18 th AATWA Annual Conference (Lagos, 2013) . GROWING SMALL & MEDIUM ENTERPRISES. THE OPPORTUNITY FOR ACCOUNTING TECHNICANS. Albert Folorunsho FCA, FCTI, ADIT. Pedabo Associates Limited. INTRODUCTION. INTRODUCTION -Cont’d.
GROWING SMALL & MEDIUM ENTERPRISES
THE OPPORTUNITY FOR ACCOUNTING TECHNICANS
Albert Folorunsho FCA, FCTI, ADIT.
Pedabo Associates Limited
At the end of the presentation, participants will be more acquainted with:
SMEs Definition / Classification
The following have been said of SMEs:
SMEs contributes 50% of GDP …..(OECD).
65% of employment in high income countries are from SMEs.
SMEs generate 70% - 90% of employment in middle income countries.
Significant impact on the export earnings in developing countries.
SMEs enhances entrepreneurship innovation and invention
SMEs drive technology change and growth in productivity
Catalyst to private sector development
According to IFC, 96% of business in Nigeria fall under SMEs
90% of manufacturing and industrial sector in numbers fall under SMEs.
Deficient public infrastructure
Bureaucratic bottlenecks & inefficiency in the administration of incentives
Lack of easy access to funds
Discrimination by banks, due to credit risk
High cost of packaging appropriate business proposals
Uneven competition and preference for imported products
Dependence on imported raw materials – foreign exchange risks
Low and dwindling consumer purchasing power resulting in low demand for local products
Dumping & importation of substandard products
Inadequate educational & technical background.
Weakness in organization, marketing, personnel, accounting records and information usage, processing & retrieval.
Multiplicity of regulatory agencies & taxes, increasing high cost of doing business.
Absence of long term finance.
Poor intellectual capital resources
Lack of appropriate & adequate managerial & entrepreneur skills
Inadequate training & leadership development
Small & Medium enterprises credit Guarantee Scheme (SMECGS) of CBN.
Small & Medium Industries Equity Investment Scheme (SMIEIS) of CBN.
Family Economic Advancement Program (FEAP)
Industrial Development and Coordinating Centre.
National Directorate of Employment
Nigerian Bank for Commerce & Industries (NBCI)
Nigerian Industrial Development Bank (NIDB)
National Economic Reconstruction Fund (NERFUND)
The African Development Bank / Export Stimulation Loan (ADB/ESL)
Nigerian Export Import Bank
Bank of Industry (BOI)
Small & Medium enterprises Development Agency of Nigeria (SMEDAN).
Institutional, Legal & Regulatory framework.
Human Resource Development.
Technology, Research & Development.
Extension & Support Services
Nigerian Investment Promotion Commission (NIPC).
Nigerian Export Promotion Commission (NEPE)
The Industrial Development Act.
Nigerian Content Development Act.
Private Sector participation in Power, Tourism, Manufacturing and Export.
Solid Mineral Mining etc.
The Roles of the Accountant
Accountability and Planning.
Business Plan Preparation.
Accounting Services & Book Keeping.
Tax Management Services.
Audit & Assurance Services.
Asset Verification & Certification.