Besieged by COVID: Downturn in economic activities had a huge impact on MSMEs – Saxsena
28 November, 2022, 8:05 pm
Our heavy reliance on the tourism industry and the closure of our international borders led to significant downturn in economic activities during the pandemic.
This according to HLB Mann Judd Fiji director corporate services Sanjay Ram Saxsena.
He told this during a presentation at last Friday’s Business Assistance Fiji (BAF) organised Awareness and Networking workshop in Lautoka.
“In a nutshell, Fiji’s economy hit a brick wall due to COVID-19 that had a huge impact on businesses, especially the micro, small and medium enterprises (MSMEs),” he said.
Mr Saxsena said the subsidy scheme provided by BAF and Business Link Pacific (BLP), enabled MSMEs to have greater access to highly qualified professional advisors such as HLB Mann Judd Fiji.
“We are able to ensure that they understand the importance of financial reporting and compliance which then enables them to grow from micro to small to medium and hopefully they all become large corporations in the near future.”
He said these subsidised MSMEs clients that were previously utilising traditional methods of bookkeeping such as Excel, now through BAF/BLP, HLB Mann Judd Fiji was able to move them to use cloud-based accounting software such as Xero and MYOB.
“This will allow users to access data from anywhere, while allowing tremendous flexibility and many more advantages.”