MSMEs to receive assistance with management accounting systems from CDB

The Caribbean Development Bank (CDB) will host a three-day Sub-regional Train-the-Trainer Workshop (TTW) on “Management Accounting Systems for Micro, Small and Medium-sized Enterprises (MSMEs)” during the period December 3-5, 2014 at the Accra Beach Hotel & Spa, Barbados.     

The workshop will be hosted by CDB’s Technical Cooperation Division via the Caribbean Technological Consultancy Services (CTCS) Network, the Bank’s primary technical assistance programme aimed at enhancing the managerial and operational capacities of MSMEs in its borrowing member countries (BMCs).  The TTW will be facilitated by QuickBooks Medic Inc., a Barbados based MSME consulting firm with nearly 10 years’ experience in providing training and technical assistance to MSMEs in the area of Management Accounting Systems. 

16 persons from Anguilla, Antigua, St. Vincent and The Grenadines, British Virgin Islands, Grenada, Montserrat, St. Kitts and Nevis and Saint Lucia will participate in the TTW, which will equip participants with a common approach for training MSME operators in effectively using Computerised Management Accounting Systems.

“The aim of this workshop is to address the critical need for MSMEs to put in place appropriate Management Accounting Systems, particularly within the environment of a Computerised Management Accounting System.  These Systems enable MSME operators to record, track and generate financial information in order to make informed internal decisions, generate better projections, and be able to  provide relevant and timely information to financial institutions when seeking financing for working capital and to upgrade and expand their operations,” said Mr. Edward Greene, Division Chief for CDB’s Technical Cooperation Division.

Subsequent to the train the trainer’s workshop, the trained participants, with additional support from the CTCS Network, will facilitate workshops for MSMEs in the eight countries represented. They will also provide on-site assistance to assess the operations of participating MSMEs and assist them in instituting Management Accounting Systems tailored to their operations.

The goal is for the knowledge and skills of MSME operators, as well as the overall management and operational performance (profitability and competitiveness) of participating MSMEs to be enhanced.  The social impacts will be positive, as participating MSMEs are expected to sustain and/or expand their operations, generate higher incomes and increase employment opportunities for both men and women.  Such outcomes will contribute to poverty reduction at the household level over the long term.

This technical assistance intervention is, therefore, aligned to CDB’s Strategic Objective of supporting inclusive growth and sustainable development and its Corporate Priorities of promoting private sector development leading to enhanced viability of MSMEs.