Focus on SMEs financial management

Manama : More than 100 representatives from small and medium enterprises (SMEs) attended an entrepreneurship forum held by KPMG, Bahrain to learn about the importance of sound financial management to enable business growth. 

The event that took place yesterday at the Gulf Hotel 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.

“We understand the need of SME’s and realise that managing big offices’ can be quite a task thus this accounting solution will help manage the finance” Jamal Fakhro, KPMG in Bahrain’s Managing Partner commented.

Partner and Head of Enterprise at KPMG in Bahrain, Harish Gopinath, added: “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.”

While highlighting the difficulties entrepreneurs face in finding a suitable accounting software to comply with the local law, interpret financial reports or to recruit qualified accountants, Gopinath pointed out that EAS developed by KPMG will help make financial management processes simple. 

“With Bahrain’s market being competitive and talks of the tax being implemented in the country having a strong financial system is extremely necessary to avoid any kind of mishap in their business,” he said. 

Attendees also had the opportunity to hear views on the importance of accounting and challenges faced by enterprises during the panel discussion between: Mohammed Adel Fakhro - Board Member and Chairman of Entrepreneurs Committee at Bahrain’s Chamber of Commerce and Industry, Areije Al Shakar- Vice President of Development Services at Bahrain Development Bank and Qusay Al Arayedh -Executive Director of Operations at Tamkeen.

Qusay Al Arayedh -Executive Director of Operations at Tamkeen mentioned, “ The times are changing and I urge all the entrepreneurs to not only focus on their product but also give importance to tracking the finances. Back in the days book keeping or maintaining accounts used to be really expensive and tedious with technology but now with everything being digital it becomes very convenient for the entrepreneurs.’’