Dubai SME workshop brings focus on to latest standards and trends in accounting

Dubai SME, the agency of the Department of Economic Development mandated to develop the small and medium enterprise (SME) sector, hosted a workshop on “Accounting basics and how to choose efficient accounting software” to introduce SME owners to the latest standards and patterns in accounting.

The workshop, held under the umbrella of www.smeconnect.ae, the networking and knowledge-sharing platform launched by Dubai SME for start-up businesses and entrepreneurs, was attended by over 40 SME owners including Emirati men and women.

“SMEs that commit to a culture of transparency and compliance from their early years will have strategic advantages in future. They will always be better placed to attract capital and business, thus growing into bigger enterprises. Efficient accounting and reporting is a strong indicator of the transparency and competence of a business,” commented Abdul Baset Al Janahi, Chief Executive Officer of Dubai SME.

“Through SmeConnect.ae Dubai SME aims to build awareness among SMEs on the key metrics of enterprise competitiveness and potential. The networking platform is enabling SME owners to meet, promote their business and be part of a series of events and informative forums,” added Al Janahi.

The workshop, held at the Business Village in Dubai, covered a broad spectrum of topics related to accounting, starting with basic concepts to the emerging trends in financial reporting standards. Accounting types and processes as well as key considerations in choosing accounting software were also discussed during the workshop.

“Accounting is an effective tool to evaluate a company’s past performance, present condition and also future prospects. A proper accounting system is essential for SMEs, not just for large enterprises. It helps SME owners to have a clear idea of the worth of their business and better manage cash flows,” said Dinesh Singh, CEO – Quantum Auditing, who led the workshop.

Dubai SME launched www.smeconnect.ae to guide investors and entrepreneurs on setting up and growing their business in Dubai. The website provides guidelines and references to help entrepreneurs through the entire life cycle of their enterprises to achieve growth, promote social responsibility and manage profits and revenues. 

A special section for training programmes that help entrepreneurs enhance the performance of their projects through knowledge and learning is also part of the website. In addition, the site includes a special section on events and important occasions relevant to various business sectors.