Accounting firms are set to offer free business advisory services to Small and Medium Enterprises (SMEs) and members of the public, from 7-8 November 2019, at the 3rd Accountancy Services Week.
The Accountancy Services Week (ASW) is organized by the Institute of Certified Public Accountants of Uganda (ICPAU) to provide financial literacy and business advisory services to SMEs and the general public. The idea of the ASW was conceived in 2017, as one of the ways in which to respond to the growing gap in financial management among SMEs, which appears to hamper access to credit and business growth.
SMEs constitute up to 90% of private businesses in Uganda. They contribute over 70% towards the Gross Domestic Product of Uganda. These SMEs grapple with tax compliance, access to credit, stock management, book keeping, and cost management, among other challenges.
In an interview with CPA Charles Lutimba, ICPAU’s Manager – Standards and Technical Support, he noted that some SMEs do not know how to prepare basic financial records.
“Some SME Managers do not know how to structure a simple expense/income template for one to determine how much profit they have made,” CPA Lutimba noted. “Differentiating between capital and profit is a major challenge for many SME managers, and yet it determines the sustainability of the SME,” he added.
For 2 days, licensed accounting firms will offer free advice on: basic book keeping, interpretation of financial statements by non-finance managers, stock management, tax compliance, business formalization, client relations, risk management, audit, and debt management, among other business advisory services.
There will be a Women Entrepreneurs Mentorship seminar on 7 November 2019 and a Business Engagement Forum on 8 November 2019.
KPMG, Midland Company, Ral Partners, James OK & Partners, LM and Associates, PKF, Edes $ Associates and Jim Roberts are some of the accounting firms that will offer services at the Accountancy Services Week, which will take place at the UMA Exhibition Hall, Lugogo. The ASW also coincides with the commemoration of the International Accountants Day which is annually celebrated on 10 November.