Govt prods accountants to support SMEs growth
By NATION REPORTER GOVERNMENT has challenged senior accountants to support the next generation of accountants through mentoring programmes and support to the development of the SME sector.
Minister of Works and supply Felix Mutati said mentorship should be done through literacy campaigns that would promote accountability and responsibility in the profession.
Mr. Mutati who is Association of Chattered Certified Accountants, (ACCA), global advocate for the year, was speaking when he officially opened the ongoing ACCA seminar on professionalization financial management and accounting standards in Siavonga yesterday.
“As accounts we need to help SMEs acquire financial knowledge. They should be able to know the different between profit and capital in order for them to grow,” he said.
The minister said in order to address the leadership and professionalization of accountants there was need to focus on a changing approach in business management due to dynamic changes in the global economy.
“You are aware of the growing global economic uncertainty, volatility risk and ambiguity which are the critical challenges facing business today,
“Clearly there is need for greater alignment between business strategy and the role of the finance team, particularly the establishment of processes systems of metrics for tracking success,” he said.
Mr. Mutati said the starting point for the financial function was understanding the business environment and critically considering factors that drove value and created growth for enterprises.
The minister noted that finance leaders had a critical responsibility for making sure that the enterprise was investing in the processes and technologies that would create wealth and leverage assets.
Mr. Mutati challenged accountants to be professional and adhere to the ethics of the profession.
He noted that accountants in the public service had not represented the profession well as was usually reflected in the auditor general's report.