Entrepreneurs get financial skills training

The Hyderabad Chamber of Small Traders and Small Industry (HCSTSI), in collaboration with the Small and Medium Enterprises Development Authority (Smeda), hosted a training session on "Accounting and Bookkeeping" to equip entrepreneurs with essential financial skills.

Addressing the participants, HCSTSI Senior Vice President Ahmed Idrees Chohan emphasised the importance of mastering financial record-keeping, understanding basic accounting concepts and preparing key financial statements.

Highlighting the value of such knowledge, he noted its critical role in helping new entrepreneurs to establish a robust foundation for their businesses in an increasingly competitive marketplace.

Chohan said the collaborative efforts of Smeda were playing a vital role in supporting traders in Hyderabad. He said Smeda was providing assistance to businesses, enabling them to face the challenges of modern era.

Earlier, Smeda Consultant Danish Riaz delivered a presentation to the participants, focusing on fundamental accounting concepts, principles of bookkeeping and the basics of taxation for businesses.

He explained how accounting was helping track financial performance, facilitating budgeting process and providing assistance in making sound financial decisions.

He also underscored the importance of accurate financial record-keeping and safeguarding the records. He elaborated on essential accounting terms such as assets, liabilities, equity, revenue and expenses, and their impact on businesses.

Additionally, the session provided a detailed overview of financial statements like the balance sheet, income statement and cash flow statement. The concept of double-entry bookkeeping, which ensured that every financial transaction was recorded with a corresponding debit and credit, was also explained.