Training Session on “Accounting and Bookkeeping” Hosted by HCSTSI and Smeda in Karachi

The Hyderabad Chamber of Small Traders and Small Industry (HCSTSI) recently hosted a training session on “Accounting and Bookkeeping” in collaboration with the Small and Medium Enterprises Development Authority (Smeda). The aim of the session was to equip entrepreneurs with essential financial skills to help them succeed in the competitive marketplace.

During the session, HCSTSI Senior Vice President Ahmed Idrees Chohan emphasized the importance of mastering financial record-keeping, understanding basic accounting concepts, and preparing key financial statements. He highlighted the value of this knowledge in establishing a strong foundation for businesses and commended Smeda for its support to traders in Hyderabad.

Smeda Consultant Danish Riaz delivered a presentation focusing on fundamental accounting concepts, principles of bookkeeping, and basics of taxation for businesses. Riaz explained how accounting helps track financial performance, facilitates budgeting, and assists in making sound financial decisions. He also stressed the importance of accurate financial record-keeping and safeguarding records.

The session provided a detailed overview of financial statements such as the balance sheet, income statement, and cash flow statement. Participants also learned about the concept of double-entry bookkeeping, ensuring that every financial transaction is recorded accurately.

Overall, the training session was a valuable opportunity for entrepreneurs to enhance their financial literacy and gain the necessary skills to succeed in their businesses. The collaborative efforts of HCSTSI and Smeda are instrumental in supporting traders and businesses in Hyderabad to face the challenges of the modern era.