and its impact on businesses, highlighting the variable workplace concept, assisting them to stay at the forefront of industry developments and to engage in thought leadership. Click here for the Embracing a Variable Workforce white paper.
In conclusion, Makosi’s innovative approach, combined with its global reach and technological capabilities, has positioned them as a prominent player in the advisory and accounting space. By seamlessly connecting accounting firms with a global pool of talent, they empower their clients to overcome resourcing challenges, enhance their services, and create room for growth.