| Danial Norjidi |
DARE (Darussalam Enterprise) held the latest session of its Industry Business Academy (IBA) initiative yesterday with a module on the ‘Basics on Accounting’.
The session took place at the iCentre, and was facilitated by Jenifer Tan, a Consulting Partner at BizAdvize Services Sdn Bhd.
Participants for the module were all members of cooperatives, and were invited to participate by the Cottage Industry and Cooperatives Division under the Energy and Industry Department at the Prime Minister’s Office.
In her presentation, Tan explained that financial management is the planning, organising and controlling of the acquisition, and use of financial resources for the purpose of achieving organisational goals.
Information needs to be provided in a variety of ways through which other departments can easily understand the information and for decisions to be made. This information comes in the form of balance sheets, profit and loss statements, cash flow statements and budgets, she shared.
Jenifer Tan, a Consulting Partner at BizAdvize Services Sdn Bhd, speaking during the session at the iCentre. – DANIAL NORJIDI
She also touched on aspects of planning, beginning with investment planning, which involves the evaluation of new or existing projects, payback and current value. Financial planning involves the decision regarding loans, as well as a mixture of liabilities to owner’s equity. Risk planning, she said, involves various insurance strategies and intellectual property protection.
Underlining the importance of financial management, she highlighted a number of reasons why businesses fail, including: lack of capital, too many long-term assets, insufficient control of inventory and credit, cash flow and payment, lack of control over costs and sales into profits, wrong pricing, and accountability costs.
“All this involves the management and control of financial resources,” she said.
The IBA is a development and learning programme for small and medium enterprises (SMEs), and is open to all levels of business with different maturity levels from start-ups to established companies.
The IBA aims to pave the way for SMEs to successfully achieve their goals in starting, running and expanding their business.
IBA organiser DARE is a statutory body that looks to nurture and support local enterprises, with the aim of fostering their growth and enabling them to contribute to the country’s GDP.
DARE also develops local enterprises by assisting in capacity building, facilitating access to funding, access to international markets as well as providing indus-trial spaces for SMEs to grow.
The post DARE holds IBA session on ‘Basics on Accounting’ appeared first on Borneo Bulletin Online.