Monday, April 22, 2024

Poor business record keeping by SMME’s worries CEDA

The Business Advisory Services Manager at the Citizen Entrepreneurial Development Agency (CEDA), Petrus Sebina, has raised concerns over failure by the Small, Micro to Medium Enterprises (SMMEs) to have proper business record systems, which ultimately result in the collapse of the businesses.

Addressing 30 of their clients in Francistown during the launch of the Pastel Accounting Software training workshop, he said that many business owners invest a lot of time and effort into the running of their business and yet fail to realize the importance of maintaining a good documentation on their business records.

“This is just like playing football and not keeping the score. A majority of SMMEs does not know their score because of lack of good and adequate record system,” he said.

CEDA held a three-day training workshop for their clients in Francistown on Pastel Accounting Software package to try and help them manage their business records and to be able to approach banks for loans with proper documentation. The training was partly sponsored by the Centre for Development Enterprises (CDE), which is an international business organization.

Sebina further said that it is critical for managers and owners of businesses to read and understand numbers. He said that poor quality data or inability to understand data quickly, severely affects the performance of any business.

“The preferred record keeping system should be accurate, reliable, easy to follow, consistent as to the basis used and be very simple. I am proud that the Pastel Accounting platform that CEDA brings to you today in collaboration with CDE has all of these features,” he said.

He said that the Pastel Accounting platform once in use, will contribute towards the success of SMME’s businesses.

Sebina also said that good and accurate records will keep businesses on their toes and enable them to monitor every situation.

“It is no use finding out after six months down the track that one of your products has been selling at a loss, therefore keeping records would help you to be up to date with your business performance,” he said.


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