(: Hi Naomy, this is good work. You may wonder to uses wiki headings for your sub titles simply by placing the heading between two sets of equal sign i.e. ==DEVELOPING A BDS MARKET== see how i ve set your first heading. --Brian.sikute 08:57, 8 September 2010 (UTC))
- 1 [[Learning4Content| Portrait_Naolintini_.pngLearning4Content]]
- 2 FINANACIAL MANAGEMENT
- 3 Assignment
- 4 Reflection
[[Image:|100x123px|Commons makes it flow]]
What is Financial Management
Understanding the Basic Accounting system in a Business
Faciliating Record Keeping Training Delivery
Books of original entry form an important part of the book keeping system in an enterprise. They can be defined as the basic books of accounting in which we record all first transactions arising from source documents. The type of book to use depends on which transaction has taken place.
For Example:Sale of goods or services will be entered in one book called the Sales day book, purchases in another book called Purchases day book while cash payments and receipts in yet another book called Cash book and Petty cash book.
Books of original entry are therefore books in which business transactions are first recorded before they become part of the double-entry/book-keeping system. The most common books of prime entry are the day books, the cash book, and the journal. This section will discuss the Cash Book and the Bank reconciliation statement. The Cash Book is the main book in any accounting system
Preparation of Financial Statement
Historical Financial Statements
Projected Financial Statements
Analyzing and Interpreting Financial Statements
DEVELOPING A BDS MARKET
A well functioning and sustainable market for business development is important for the effective development of the MSME sector in general and specifically for youth entreppreneurship. This is especially for most developing countries where both the MSME sector and the business development services market are under developed.
In the past business development services market have been largely supply driven. This approach perceives MSMEs as weak beneficiaries of support for whom solutions must be prescribed by others; mainly organizations offering subsidized services. This approach is not sustainable and does not foster a culture of entrepreneurship and competitive business conduct among MSMEs.
To foster a development of a vibrant and sustainable market for business development servicesfor the youth, we must recognize that youth enterprises will operate in the same competitive market based business environment as every other business, where transactional relationships are based on demand and supply.
WHAT MUST BE DONE TO CREATE A BDS MARKET The first thing that must be done to foster development of a vibrant BDS market is to create awareness among stakeholders at various levels that business development services are private goods that can and must be accessed on demand on the open market through business transactions in which the MSMEs are discerning customers and consumers. This means that there must be concerted effort by stakeholders to systematically move away from directly subsidizing provision of business development services to MSMEs.
Secondly, there is need to introduce and popularize a broader understanding of business development services beyond training, business plan preparation and counseling to include a diversified range of services such as:-
- Preparation of accounting records http://www.zamcom.smetoolkit.org/-Zambia
- Product development
- Trade missions and export facilitation export promotion
- Marketing and advertising
- Legal services
After creating a broad understanding of what business development services are, There is now need to target key stakeholders in MSME development and potential service providers to create an understanding that providers of business development services must ideally be commercially viable private establishments. Examples of such establishments include individual experts who provide such services as preparation of legal contracts, small companies who provide marketing services or large manufacturing companies such as TAP Zambia who can provide business development services as part of another product they are offering.
IMPROVING FUNCTIONING OF BDS MAREKTS To improve the function of BDS markets we need to understand the framework within which these markets work.