CALL FOR APPLICATION FOR TRAINING ON PREPARATION OF FINANCIAL STATEMENT FOR SMALL AND MEDIUM ENTERPRISES

1. Background

In today’s dynamic business environment, small and medium enterprises (SMEs) play a crucial role in driving economic growth and creating job opportunities. However, many SMEs face significant challenges in maintaining accurate and comprehensive financial records, which are essential for informed decision making, securing funding, and ensure compliance with regulatory requirements. Despite the complexity and dynamic nature of digital change, it is possible for professional accountants, financial managers, business owners, entrepreneurs, and anyone involved in SMEs financial reporting from different sectors to analyze and interpret business data for strategic decision-making. These professionals are highly sought after to help their organizations navigate existing tools to maximize production and propose new ways of working to improve productivity.

The OECD report from 2014 indicates that 60% of SMEs struggle to access financing because their financial statements are insufficient. Again, during 2022, the cost of SME financing increased significantly while SME lending declined markedly. Moreover, report by the World Bank in 2019 highlight that maintains accurate financial records are 30% more likely to secure loans and attract investors. Recognizing this need, we are pleased to announce a specialized training program designed to equip SME owners, managers, accountants and other key actors in the field with the skills and knowledge required to prepare and manage their financial statements effectively in order to bring better changes in their respective organizations.

2. Objectives of the training

The general objective of this proposed training aims to provide participants with a solid understanding of the principles, procedures, and best practices involved in preparing financial statements for small and medium-sized enterprises. Participants will gain practical insights into the key financial reporting standards, disclosure requirements, and the overall process of presenting accurate and reliable financial information. That will contribute to their performance and facilitate positive transformations within their responsible roles and responsibilities. Specifically, this training aims to:

• Understand Financial Statements: Grasp the basics of financial accounting, accounting principles, statement of profit and loss, statement of financial position;
• Ensure Accurate Reporting: Learn to prepare compliant and accurate financial statementsmainly customized to SMEs;
• Analyze for Decisions: Use financial analysis to make informed business decisions using profitability ratios, leverage ratios, efficiency ratios, liquidity ratios, etc.
• Apply Best Practices: Implement best practices in financial management and provide participants with tailored tools

3. Expected Output

At the end of this training, the participants will learn the basics of financial accounting, including accounting principles, the statement of profit and loss, and the statement of financial position. Moreso, the participants will gain the skills to prepare compliant and accurate financial statements tailored specifically for SMEs and they will start to use financial analysis tools, such as profitability, leverage, efficiency, and liquidity ratios, to make informed business decisions as well as begin to implement best practices in financial management with customized tools.

4. Content

5. Participants

The training targets the following categories: (i) Small and Medium-Sized Enterprise (SME) Owners and Managers as they need a solid understanding of financial principles and best practices to ensure accurate financial reporting and make informed business decisions. (ii)Financial Officers and Accountants to enhance their skills in preparing compliant and accurate financial statements and implementing best practices in financial management. (iii) Business Consultants and Advisors to provide them with updated knowledge and best practices in financial management, which they can pass on to their clients. (iv) Investors and Lenders to help them assess the financial health and performance of SMEs more accurately through understanding financial statements and analysis and (v) Non-Governmental Organizations (NGOs) supporting SMEs to better assist SMEs in financial management and reporting, thus improving the impact of their support programs

Notice: We can offer this training as per institution demand for their staff

6. Date and Venue

This training is scheduled to take place from 19^th to 30^th August, 2024 from 6: 00p.m to 9:00pm from Monday up to Friday. The training will be hosted at the office of the firm which is located in Kigali – Nyarugenge at KN 1 Ave 55 (Near Sainte Famille Hotel).

7. Participation fee and payment processes

The participation fee is 100,000 Frw. Interested applicants are encouraged to pay the participation fees through the following bank details: Bank Account: 20071588001 open in I&M Bank, in the name of The Result Consult Co. Ltd and send bank slip via info@theresult.rw or contact us through 0781004638 (Training and Events Coordinator). For more information, you can always visit us at www.theresult.rw. To make it easier for participants, payment can be made in two installments: 50% at the start and the remaining 50% at the end of the training.

8. Facilitator

The facilitator for this training program is a certified financial expert with extensive experience in financial management, accounting, and SME development and has been training preparation of financial statement staff from private, public, and non-government organizations.

9. Training methodology and support

The training will be more practical using real examples. Participants are recommended to ask questions that they face in their professional. Participants will be given training materials.

10. Certificate

At the end of the training, we provide certificate of completion.

Deadline for application is due August 17^th, 2024 at 5 pm, Kigali Time

Done at Kigali, August 7^th, 2024

Sylvain Bikorimana

Managing Director

APPENDIX

The table below outlines the training sessions scheduled from May to December 2024.