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HYDERABAD, Jan 14 (APP):Senior Vice President of Hyderabad Chamber of Small Traders & Small Industry (HCSTSI), Ahmed Idrees Chohan, said that the collaborative efforts of the Small and Medium Enterprises Development Authority (SMEDA) Hyderabad are playing a vital role in supporting traders in Hyderabad.
He emphasized that SMEDA is providing excellent assistance to businesses, enabling them to face the challenges of the modern era.
He expressed these views while addressing a training session on “Accounting and Bookkeeping,” organized in collaboration with SMEDA Hyderabad at the HCSTSI Secretariat.
He highlighted the significance of the topics covered in the session, including the importance of financial record-keeping, basic accounting concepts, key financial statements and practical bookkeeping methods.
He noted that these topics are particularly valuable for new entrepreneurs, helping them lay a strong foundation for their businesses.
Ahmed Idrees Chohan reiterated that HCSTSI has always been at the forefront of promoting the growth and addressing the issues of the business community in Hyderabad.
Earlier, SMEDA Consultant Danish Riaz delivered an insightful presentation to the participants, focusing on fundamental accounting concepts, principles of bookkeeping and the basics of taxation for businesses. He explained how accounting helps track financial performance, facilitates budgeting and aids in making sound financial decisions.
He also underscored the importance of accurate financial record-keeping and safeguarding these records and elaborated on essential accounting terms such as assets, liabilities, equity, revenue and expenses, and their impact on businesses.
On the topic of taxation, Danish Riaz educated the participants about various types of taxes, including income tax, sales tax, corporate tax, and withholding tax.
On this occasion, SMEDA Hyderabad Regional Business Coordinator Ahsan Abro expressed his gratitude to HCSTSI for its collaboration and appreciated the role of Secretary General Furqan Ahmed Lodhi in organizing the session successfully.
Prominent individuals including Senior Vice President Woman Chamber, Dr. Qamar-Un-Nisa Jatoi, Members Executive Committee and General Body were present at the event.