If not at the Harare Business Forum,
then where? I wasn’t really a fan of accounting but the entrepreneurial journey
has demanded a fair share of the accounting principles, and I promised that I
would attend any business seminar to help grow my business mind and special
thanks to Clamence Mutambo who invited me to the Harare Business Forum. Of
course the flier with Dr Nigel Chanakira as the guest speaker caught my
attention and all I wanted was just to attend as I thought that the business mogul
could maybe tell us how we could also build another Kingdom Bank but I was hesitant
also to spend my whole hour listening to the rigorous cash flow accounting
procedures though I just had to attend maybe because I wanted to see the Dr. It
was really worthy it as I got more than what I expected, a simple, efficient,
cloud-based software that can do all the cash flows for me through the Riskflow
application.
Nigel Chanakira is a Zimbabwean
business mogul, philanthropist and the founder of Kingdom Bank. The bank rose from
humble beginnings to a leading indigenous financial services group before his
exit. His efforts continue to be recognised as he had been awarded more than 17
local and international business awards. He is the current Executive Chairman
of Success Motivation Institute (Zimbabwe) based in Harare.( Pindula)
Nigel together with Riskflow, a fintech company based in Johannesburg,
South Africa founded in 1988,focusing on creating enterprise software solutions
have developed an application ‘ Cash Flow Optimiser which comes as CBO4i(CashFlowOptimiser4Individuals)
and CBO4b( CashFlowOptimiser4Business). This application has simplified the
rigorous cash flow process which most entrepreneurs could not bear or were not
quite familiar with but special thanks to the creative and innovative minds
that came together to make life easier for everyone.
With the CashflowOptimiser
you can easily use it on any device, as it user friendly and it can be accessed
anywhere as long as you have the internet access, as it cloud stored. Also the
software is very easy to install on your devices and it is coupled with high
security features for your privacy though the information can be shared with
your business partners, potential investors etc. but it is all after your
approval. The application also comes with a lot of features that includes a
five year projections and many more features that might still puzzle you. Does
this application eliminate the need of accountants, maybe!!! Then you have to
give it a try and see it for yourself. Special thanks to the generous Man of God Nigel who generously
donated the applications to the over 200 attendees, this is surely the benefits
of attending the Harare Business Forum. The individual application costs less
than a dollar per month and you can get yours here:
Why Cash flows
Information about the cash flows of an enterprise is useful in
providing users of financial statements with a basis to assess the ability of
the enterprise to generate cash and cash equivalents and the needs of the
enterprise to utilise those cash flows. The economic decisions that are taken
by users require an evaluation of the ability of an enterprise to generate cash
and cash equivalents and the timing and certainty of their generation.
1. An enterprise should prepare a
cash flow statement and should
present it for each period for
which financial statements are presented.
2. Users of an enterprise’s financial statements are interested in
how the enterprise generates and uses cash and cash equivalents. This is the
case regardless of the nature of the enterprise’s activities and irrespective
of whether cash can be viewed as the product of the enterprise, as may be the case
with a financial enterprise. Enterprises need cash for essentially the same
reasons, however different their principal revenue-producing activities might
be. They need cash to conduct their operations, to pay their obligations, and
to provide returns to their investors.
3. A cash flow statement, when used in conjunction with the other
financial statements, provides information that enables users to evaluate the
changes in net assets of an enterprise, its financial structure (including its
liquidity and solvency) and its ability to affect the amounts and timing of
cash flows in order to adapt to changing circumstances and opportunities. Cash
flow information is useful in assessing the ability of the enterprise to
generate cash and cash equivalents and enables users to develop models to
assess and compare the present value of the future cash flows of different enterprises.
It also enhances the comparability of the reporting of operating performance by
different enterprises because it eliminates the effects of using different
accounting treatments for the same transactions and events.
Event Review
As always at the Harare Business Forum it is all about engaging
minds and surely it was a great day with opening motivation the renowned Sten
Zvavamwe who challenged us to get out of our comfort zone and I remembered when
he said if you still find yourself using your Facebook account to showcase your
beer orgies then you still have a long way to go but instead use it to market
yourself. This was a true eye opener especially in this age where social media
has taken the world by storm but its abuse has seemed inevitable. Then came the
man of the moment Dr Nigel, who as always accompanies his talk with the bible
and I learnt the importance of tithing to every business owner.
There was time for networking after the talk though the fair share
of it was spent scrambling for a close up with Dr Nigel and all the speakers
and there. It was a hustle for photo shots and selfies clearly outlining the
demand of the people who always come to grace the Harare Business Forum events.
See you next time at the Harare Business Forum at Batanai Gardens
Mall at 7pm every Friday.
This article was compiled by Tinashe Bonde, a Motivational
Speaker & Writer, Blogger(www.africanpridemotivation.blogspot.com ) Author. He likes
writing about African Success Stories. Contact Him on tinabonde196@gmail.com +263785413075
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