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Four Financial Skills Entrepreneurs Must know to Run their Small Business Successfully



Finance is considered the backbone for the  Small Business company which keep its alive  when it needs  it badly to resolve the financial Constraints . The Use of Money wisely will save  a lot for the Entrepreneurs which may later be used  for any difficult time. Entrepreneurs sail with their  golden Ideas but there would be  few  who are well versed with Finance and Accounting , Budgeting ,loaning and lending Principles and Rules .

Being Startup owners , the entrepreneurs  must know  the  Following Four Financial Auditing Rules to  run their Small business Company in a professional manner saving a lot for the rainy day . Savings will help Startups as stimulus during the period when they have applied for Bank loans or Looking for More Investors support their Startups Growth and Expansion . These saved bucks will not let your  Startup fall due to Financial Constraints.

1.Budgeting : This is most important  Skills  which is necessary for all the Entrepreneurs to run their Startups as  per their Business Plan . The First budget comes with the Business which was developed either by you or Business Consultants with your Initial investment  . The Budget may contain various heads which include  Salaries of Proposed Staff , Utilities , taxes , rents or other office related  Products .

If you spend less than the budget or within the budget ,then you will be saving great amount for rolling out to next month . This means that for 12 Months  Budget , your balance each month will be serving you with extra amount in addition to random allocation made . You won’t worry , if  any month’s expenditures exceed than allocated amount . Some Organizations may run Monthly , Quarterly ,Half yearly Budgets  , but it is advisable that you should run your budget for a year to have clear path for Growth .

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2.Accounting :Accounting is all about budget allocation . Means you need document both the Receipts , Investments and Expenditures to analyse and estimate that whether your Startup is going in profits or in loss  or  no gain and no loss basis . Accounting is the most effective tool to analyse and review the Progress of  the Startups . The Entrepreneurs with Accounting Skills will have more clear  view of their Startups that whether their Plan works or needs some on going adjustments . You may use cloud based accounting Softwares which will save your time for  manual accounting .

3.Reconciliation with Bank for Account Statements :The Weekly or Monthly reconciliation with bank for account statements is also necessary for all Startup company for any addition or omission error by the company and bank . If your account balance does not match with that of Bank which means there is some entry error . Whether , you had missed a Shipment or left any entry into your accounting ledger or  Software . Reconciliation with bank will clarify the error .

You can have a online bank account with internet Banking enabled to track the deposits and withdraws so that no unauthorized Withdrawal may be attempted . You should also match the  Salary amount with bank to ensure that your staff has received the fixed amount as promised at the time of hiring . You may also track through reconciling that none of your staff has received over payment than the regular salary.

4.Auditing and Forecasting :  Auditing is the process of checking the accounts of the company to insure that whether the amount incurred was as per the accounting methods  or Standard Operating Procedures (SOP’s) with the proof  of payment made  with voucher or receipt.  Auditing is the monitoring tool to monitor your companies income and expenditure .And , on the basis  of Audit , you make strategic plans  or  Financial forecasts for the company needs and requirements of Staff , material or Goods .

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Auditing has two types : Internal Audit which is conducted by CEO or Internal Auditor  or External or 3rd party Audit by Chartered Accountant Firms . Most of the Startups and Enterprise undertake the internal audit by themselves and contract the 3rd Party Audit for Annual accounts and displays the same on their company website . The External Audit attracts more investors as they (investors) believe that company is not  hiding any facts and figures from the Shareholders or Prospective Investors .

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Sania Approves Cognitive API Architecture For Ehsaas’ One Window Socioeconomic Registry



 Islamabad: The Cognitive API architecture for Ehsaas’ National Socio-Economic Registry 2021 is one of the six main pillars of ‘One Window Ehsaas’. With the survey, which is building the registry currently 90.5% complete nationwide, Ehsaas is firming up its plans to open data sharing and data access services for all executing agencies under Poverty Alleviation and Social Safety Division (PASSD).

Data sharing will be done through the Cognitive API Architecture approach. The deployment of Ehsaas API architecture for data sharing will allow executing agencies to access data from the unified registry in real-time to validate beneficiary information. This will empower them to ascertain eligibility of potential beneficiaries. The benefits which each family and individual is receiving from each organization will be visible to all agencies across all Ehsaas programs.

There will be two-way data sharing; agencies with whom data will be shared will also be required to update the registry with their own information, hence the registry will become more robust over time. A final presentation was made to Dr. Sania Nishtar who closely oversaw this process. She praised the technical team working on Ehsaas Cognitive API Architecture approach and congratulated them. Later, this service will be extended to provinces and other government agencies implementing Ehsaas programs as well.

The API architecture for data sharing will facilitate adoption of the Ehsaas One Window targeting Policy. The objective of this policy is to make targeting predictable, evidence based, transparent and effective in the Ehsaas ecosystem. Under the same architecture, the Utility Stores Corporation has also been linked with the Ehsaas database, which will underpin execution of a commodity subsidies program. This approach is being adopted for the first time and will usher in transparency. Previously, there was no way of one government agency knowing what support an individual or a family was getting from another government agency.

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Some families with connections and influence were getting multiple benefits and other more deserving ones were getting none. Now, with the data integration, Ehsaas agencies will be able to see what benefits an individual or the households is getting. But more importantly, it will also reflect their entitlement in terms of various Ehsaas programmes and initiatives, because the data sharing is pegged with the Ehsaas One Window targeting Policy.

The integrated registry and the cognitive API Architecture for the registry is one pillar of the One Window Ehsaas, which will be launched this week. It has six main components: one-stop-shop centers; an integrated digital interface facing the office; a digital information and services platform; a mobile app; an integrated database comprising of cognitive API architecture; and the standardized beneficiary targeting policy.

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Karachi-based digital bookkeeping startup, CreditBook raises $1.5 million in seed funding



The Karachi-based digital bookkeeping startup CreditBook, which is trying to ensure that tracking of transactions goes digital, has announced that it has raised US$1.5 million in seed funding from international and local investors.

Key investors included Pakistan’s BitRate Venture Capital, VentureSouq from the United Arab Emirates, US-based Better Tomorrow Ventures, Ratio Ventures, Quiet Capital, Toy Ventures, and i2i Ventures.

Established in June 2020 by Hasib Malik, Iman Jamall, and Hisham Adamjee, CreditBook strives to help microentrepreneurs digitalize and track their transactions.

CreditBook aims to utilize the funding to scale its user base and diversify its product offerings. As indicated by the startup, its registered client base grew 5x in the last six months to reach 500,000.

“Before the launch in June 2020, we had planned to use a mix of digital marketing and offline acquisition. But with lockdown restrictions, we pivoted to a purely digital strategy. We were surprised when we saw thousands of users come onto the platform in the first month with less than $1,000 in total spend,” Malik told Tech in Asia. Via TechinAsia

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Pakistan Moves Closer to Train One Million Youth with Digital Skills



Enabling people to bring at least an additional US$1 billion each year into the Pakistani economy through E-Commerce skills by 2025.

Pakistan Moves Closer to Train One Million Youth with 100+ eCommerce and Digital Skills

Karachi, Pakistan, February 05, 2021  ………Pakistan has a large labour force that stands among the top 10 largest labour forces in the world, and it’s growing day by day. To create adequate employment opportunities for them is a huge challenge. On the other hand, employers frequently keep saying that they are unable to find workers with the appropriate skills necessary for their businesses. This obviously shows that there is a mismatch between the demand and supply of skills.

The International Labor Organization (ILO) has shown that skills development can play a major role in the alleviation of poverty, when carefully planned and implemented in the context of the available and emerging employment and income-generation opportunities. This multiplies many folds when the skills are acquired in the digital spheres. It not only widens the work opportunities but also opens up avenues for entrepreneurial ventures as well.

Extreme Commerce, Pakistan’s largest and renowned E-Commerce capacity building platform has excelled in its mission of making Pakistan a hub of entrepreneurial opportunities. Under the guidance of Sunny Ali, thousands of aspiring individuals from Pakistan have successfully initiated global e-commerce businesses.

Extreme Commerce, Pakistan’s largest e-commerce skill development and the entrepreneurial platform has achieved yet another milestone with the expansion of 100+ skills training courses through the “Video Boot Camp (VBC).” The Video Boot Camp includes virtual sessions and videos encompassing around 100 essential e-commerce and digital skills required to excel in the spheres of online businesses. The Video Boot Camp training program is specifically tailored to facilitate the budding entrepreneurs and businessmen and freelancers.

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According to Ali, “E-commerce has skyrocketed after the pandemic and is estimated to grow to a whopping $4.3 trillion within this year.” He further adds, “There is a huge potential for growth in eCommerce both domestic and international, and that is why Extreme Commerce has pledged to enable people to bring at least an additional $1 billion each year into the Pakistani economy through E-Commerce skills by 2025.”

The Video Boot Camp includes over a 100 plus income generating E-Commerce skills (income streams) which an entrepreneur needs to skyrocket their businesses. Some skills offered through the VBC include: Selling through Fulfillment by Amazon (FBA) model, Virtual Assistant and FBA Freelancing, online store management of international and local E-Commerce marketplaces, bookkeeping account management services, digital and social media marketing, content writing and graphic designing, 3D designing & modelling, data science and analytics and more.

This initiative of Extreme Commerce will be immensely fruitful in helping their trainees become leading entrepreneurs of the country. Ali, contented with his vision states, “At Extreme Commerce, we offer a multitude of digital skills that are categorized into 100+ courses/income streams under the umbrella of Video Boot Camp (VBC 2021). These skills are pivotal to reducing unemployment and enhancing the capital of our country.” Sharing his focus and goals, he adds, “Skills that actually help you succeed as an online freelancer and even in the real-life environment plus increase your income thereby, are our prime focus right now.”

Earlier, Extreme Commerce and Mishal Pakistan, the Country Partner Institute of the World Economic Forum had signed a partnership to mainstream e-commerce in Pakistan, this includes capacity building initiatives for the media and industry players, including trainings, seminars and workshops.

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The government of Pakistan has estimated digital skills global industry, often referred to as online outsourcing, is expected to generate gross service revenue between $15 billion and $25 billion in 2021.

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