Accra, Ghana//-Three young Ghanaian entrepreneurs say the survival of any kind of business is hinged on bookkeeping.
According to them, bookkeeping which is keeping accurate financial records could be used to gauge the health of the businesses.
Ms Priscilla Korshie Sherrie, Kelvin Agyei-Darko, and Anthony Owusu-Ansah gave this advice during an online discussion held on MTN Just Be Series.
Speaking on the topic: ‘The Side Hustle Wahala’, Anthony Owusu-Ansah, the Founder and Chief Executive Officer (CEO) of ShaQExpress, a tech driven courier company, operating in Accra, described bookkeeping as the difference between success and failure of businesses.
He added that bookkeeping helps businesses to plan their budgets, explaining that budgets are vital for businesses as they are the financial guidelines to success.
“With bookkeeping, you can assess your financial resources and manage income and expenses”, Mr Owusu-Ansah stated.
For Kelvin Agyei-Darko, founder and CEO of AJ Vanush Shoes, a leading shoe-maker, noted that bookkeeping makes filing a tax return easier for businesses that practice bookkeeping.
With a proper organization of records on your earnings, expenditure and others you won’t have to worry about scrambling for receipts and invoices because all your records are properly documented, he explained.
Ms Priscilla Korshie Sherrie, founder and CEO of Delivery Guys, a leading courier company, also added: “Organization of financial records is very important. You should be able to easily assess your financial information at anytime”.
This will help when it comes to applying for grants, loans, or even attracting investors”.
Advice
The three young entrepreneurs who work for people but run their own side businesses used the occasion to advice Ghanaians on entrepreneurship.
They advised their fellow youth who want to follow their footsteps to have good attitudes to enable them to attract people to invest in whatever they are doing.
As Ms Sherrie puts it: “Your attitude will make someone walk to you to want to do business with you. People are looking to invest their resources in young people but the attitudes of some young people are discouraging them. This is because the elder people think that their investments will be divested by the young people into frivolous things”.
Mr Owusu-Ansah appealed to young people to start their businesses with the little money they have rather trooping to financial institutions for loans which are given at exorbitant interest rates.
“You can start your business with the little money that you have. It is better than going for high interest loans”.
African Eye Report
