How Top-100 companies survey saves firms from collapse

Audit firm KPMG Uganda says the annual Top-100 Mid-Sized Companies Survey has saved many participating organisations and firms from collapse because of the mentorship they receive.

Mr Stephen Ineget, the KPMG country manager, on Wednesday said over the years, the survey has seen companies, which started participating in the exercise with the minimum annual threshold turnover of Shs360 million but today, grow their earnings to more than Shs20 billion annually.

“The annual survey has resulted in companies now keeping books of accounts, creating jobs, paying more taxes and when they display the Top 100 mid-sized companies’ plaques and certificates, it has added appeal and credibility to their businesses by the customers because they are dealing with credible and trusted brands,” he said.

Mr Ineget made the remarks while meeting the Managing Director of Nation Media Group Uganda, Ms Susan Nsibirwa, at his office on Wednesday.

He explained that the workshops, seminars and feedback sessions that they have been offering the participants, coupled with the involvement of government ministries departments and agencies have been insightful for the businesses because they were able to get feedback which has helped the companies build resilience over the years. The ministries of Tourism, Trade, Science, and Technology, the Uganda Revenue Authority, and the Uganda Investment Authority have been involved in the surveys.

Credibility of process

Ms Nsibirwa, who had paid a courtesy call to Mr Ineget at his office, said the partnership between NMG-U and KPMG  has been beneficial to both companies because any awards ceremony without an audit process usually raises questions of credibility to the processes.

She said the two companies are now partnering in the Empower Her, a new initiative by NMG promoting gender equality and involvement

“Working with a classic partner such as KPMG is one of those ways we are sure that our audiences, sponsors, partners and also those who are nominated and will win the award that the process is credible, transparent it is guarded by the rich history of credibility and transparency. Any awards ceremony that doesn’t have an audit process looking into it will always raise questions,” Ms Nsibirwa said.

Background

Started in 2009, the Top 100 Mid-Sized Companies Survey looks out for the fastest-growing medium-sized companies in Uganda and highlights their success stories. It is a voluntary exercise for companies that are not into banking, or insurance and not listed in the stock exchange.