The Takoradi Business Advisory Center of the National Board for Small Scale Industries (NBSSI), with support from the Sekondi- Takoradi Metropolitan Assembly (STMA), has built the capacity of 25 clients in the Metropolis.

The beneficiaries, who went through a two-day intensive training workshop, were schooled in basic accounting skills in the areas of bookkeeping and financial management.

Mr Michael Arhin, a managing partner for SMA and Associates, who took the participants through the training, said it is essential for business owners to acquire basic accounting skills, to be applied in their businesses.

He said "gaining knowledge in bookkeeping and financial management did not make one an accountant by profession but it helps you to know whether your business is progressing, retrogressing or at a standstill".

On bookkeeping, Mr Arhin said, it is important to take records of daily financial transactions of one's business in order to keep track of monies that come in and go out so as to determine the progress and financial standing of the business.

Mr Arhin said on financial management, budgeting, implementation of the budget and review was crucial for the survival of any business since that helps the businessman to keep track of the gains and losses of their businesses and also enable them to develop ideas on how their businesses were faring.

He said receiving the training alone was not enough for one's business to progress and as such tasked the participants to implement what they have been taught in order to know their profit and loss variables, make financial projections and be able to maximize their wealth as shareholders in their various businesses.

Nana Yaa Konadu Amponsah, the Business Advisory Head for the Takoradi Business Advisory Center, said her outfit recognizes the importance to train its clients for them to know how their businesses are faring and also to be able to manage their business cash inflows.

“It is our desire to see progress in the businesses of our clients and that is why from time to time we organize such capacity building training sessions to add value to the practical things they already know,” she said.

Some of the participants GNA spoke with, said the training has been helpful.

They said though they were already practising bookkeeping, they were not doing it the right way and thanked the organizers for the impactful training, emphasizing that they were going to apply what they have been taught in their businesses.

Certificates of participation were awarded to them to recognize their participation in the training.