Cash is king for SMEs: Can SMPs add value to small business post-COVID-19?

The Professional Accounting Organization’s (POA) webinar series two will be hosted by the Institute of Certified Management Accountants of Sri Lanka on the theme ‘Cash is King for SMEs – Can SMPs add Value to Small Business Post-Covid-19?’ on Friday, 10 July from 10:30 a.m. to 12 noon via Zoom video conference in association with CA Sri Lanka, AAT-Sri Lanka, ACCA and CIMA.

The objective of this timely webinar is to provide solutions to the major challenges faced by SMEs due to present COVID-19 pandemic, a major contributor to the economy and employment. Many of them are without cash to carry on their business, pay wages, no collateral to give the banks to get subsidised Government funded loans and normal bank facilities. The UN MSME day which was held on 27 June under the theme ‘Supporting small businesses through the COVID-19 crisis’ also stresses the importance of support to the SMEs which will be provided by the accounting profession.

CMA Sri Lanka set up the ‘CMA COVID-19 SME Development Committee’ comprising professional bodies, chambers of commerce, commercial banks and industry experts. This committee has already submitted a proposal to set up a credit guarantee institution to solve the major problem faced by SMEs to provide collateral to obtain loans from banks by providing credit guarantees similar to many other foreign countries where such institutions have been assisted by the multilateral lending agencies such as World Bank and ADB.  

Small and Medium Practitioners (SMPs) can play a major role by providing advisory services and can add value to SMEs to be able to raise their heads with the adverse impact of lockdowns. 

The webinar will be addressed by CMA Sri Lanka President Prof. Lakshman R. Watawala and the presentation will be made by CMA Sri Lanka Council Member Ruchira Perera. 

The panel discussion will be moderated by Vice President of CMA Sri Lanka H.M. Hennayaka Bandara and an eminent panel representing the professional accounting bodies CA Sri Lanka Vice President Sanjay Bandara, AAT – Sri Lanka Council Member Naleen De Silva and representatives of ACCA Channa De Silva, Chairman of Sarvodaya Development Finance Ltd. and Capital Media Ltd. and CIMA representative Senaka Kakirawaragodage, Managing Director of NDB Zephyr Partners Lanka Ltd. Participants will also have an opportunity to send questions  and obtain answers via chat option. 

Those interested in attending please contact Shanthi on 071 4705536 or e-mail [email protected].