MANAMA: More than 100 representatives from small and medium enterprises attended KPMG in Bahrain’s Entrepreneurship Forum to learn about the importance of sound financial management to enable business growth.
The half-day event held at the Gulf Hotel yesterday also shed light on KPMG in Bahrain’s new technology – the Enterprise Accounting Solution (EAS) – designed to make financial management processes simpler and more effective.
“Sound accounting and finance systems are the backbone of any successful business,” said KPMG in Bahrain managing partner Jamal Fakhro.
KPMG in Bahrain partner and head of enterprise Harish Gopinath said, “When establishing a new business, entrepreneurs often focus on running operations and put less emphasis on maintaining accounting records, which could put their company in a difficult financial situation. Having well managed financial systems not only empowers decision-making, but also protects against fraud and misappropriation.
“Businesses also face other challenges including a lack of technical knowledge to interpret financial reports for the benefit of the business, difficulty recruiting qualified accountants and bearing the associated costs.”
EAS, said KPMG, provides an innovative technology that puts business owners in control. EAS users will no longer need to spend time or resources managing receipts and invoices; they can simply take pictures of expenses with a smartphone and send them to KPMG in Bahrain’s dedicated accountants via an online tool. This gives entrepreneurs up-to-date information about their performance, which is accessible via smartphones and portable devices at any time.
The seminar featured case studies and testimonials from local businesses, highlighting how having instant access to accurate financial information has helped them take the best decision at the best time, enabling success of their business.
Participants also had the opportunity to hear views on the importance of accounting and challenges faced by enterprises during the panel discussion between: Bahrain Chamber of Commerce and Industry entrepreneurs committee board member and chairman Mohammed Fakhro, Bahrain Development Bank vice-president of development services Areije Al Shakar and Tamkeen executive director of operations Qusay Al Arayedh.
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