DAIC & CREAD prompt entrepreneurs on the significance of proper record keeping

The Dominica Association of Industry and Commerce (DAIC) and the Climate Resilience Execution Agency for Dominica (CREAD) hosted the second level of the MSME Virtual Financial Management Training via zoom on Thursday, June 11th, 2020.

This level two session on Record-Keeping was facilitated by Mr. Elijah Leblanc, the MSME Business Advisor from CREAD. This session sought to ensure that all participants understand the importance of record-keeping, basic bookkeeping terms, fundamental knowledge of the bookkeeping process, and the effects of bookkeeping on financial statements.

It was emphasized that bookkeeping is important in making operational and investment decisions, as well as preparing accurate and complete financial statements. Fundamental to record-keeping and understanding the financial health of any business are the financial statement. The three main financial statements (Balance Sheet, Income Statement, and Statement of Cash Flow), were presented and carefully explained. It was further emphasized that all financial statements must be accurate, complete, relevant, a true representation of the transactions of the business, and comparable in order to compare the business over subsequent periods.

Mr. Leblanc detailed the stages involved in bookkeeping which are vital to successful record keeping. He included that analyzed transactions must be measurable, involve independent parties and source documents; the accounting equation must include assets, liabilities, and equity; transactions must be categorized taking into consideration the balance sheet, income statement and statement of cash flow; and debit and credit transactions must be accurately recorded detailing the giver and receiver.

The Partners encourage all businesses to understand and implement the principles and advice shared in this session in order to make improved and sound operational and investment decisions.  To view the full session and participate in the assessment of Level Two, visit the DAIC’s YouTube Channel at

 

For additional information on this training, please contact DAIC today at chamber.daic@gmail.com.

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2 Comments

  1. Original
    June 30, 2020

    The present governmental administration has poor transparency practices when it comes to money management along with the overall management of the affairs of the state but institutions such as DAIC, whose voice could make a difference has refused to address such shortcomings yet the population must be subjected to laws… too much double standards, this attitude and culture of silence is our George Floyd, its institutional silence giving credence to the poor management of our Dominica.

  2. Batibou River
    June 29, 2020

    I wonder if the PM/Minister of Finance has signed up to participate in the course. His book keeping and accounting certainly leaves a lot to be desired. We want our money back!

    Well-loved. Like or Dislike: Thumb up 4 Thumb down 0

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