There are many benefits that businesses enjoy for implementing proper financial accounting systems. Having the right financial accounting systems help businesses to track their performance and financial position at every point in time. This assists businesses to make the right decisions and manage some of their risk exposures relating to their inventories, receivables, payables, revenues, expenses, cashflows and other fixed assets.
The Ghana Climate Innovation Centre held its second workshop for its Cohort 7 entrepreneurs, on Commercial Accumen, on the 15 and 16th of November 2022, at the Airport West Hotel in Accra.
The first day of the workshop focused on Building Financial Accounting Systems to Drive Sustainable Business Performance in the Small and Growing Business (SGB) and positions the entrepreneurs with the right knowledge and tools on how they can use financial accounting systems to drive sustainable business performance. At the end of the session, enterprises will be exposed to various accounting systems that can be deployed to build strong and robust financial systems. The facilitator, David Kadeh, Director of Finance – Ashesi University, a Chartered Accountant has a wealth of experience in helping small and growing businesses with their accounting systems. His expertise cuts across accounting systems restructuring, payroll management, financial planning & forecasting, treasury management and statutory reporting.
The second half of the masterclass on day 2, took the cohorts through a class on Taxation and Insurance for the Small and Growing Business. This class provides a detailed and practical understanding of the tax and insurance regimes in Ghana as may be relevant for small and growing business owners and will help GCIC-assisted entrepreneurs optimize their tax obligations to reduce the burden of being compliant through effective tax planning, but will also take a look at how relevant insurance policies can be leveraged to mitigate future risks. This session was delivered by Mr. Kwami Williams, the co-founder and CEO of True Morringa and a seasoned entrepreneur and an alumnus of Ghana Climate Innovation Centre’s Incubation Programme. His in-depth knowledge on the topic and practical experience of how businesses can harness insurance and navigate the Ghana tax environment to grow their businesses is invaluable. He emphasized that “the adoption of financial accounting systems is very low among SGBs in Ghana. Businesses therefore lose out on the enormous benefits that accrue from having the right financial accounting systems in place. Equipping enterprises with the requisite knowledge and tools can be instrumental in improving the adoption of financial accounting systems in SGBs.”
The purpose of this Masterclass is to provide the entrepreneurs with the knowledge and tools on how they can use financial accounting systems to drive sustainable business performance and will provide the GCIC entrepreneurs with an understanding of financial accounting systems, assist them to identify various financial accounting software they can use in their various enterprises and guide GCIC entrepreneurs on how they can use financial accounting systems to drive performance in their enterprises.
A member of the cohort, at the end of the event commented that ‘ I now know how to track, understand, interpret and communicate my performance, and therefore I am able to assess expected risks and returns on my investments. I wish I had all this information earlier in my business’.
