Well-trained staff vital for any accounts department - Bharatha Subasinghe

Ramani KANGARAARACHCHI

Bharatha Subasinghe

Well-trained and knowledgeable staff in the accounts departments is one of the vital parts of any business despite the size or the period of its existence. When things are financially unstable, good accounting records can only identify what changes should be made in the company.

DPR Consultant has been in the finance sector for more than 15 years, offering consultation in taxation, accounting and other related services. It is the first company in Sri Lanka that developed an online tax system and introduced the first tax website www.taxsrilanka.com which is used by a number of locals and foreigners to improve their tax knowledge free of charge.

Their experience and knowledge is the key factor of success of the training institute. Chief Executive Officer of D.P.R. Training Institute Bharatha Subasinghe identifying the critical need of skilled people in accounting started diversifying towards this important area as a practical training institute in accountancy from different fields to keep the business growing. It is a well known fact that many Sri Lankan companies and other organizations have faced a serious problem of skilled manpower in many areas. Lack of practical knowledge for accounting staff has created many problems leading to frauds, mistakes and less productivity.

He was interviewed by Daily News Business for Biz Bud column. Here are the excerpts from the interview.

Q: What made you to diversify from consultation to start a practical training institute for accounting?

A: In Sri Lanka depending on results of advance level examination there are four ways students find jobs in the accounting field, namely those who complete their degree in accountancy & management, those who start their careers as students of ICASL,CIMA, CMA, ACCA, AAT or any professional institution, those who enter Technical College, Higher National Diploma in Accountancy or other similar institutions, and others without any professional or academic qualification.

Therefore, it is very clear that students have a number of ways to climb their ladder in accountancy, depending on results in advance level and financial stability.

However, the question is whether they have paper qualification, whether their practical knowledge is sufficient enough to find a job. We realized that most students are in difficult situations in finding jobs without practical knowledge and certain employees too are in difficult situations to continue their job without overall knowledge in the accounting department which is central department of any organization. Therefore, we initiated a practical training institute in accountancy.

Q: Do you think that accounts staff should have overall knowledge of any department in that organization?

A: Yes, the accounts department is the central department which deals with all other departments of an organization. Therefore, accounts staff should have a knowledge about other departments as well.

What are the subjects that they should be educated in? Accounts staff should have practical knowledge about organization structure, bookkeeping and preparation of accounts, banking procedures, labour and admin, taxation, auditing, import and export procedure, company incorporation procedure, budgeting and inventories.

Q: Why is your Institute mainly focused on practical training?

A: It is the requirement of the country today. We have seen many financial crisis in the recent past due to poor maintenance of accounts.

In Sri Lanka, there are number of job opportunities in any sector. But finding suitable persons for a job has become a critical issue due to lack of practical training and responsibility. Job seekers may have many qualifications, but if they fail to satisfy the task given by the employers there is no point of having a number of employees in any organization because employers are not willing to incur unnecessary costs.

In Sri Lanka different professional acountancy institutions and universities required practical training either in accounting firms or mercantile sector for accounting students. But training may be for six months, one year or a three year period.

In my personal view and experience no one can get practical knowledge which is expected by any employer within one year. Students are getting limited experience. If they have not visited the Department of Inland Revenue, Registrar of Companies, Labour Department how could they practice in taxation, company law and labour laws. Therefore, requirements had arisen to provide practical training not even in accountancy but in other sectors as well.

Q: What are the benefits students could derive from your institution and employers?

A: Our courses are mainly based on practical procedures in line with relevant laws and regulations. Students are made compulsory to engage in case studies for each subjects and must fill all the forms wherever applicable or sit for an examination by using any study materials.

Therefore, at the end of the course, students are competent to work in any part of the accounts department or ability to liaison with Inland Revenue Department, Banks, Registrar of Companies, Labour Department, etc than working in one part of accounting department for long period of time.

Employers too are benefited since all staff are capable to work in any part of accounts departments and staff replacements are very easy and employees too pleased to work in different divisions, since they can improve their knowledge. Further, it strengthens internal control system of any organization. We also assist students find jobs since companies are requested suitable persons for their vacancies from our Institute.

Q: What are the courses you conduct and lecturer?

A: We conduct a certificate course in bookkeeping, preparation and analysis of financial statements, certificate courses in practical aspects of taxation, certificate course in company incorporation, and Certificate Course in Practical Aspect of Accounting (Master Course).

Further, we train accountancy students with bookkeeping, taxation and office administration, during weekdays which enable them to find a job and work in any organization. All our lecturers are well qualified in relevant subjects with practical knowledge, while practicing for a number of years.

Q: What was the response of your students’ about DPR training?

A: Students’ responses are very positive and they never expected such knowledge from our institute, since we closely monitor their work, not only during the course, but at the end of the course as well.