MUSCAT : A workshop on creating yearly budgets for small and medium-sized businesses was organised by the Oman Chamber of Commerce and Industry, represented by the Small and Medium Enterprises Committee, in collaboration with the Al Rubaie Office for Auditing, Financial, and Administrative Consulting.
Based on its strategic directions in line with Oman Vision 2040 to improve the business environment and enhance competitiveness, the Chamber was eager to empower entrepreneurs and business owners in the small and medium enterprises sector and build their capabilities in preparing annual budgets for their institutions, said Sheikh Ahmed bin Amer Al Musalhi, Chairman of the Chamber’s Small and Medium Enterprises Committee.
He further added that this helps by concentrating on a number of elements that go beyond the well-known idea of the budget as a financial plan that establishes the estimated revenues and expenses of the business during the fiscal year. He also stated that managing budgets as fundamental instruments for businesses and organisations helps monitor and control financial resources efficiently.
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Taking into consideration various elements like anticipated sales or revenues, expenses, and costs helps predict the financial situation, set goals, keep an eye on problems to find solutions, and manage the institution’s cash flow.
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