By OLABISI OLALEY
In order for the Small and Medium Enterprises to rise above waters, it must leverage on the social media, which is fast enveloping the world like a wild fire as well as anchoring on other key factors, to get to the next level.
Other factors include hiring a qualified accountant, being diligence, overall presentation, trust, honesty and neatness.
These and many were some of the presentations from notable speakers at oneday conference organized in Lagos by the Association of Chartered Certified Accountants (ACCA),the umbrella body for accountants for Small and Medium Enterprises(SMEs) recently.
Tagged: ‘Access to Finance for SMEs’ , the newly elected Chairperson of Women in Business(WIMBIZ),Mrs. Osayi Alile –Oruene, explained that businesses these days need to leverage more on social media to get fresh ideas that will not only boost the business but inject sustainability.
She noted that Twitter, Face book, Instagram, LinkedIn, MySpace among others are powerful tools accessed globally by millions of people. These social media needs to be harnessed for a healthy growth in place. Aside visibility, it helps to send the right to anyone looking for such businesses to work with online and such will give mileage to the business.
ACCA’s Country Manager, Mrs. Oluwatoyin Ademola, added that confidence, charisma and intelligence in business are parts of the overall success of any SME in the country. As such, business owners should exude confidence in public places, be able to dress properly to fit the occasion and able to tap into the internet world in order to have first hand information on almost anything.
Speaking earlier, ACCA’s President, Martin Turner, explained that hiring the services of professional accountants is a strategic way of achieving business growth and sustainability.
“You are business people, and with accountants to support and advise you, you can flourish even more. You’re the experts in business, accountants are experts in finance. The two have a very close relationship, one that is very successful when used to its full extent.”
He noted that the SMEs sector has been recognised as the driving force in helping to return the economy back to health since the big corporate companies have become victims of the global financial crisis, you have come through, and thrived, in the face of adversity. But that it has not all been plain-sailing for you, due mainly to the tax challenges you face in this country as small and medium-sized businesses.
“Starting up any business, and ensuring it runs smoothly thereafter, is a financial challenge in any scenario. The taxation of investing in SMEs here, as well as the actual day-to-day running of things, is making it more difficult for you to help the economy. There are reasons for the tax regulations, as I am sure you are aware of taxation of small businesses have been implemented to regulate and ensure reputability in these testing times. The costs of these taxes are, of course, an extra strain on SMEs, particularly at the teething stage. This is where accountants come into play,” he said.
Turner, who stated that Nigeria and China are two major countries regarded as rapidly growing markets, said the SMEs, which are supposed to be the driver of the economic boom are faced with the challenge of taxation, competition and access to finance.
He said the body had urged governments to take greater policy action to help SMEs access finance at its Global Forum for SMEs, which is one of 10 forums that look at the challenges and opportunities for the accountancy profession. Adding that the ACCA’s recommendation that was in a publication entitled: ‘Access to Finance for SMEs: A Global Agenda’ was issued in time for a meeting of the G20 earlier this year with the hope that it will help to positively influence the ongoing debate about the best way forward.
Turner said that ACCA, as a global body for finance professionals, trains its students to become accountants for business, ready for any task that may be thrown at them, increasingly tasks that are not traditionally within their remits.
The ACCA’s president noted that the implementation of an International Financial Reporting Standard (IFRS) for SMEs in Nigeria last year is helping to meet the business needs as well as identifying their core strengths.
“But we at ACCA know you need more. Not just from the government, but from finance professionals, such as those from the organisation I represent. Together we need to build sustainable companies, which will continue to stimulate growth in the local and global economies.”
Turner further stated that “together SMEs and finance professionals can help rebuild not just Nigeria’s economy, but the global economy too. The value of your businesses needs to be recognised fully in order for you to get the recognition you deserve for the work you have done.”
On reasons why SMEs die easily, another speaker, Mrs. Nwanna Joel-Ezeugo lamented that lack of accountability in terms of accurate financial records, using business loans to settle domestic issues that will not translate to income are what have caused the ruins and collapse of most businesses in the country.
This will help to boost the economy of the country. the expertise has totally accept the view to make SMES GLOBAL
In order for the Small and Medium Enterprises to rise above waters, it must leverage on the social media, which is fast enveloping the world like a wild fire as well as anchoring on other key factors, to get to the next level.
Other factors include hiring a qualified accountant, being diligence, overall presentation, trust, honesty and neatness.
These and many were some of the presentations from notable speakers at oneday conference organized in Lagos by the Association of Chartered Certified Accountants (ACCA),the umbrella body for accountants for Small and Medium Enterprises(SMEs) recently.
Tagged: ‘Access to Finance for SMEs’ , the newly elected Chairperson of Women in Business(WIMBIZ),Mrs. Osayi Alile –Oruene, explained that businesses these days need to leverage more on social media to get fresh ideas that will not only boost the business but inject sustainability.
She noted that Twitter, Face book, Instagram, LinkedIn, MySpace among others are powerful tools accessed globally by millions of people. These social media needs to be harnessed for a healthy growth in place. Aside visibility, it helps to send the right to anyone looking for such businesses to work with online and such will give mileage to the business.
ACCA’s Country Manager, Mrs. Oluwatoyin Ademola, added that confidence, charisma and intelligence in business are parts of the overall success of any SME in the country. As such, business owners should exude confidence in public places, be able to dress properly to fit the occasion and able to tap into the internet world in order to have first hand information on almost anything.
Speaking earlier, ACCA’s President, Martin Turner, explained that hiring the services of professional accountants is a strategic way of achieving business growth and sustainability.
“You are business people, and with accountants to support and advise you, you can flourish even more. You’re the experts in business, accountants are experts in finance. The two have a very close relationship, one that is very successful when used to its full extent.”
He noted that the SMEs sector has been recognised as the driving force in helping to return the economy back to health since the big corporate companies have become victims of the global financial crisis, you have come through, and thrived, in the face of adversity. But that it has not all been plain-sailing for you, due mainly to the tax challenges you face in this country as small and medium-sized businesses.
“Starting up any business, and ensuring it runs smoothly thereafter, is a financial challenge in any scenario. The taxation of investing in SMEs here, as well as the actual day-to-day running of things, is making it more difficult for you to help the economy. There are reasons for the tax regulations, as I am sure you are aware of taxation of small businesses have been implemented to regulate and ensure reputability in these testing times. The costs of these taxes are, of course, an extra strain on SMEs, particularly at the teething stage. This is where accountants come into play,” he said.
Turner, who stated that Nigeria and China are two major countries regarded as rapidly growing markets, said the SMEs, which are supposed to be the driver of the economic boom are faced with the challenge of taxation, competition and access to finance.
He said the body had urged governments to take greater policy action to help SMEs access finance at its Global Forum for SMEs, which is one of 10 forums that look at the challenges and opportunities for the accountancy profession. Adding that the ACCA’s recommendation that was in a publication entitled: ‘Access to Finance for SMEs: A Global Agenda’ was issued in time for a meeting of the G20 earlier this year with the hope that it will help to positively influence the ongoing debate about the best way forward.
Turner said that ACCA, as a global body for finance professionals, trains its students to become accountants for business, ready for any task that may be thrown at them, increasingly tasks that are not traditionally within their remits.
The ACCA’s president noted that the implementation of an International Financial Reporting Standard (IFRS) for SMEs in Nigeria last year is helping to meet the business needs as well as identifying their core strengths.
“But we at ACCA know you need more. Not just from the government, but from finance professionals, such as those from the organisation I represent. Together we need to build sustainable companies, which will continue to stimulate growth in the local and global economies.”
Turner further stated that “together SMEs and finance professionals can help rebuild not just Nigeria’s economy, but the global economy too. The value of your businesses needs to be recognised fully in order for you to get the recognition you deserve for the work you have done.”
On reasons why SMEs die easily, another speaker, Mrs. Nwanna Joel-Ezeugo lamented that lack of accountability in terms of accurate financial records, using business loans to settle domestic issues that will not translate to income are what have caused the ruins and collapse of most businesses in the country.
This will help to boost the economy of the country. the expertise has totally accept the view to make SMES GLOBAL
No comments:
Post a Comment