Why we at ICA devote to work with small and medium (SME) size business entities in Sri Lanka?
September 28, 2022
The businesses in Sri Lanka represents many sectors particularly plantation, Agri business, travel and tourism, manufacturing and value addition, financial services. Import and export etc. It is estimated about 80% of businesses are SMEs category of businesses. With the Covid disruptions in the economy followed by the economic crisis confronted the country, the SME sector has to go through number of issues to continue with their businesses. It has also impacted with the prevailing high cost of borrowing in the country. However, this sector is important to provide employment opportunities in the country and to generate growth in the overall economy.
The SME businesses can be defined as business that employs less than 300 workers and having revenue less than Rs. 750 million. This sector provides employment for over 35% of the work force, skilled, semi-skilled and unskilled type of workers in the Country and contributes to 52 % of the GDP. SME sector as a whole provides employment opportunities and need to attract talented work force to multiple skills to handle its core functions. Though it requires highly skilled people, some are not in a position to pay the required market rates to attract talent and implicates its growth opportunities among many other factors crucial for business development. Some of the issues confronted by the SMEs are given below: –
The ICA affiliated with the E- BPO Services under one roof provides necessary accounting and finance skills to the SME sector in Sri Lanka. The staff works on line with the clients and access data and process data to prepare timely financial statements and reports for efficient administration of SMEs which helps to reduce overall costs and get information available as needed. This helps the SME management to focus in their core business management and development. All staff members at ICA are familiar with accounting software and ensure quality out puts with quality checks to ensure reliable information to the management of SMEs. Further ICA provides payroll and corporate advisory services as well to support the needs of SME sector.
ICA has unique experienced management to support to invest its surplus cash in the money and capital markets and facilitate to advice to prepare to raise capital from the capital markets. This enable our clients to source these services within one organisation.
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