On the 12th of August,2020, the Accra Chamber of Commerce and Industry (ACCI) held a presentation on Understanding Financial Statements for Business Decision Making at the UDS Guest House, Accra.
The presentation was organized as a support initiative aimed at strengthening its members and businesses with key business information to help revive and promote business growth and development. This was in response to the devastating effects of the novel corona virus which disrupted business activities and resulted in member firms and businesses suffering both psychologically and financially.
The event was hosted by the Chairman of Accra Chamber of Commerce, Nana Agyenim Boateng with the Guest Speaker, Dr. Vera Fiador, Senior Lecturer at the University of Ghana Business School (UGBS) and CEO of Madeolo Consult.
Dr. Fiador mentioned that to drive profits, businesses need to identify red flags and conduct Financial checks to aid them make informed decisions. Through the presentation, Dr. Fiador enlightened the house on the fact that to improve any business, one must be able to measure the business by studying accurate financial data. She stated that, ‘without data we can’t measure and without measurement, we can’t necessarily work to improve’
Dr. Fiador admonished participants to gather data, store data, keep source documents and employ the services of an accountant if possible to keep track of daily/weekly/yearly financial activities that will help measure and improve their businesses.
The Chairman of ACCI, Nana Agyenim Boateng gave the members the platform to share their experiences on how the Covid-19 affected their businesses and the lessons they learnt. Some Executives and members shared their experiences with the house.