An organized rural business group in the municipality of Poona Bayabao underwent the second training on financial management and simple bookkeeping that was facilitated by MARADECA Inc.
The training that was coordinated under the SUCCEED GLOBAL project, was undertaken for the members of the Poona Bayabao Business Sector Consumer Cooperative.at Barangay Gata Poona Bayabao on May 27.
A first training on similar skill was held in the town for the other businesmen in the area.
The second training was participated by 20 persons and wanted to increase the capability of the participants “since they already had experience managing money with their respective business, said Ms. Faridah U. Salic the peace and governance program coordinator of Maradeca.
Ms. Salic, who facilitated the training, said she emphasizes the during the training the importance of financial management in a business.
“Financial management is about managing and planning income and expenditure that enables your business financially survive and this also includes proper recording of cash flows,” she said
During the training, participants expresed their interest “wherein they also shared their experiences in managing a business. One of the participants said that ‘theoretical learning’s is also needed for actual application and this training gives me an overview that business must have proper management and recording in order to flourish”.
“We thank Maradeca and SUCCEED for imparting us the training that is beneficial for our organization,” a memberr of the business cooperative said,.
“In reality, we usually practice recording transactions in our mind not in a book, Now i learned how important proper recording was in an organization involving with business or money because the record can be used as future reference and it shows transparency to the members of the group,” she added.
Through the training, participants were taught on basic financial management, proper segregation of savings and income, recording of in and out and investing savings for another business to gain profit that to be stagnant, the Maradeca said.