MOU Signed between ACCA and Enterprise Uganda in Securing Financial Advice and Expert Accounting in Small Businesses

The Association of Chartered Certified Accountants (ACCA) together with Enterprise Uganda both signed a Memorandum of Understanding (MOU) in delivering programmes aimed at training and equipping small businesses in Uganda with the requisite knowledge that they require in growing. This MOU means that members of ACCA should now volunteer in mentoring small businesses which require financial expertise in order for them to resolve operational challenges and be ready for growth.

The ACCA Chief Executive, Helen Brand, OBE stated that it is the belief of ACCA that financial professionals have got a crucial role to play in offering knowledge and insight which drives business planning and strategic decision making for organizations of every size.

The small and medium sized companies require advice on various issues from planning the business to financial accessibility. The qualified and professional accountants are the ones who are best placed in offering such guidance. According to our research, SMEs who have got finance teams that are well developed or who are privileged to have accountants as their business advisors may achieve fast and more sustainable growth for a longer period and for them to develop, they can attract investors. Partners in supply chain, credit providers and other stakeholders all need information wealth from businesses that are growing and it is only the accounting profession who can ease the business wheels for such SMEs.

The Ugandan Chief Executive of Enterprise, Charles Ocici said that he is happy to have worked with ACCA in delivering practical programs which will assist SMEs businesses that need it most. Enterprise Uganda dedicates itself in promoting and enhancing financial literacy in the public sector and the business which is also a commitment that ACCA is also dedicated in. In the months and years to come, he said, they look forward in building beneficial mutual relationships whereby SMEs can truly benefit from.

In conclusion, Ms Brand said that they unequivocally support the Enterprise Uganda’s work and therefore, they are equally excited to enter into this MOU. The inventive agreement enables the trained accountants of ACCA to provide advice free of charge to small businesses that most of the time finds it hard in accessing financial help and professional expertise needed for growth.