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ACCA and SCCI Launch Booklet for Small Business Owners

(Karachi – Jan. 5, 2009) ACCA in conjunction with SCCI recently launched a booklet for small businesses and entrepreneurs entitled Putting Small Business First which provides practical guidance to small business owners on aspects of business management such as maintaining cash books, records of inventory, debtors and creditors, maintaining productive working relationship with banks, preparing records of financial position and performance of business as well as basic information about filing tax returns and computation of taxes.

Arif Masud Mirza, Head of ACCA Pakistan at the launch of the booklet said, ACCA aims to be the accountancy body that is most closely aligned with small businesses. In Pakistan ACCA has been closely working with SMEDA and Shell Tameer to enhance the accounting and taxation skills and knowledge of small business owners and managers. As a result of this work we have observed that majority of our small business owners and managers are not equipped with even the basic accounting and bookkeeping knowledge and skills. This concise, simple, practical, useful booklet in English and Urdu that we launch today in partnership with the Sialkot Chamber of Commerce promises to fill this knowledge gap as it aspires to facilitate the understanding of the basics of accounting and bookkeeping thus enabling small business owners to maintain relevant and reliable records that would facilitate effective internal and external decision- makingĀ  as well as improved access to finance thus ultimately resulting in sustainable growth and development of small businesses of Pakistan.

Dr. Afra Sajjad, Head of Education and Policy Development of ACCA Pakistan, opined that as the booklet is in English and Urdu, it would be valuable for a large number of small business owners. ACCA in partnership with SMEDA intends to organize workshops for small business owners for dissemination of information of the booklet.

Mr.Sultan Tiwana, General Manager (BD&SDS) SMEDA lauded the efforts of ACCA in creating awareness of the need for maintenance of transparent accounting and taxation records among SME owners by working in partnership with SMEDA to develop the required accounting and bookkeeping knowledge and skills of small business owners. Mr Khwaja Zaka-ud-Din, Chief Executive, Capital Sports Corporation (Pvt) Ltd, and Mr Soban Zaheer Butt, CEO, Soban Traderst also appreciated ACCA Pakistan for taking the initiative of coming up with a booklet that would increase the understanding of accounting and bookkeeping of small business owners.

Mr Hassan Ali Bhatti, President Sialkot Chamber of Commerce & Industry was the Chief Guest of the launch event. He in his comments stated as small businesses in Pakistan face a number of micro and macro national and global economic challenges, the key to survival of small businesses is maintaining liquidity thus ensuring that cash is being managed effectively and efficiently. It is thus imperative that small businesses maintain dependable accounting records. In this context the development of the booklet by ACCA Pakistan which we at SCCI are proud to support is a timely development. We are confident that this booklet would facilitate small businesses in maintaining accounting records that would be useful in decision-making.

At the end of the ceremony the booklet wax unveiled by the Chief Guest and other guest speakers.

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