SMEs get accounting skills

Accountants from 50 Small and Medium Enterprises (SMEs) received training in accounting and Finance by Rwanda Commercial Bank (BCR) aimed at improving and developing the skills of the SME segment. The three day training programme, which kicked of yesterday is expected to equip participants with skills to understand and prepare financial statements and get an overview of accounting concepts. Alfred Baguma, Head of Leasing and Business Banking at BCR said the initiative was developed after a survey by the Private Sector Federation revealed that 55 per cent of SMEs are affected by lack of skills in accounting, tax regulation and bookkeeping. “BCR is trying to create a win-win situation. With this training, beneficiaries will be able to present bankable and quality projects,” Baguma said. The project is implemented by BCR in collaboration with Germany Development Cooperation (GIZ) and targets to train about 200 businesses across the country. The bank says it will educate its clients on responsible lending and borrowing, a move that will help them take maximum precaution while applying for funding. A participant, Pauline Uwamahoro, said the training would improve professionalism within local businesses and in turn increase their revenues. “As development advances, many things in financial sector are changing rapidly and so accountants need to be updated on the new financial systems,” she said. She added that majority of the participants lacked basic knowledge of accounting standards applicable to SMEs and model SME financial statements. BCR says it will continue to focus on retail, corporate and SME development. gertrude.majyambere@newtime.rw

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SMEs get accounting skills