Cooperative financial management and bookkeeping in Pavia, Iloilo PDF Print E-mail
Thursday, 11 September 2014 00:00

One of the main advantages of a cooperative is that it helps small-time businesses band together and help each other build up a stronger economy of their community. However, like any other start-up businesses, one major loophole of coop members is managing their individual finances well. They might have sold off all their goods and rendered services, yet, at the end of the day, they are still struggling to meet their financial obligations – pay their suppliers or debts, source out more money for wages, transportation,  rental, etc., and most of all, earn for their daily own family needs.

Today Pep Talk shares about the simple financial training for Pavia Entrepreneurs Multi-Purpose Cooperative (PEMPC) by the Department of Trade and Industry (DTI)-Iloilo in Pavia, Iloilo. It was part of their priority SME (Small Medium Enterprise) Roving Academy programs which I co-facilitated. Conducted last September 4 and 5, it was conducted by Athena Business Solutions (ABS), an international business training and consultancy company based in Iloilo City in coordination with High Magnitude Consultancy (HMC), a Zamboanga City based business consultancy firm.

Pavia is one of the progressive towns in Iloilo Province and was identified by DTI-Iloilo where growing small time business enterprises exist and need appropriate knowledge in handling their finances. PEMPC was chosen as it offers opportunities to the town’s “underground economy enterprises” such as farmers, fruits and vegetables vendors, homemakers of bread, puto or pulvoron, street vendors or sari-sari store owners find ways to run their individual businesses efficiently.

“How is your business?” was the opening question of Mutya Eusores, DTI-Iloilo Trade and Industry Development Specialist. "Do you know how much net profit are you making?" she asked them again. Perking them up as the government’s partners in countryside development, Mutya encouraged the participants to learn and to ask the training’s mentors to help them find the answers.

Since most of the participants have no knowledge in accounting and simply know how to compute using calculator, the 2-day financial training was conducted in the local dialect. Accounting was explained in simple and layman’s terms too for easy comprehension and appreciation. They were taught how to record business transactions properly (earnings, expenses, keep tracks of assets, and pay off debts), and made to realized the importance of handling and separating business money with personal expenditures.

At the end of the sessions, the participants were grateful that they learned how to make financial statements to account where their business money goes and how much business money they earned including allocating money for payments.

The main mentors were Rodelin Malones and Miles de Asis, the Chief Accounting Trainer and Chief Auditor, respectively, of Athena Business Solutions (ABS), and Dante Corteza, business organizational consultant of High Magnitude Consultancy (HMC) as co-mentor. They explained the financial management with proper bookkeeping. I bridged the importance of managing well business finances in relation to the success of business growth and direction.

Rodelin Malones is a licensed trainer of CEFE (Competency-based Economics thru the Formation of Enterprises), a recognized enterprise management development expert. She is a member of the Association of Training Institutions for Foreign Trade in Asia and the Pacific. And she been conducting various seminars here and abroad in coordination with government officers and private organizations such as the GTZ of Germany, CIDA of Canada, and the World Bank.

Miles de Asis is a part-time accounting professor at Central Philippine University, Western Visayas’ oldest and largest university, where is presently taking her Master in Business Administration. She is also a licensed real estate broker.

The participants were encouraged to apply what they learned and are given a 30-day free follow-up consultation by ABS and HMC.

Matthew 28:20 "Teaching them to observe all things that I have commanded you."

By: Dante Corteza