Launch of the Deloitte Small and Medium Enterprises (SME) Value Proposition

Consistent with our Deloitte 2020 strategy, Deloitte aspires to serve organisations that reflect the economic make-up of our country.  Research shows that Small and Medium Enterprises (SMEs) are the engine for economic growth across Africa. In Uganda, the SME sector employs over 2.5 million people (90% of the entire private sector) and generates 80% of manufactured output, which contributes 20% of the gross domestic product (GDP).

However, the SME sector continues to grapple with a wide range of challenges including limited access to affordable finance, limited technical and business skills, informality of the sector, among other challenges which have impeded the growth of the sector. According to available statistics from the Ministry of Trade, Industry and Cooperatives, majority of MSMEs (69%) are still in the first 5-10 years of their lives, signifying the high mortality rate of small businesses in Uganda.

Given the importance of SMEs to Uganda’s economy through their significant contribution to employment and GDP, a strong SME base which is able to expand locally and regionally, is key to the continued economic growth of Uganda. With sufficient financing and access to business advisory services for foster continual improvement of operational efficiency and productivity, SMEs can become more competitive and resilient, drive innovation and be sustainable in today’s competitive economic landscape.

Deloitte’s response

Deloitte aspires to make an impact that matters and serve companies that reflect the economic make-up of Uganda from Multinational Corporations (MNCs), Large Local Corporations (LLCs) and Small and Medium Enterprises (SMEs).

In response to the challenges that SMEs in Uganda face particularly limited technical and business skills, Deloitte has developed an affordable subscription-based value proposition designed to meet the unique service needs of Uganda’s SMEs including bookkeeping and accounting, tax compliance, business performance insights and corporate governance.

About Deloitte SME’s value proposition

Deloitte is committed to providing SMEs in Uganda access to best-in-class accounting, relevant compliance and advisory services at an affordable cost.

Our monthly subscription packages will include the following services:

Accounting – A qualified accountant who understands the day-to-day operations of the SME.

Monthly management reporting and business insights – Ensuring timely and accurate financial and business insights to drive business growth.

Preparation of year-end accounts – Accurate financial reporting recognized by financial institutions, venture capitalists and investors.

Preparation and submission of monthly tax returns – Ensuring compliance with regulatory requirements and effectively managing the cost of doing business.

Preparation and submission of the annual corporation tax return – Ensuring that the annual corporation tax return is filed on time to mitigate disruptions to business operations.

Corporate governance – Timely preparation and filing of annual returns as required by the Companies Act of Uganda.

Who can benefit from the Deloitte SME Value Proposition?

SMEs of all sizes and across all sectors of the economy can benefit from the Deloitte SME value proposition – from ambitious start-ups to SMEs who want to grow and achieve scale in Uganda, East Africa and eventually across Africa.  Our teams are set up to serve all SMEs, although the proposition is generally more attractive to businesses with growth ambitions.

The Launch

The value proposition was launched at a breakfast hosted at Sheraton Hotel, with the Minister of Trade, Industry and Cooperatives as the Guest of Honour. The event culminated in the signing of a three year Memorandum of Understanding between Deloitte and the Ministry of Trade, Industry and Cooperatives to collaborate on various initiatives in support of the development of the SME sector in Uganda.

The event was also attended by key stakeholders in Uganda’s SME sector including Uganda Revenue Authority (URA), Uganda Registration Services Bureau (URSB), Uganda Investment Authority (UIA), Uganda National Bureau of Standards (UNBS), Financial Sector Deepening Uganda (FSDU), and United States Agency for International Development (USAID), African Development Bank, Uganda Manufacturers Association (UMA), Uganda Small Scale Industries Association (USSIA), Uganda Chamber of Mines and Petroleum (UCMP), Commercial Banks, Mobile Network Operators, Manufacturing Companies, among others.

In addition, Deloitte together with key partners including Uganda Revenue Authority (URA), Uganda Registration Services Bureau (URSB), Uganda Investment Authority (UIA), Uganda National Bureau of Standards (UNBS), Uganda Manufactures Association (UMA), Uganda Small Scale Industries Association (USSIA), Uganda Chamber of Mines and Petroleum (UCMP)offered free advice and guidance to SMEs on various matters ranging from registration of businesses, effective business management, tax compliance, sources of financing to support business growth, among other areas.