Business Desk :
Speakers at a global webinar on Sunday said lack of preparedness to adopt digitalized operations, poor technological skills and cash-flow as well as liquidity crisis are some of the new challenges facing the SMEs amid the pandemic.
They also said small and medium enterprises’ (SME) situation has aggravated during the pandemic in addition to their existing challenges such as lack of fiscal incentives, limited access to finance, policy inconsistencies and unavailability of skilled manpower.
Keeping this in view, they said Small & Medium Practitioner (SMP) accountants can play a vital role in supporting SMEs through advisory support in numerous ways including taxation, loan, merger & acquisitions, planning, structuring and business development policies.
They came up with the views at a global webinar on ‘Future ready SMEs and SMPs: Vital for Sustainable Economy’ organised by the Institute of Chartered Accountants of Bangladesh (ICAB) marking International SMEs/SMPs day 2021.
Commerce minister Tipu Munshi took part in the webinar as the chief guest while ICAB President Mahmudul Hasan Khusru delivered welcome address.
ICAB Vice President Maria Howlader and Head of SME/SMP and Research, International Federation of Accountants (IFAC) Christopher Arnold jointly presented the keynote paper at the webinar moderated by Principal Partner of Islam Aftab Kamrul & Co, Chartered Accountants AKM Aftabul Islam. Small & Medium Enterprise Foundation Chairman Dr. Md. Masudur Rahman and President of Bangladesh Chamber of Industries (BCI) Anwar-ul Alam Chowdhury participated in the programme as panel speakers.
In his speech, Tipu Munshi said during the ongoing Covid-19 crisis, SMP accountants can play a key role in supporting SMEs. “As advisor to the SMEs, they provide the link between the SME sector and the ecosystem that the sector has to navigate.”
The minister also said, “I believe SMPs have been able to demonstrate themselves to their clients as value advisers and help them set up businesses which are sustainable for the long term.”
Mahmudul Hasan Khusru said the SMPs are providing services for adjustment with technological progress and evolving needs of their clients amid the changing business environment.
Presenting the keynote paper, Maria Howlader said many SME industries do not know the importance of SMPs in their business procedure. “ICAB will take initiatives for collaboration with the government, SME Foundation, and different trade bodies for making the industry aware of the quality and diversified services of SMPs.”
She also said SMPs can provide advisory support to SME in the fields of tax & VAT advisory, loan, merger & acquisitions, loan documentation, restructuring, succession planning, insolvency, liquidation, financial planning, modelling, structuring, support on business development and human resources policies and procedures, employment regulations etc.
Describing the transformation of SMP’s, Christopher Arnold pointed out the importance of SMP services during and post-Covid period as SMPs always focus on advisory role and the growth opportunities of the sector.
According to the presentation, SMEs are considered as an engine of the economic growth in Bangladesh that constitutes over 90 per cent of business enterprises. However, it is 97.60 per cent in India, 99 per cent in China, 99.70 per cent in Japan and 60 per cent in Pakistan. SME contributes to 20.25 per cent of Bangladesh’s GDP which is very low in comparison to other emerging economies.
ICAB CEO Shubhashish Bose and Vice President Md. Abdul Kader Joaddar also spoke on the occasion.
