Practical Guide To Bookkeeping
Date; 29th July 2020
Small businesses dominate most economies in the world. According to the report published by the Nkafu Policy Institute on the State of Small Businesses in Cameroon (June 2019), Small and Medium Size Enterprises (SMEs) contribute around 36% of Cameroon’s GDP, make-up over 90% of businesses in Cameroon, and employ above 60% of the population.
Unfortunately, most of these firms do not always make appropriate use of bookkeeping which is often described as “the language of business” and this results to inventory shortages, unreported or under reported expenses such as rental income, difficulties to maintain banking records, shortage of stock, loss of valuable tax deductions, poor filling system and poor business decisions thus have a negative impact on the development and sustainability of SMEs.
Book keeping involves analyzing and using financial information in a systematic manner to understand and evaluate the financial position of an organization, or a business. The availability of accurate accounting information benefits businesses by easing their activities in terms of planning, organizing, leading and controlling. Hence, it is recognized that, appropriate bookkeeping and financial statements are important for a successful management of a business be it large or small without which it may lead to failure.
It is against this backdrop that the Small Business and Entrepreneurship Center (SBEC) of the Denis & Lenora Foretia Foundation is organizing a workshop on the theme “A Practical Guide for Bookkeeping” so as to enable members of the SBEC network to keep complete and accurate business records, which are essential for decision making and growth.
The main objective of this training is to provide members of the SBEC network with the skills and knowledge necessary to carry out effective bookkeeping in their businesses.
The specific objectives are to train entrepreneurs on how to record business transactions on
- Sales book
- Cash book
- Purchase book
- Debtors book
- Suppliers book
- Inventory book
- Expense book
- Different filling systems