Business professionals urged to help revive sinking SMEs
Manama : A business society has proposed a volunteering programme for finance professionals to help the struggling Small Business Enterprises (SMEs) here.
A proposal which calls for professionals to provide voluntary services to hundreds of SMEs, was recently presented by Bahrain Philippine Business Council Vice President Lyn Le Altarejos to Bahrain SMEs Society Vice President Abdul Rahim Fakro.
Altarejos made the move after he noted that thousands of SMEs were forced to close after their commercial registration got cancelled because they were not able to provide the financial statements for audit.
“The proposed study titled ‘Clinic Financial’ aims to find a solution for those entrepreneurs who are not capable of paying the fees of a professional accountant on a monthly basis to accomplish company management accounting reports for the purpose of audit as required by the Law,” Altarejos said.
“If we donate our free time at least an hour or two in order to produce a Management Financial Statement for the SME’s, the businesses can proceed with the audit and renew their CR. This is right time to help one another. According to the latest data of MOIC, 6000 CRs were not renewed and 9000 CRs was cancelled in 2015 due to companies not submitting the Audited Financial Statement,” she continued.
She affirmed that financial experts can save companies from this predicament, by supporting this initiative and donating their free time.
“Professionals can produce the trial balance in a minute and if we all work together we can save more than 100 companies in an hour. So let us unite and be a volunteer for the betterment of SMEs as it is truly the backbone of the economy,” she stated.
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