Financial literacy for small businesses

EXPOCENTRE AO together with Plekhanov Russian University of Economics launched a pilot project for small and medium-sized businesses called the Crash Course on Financial Literacy for Top Managers.

The event took place on 22–23 February within CJF – Child and Junior Fashion 2023. Spring. The programme of the course is designed for business managers and owners, as well as leading professionals who need up-to-date financial information to make decisions, monitor their implementation and analyse the effectiveness of their activities.

The audience included representatives from manufacturers, suppliers and retailers of children's goods from different cities and regions of Russia. The course was delivered by Lyubov Chaykovskaya, Acting Director of the Higher School of Economic and Business at Plekhanov Russian University of Economics. The first day’s topic was Financial Accounting: New Rules of Record Keeping.

“As far as financial literacy is concerned, knowledge of accounting is probably the most important thing here,” said Ms. Chaykovskaya. “There are major changes in accounting and, accordingly, in management reporting. The objects of accounting include assets, liabilities, facts of economic life, capital, income, expenses, as well as objects not specified in the Accounting Act, which has been in force since 2013. Financial statements are at the centre of the matter today. It is necessary to generate them correctly, to re-evaluate their assets and liabilities, to take into account all existing and necessary reserves and to give a breakdown in such statements.”

She also looked at the arrangement of fixed asset and lease accounting, various aspects of a company's inventory accounting, and new regulatory requirements for document management. Particular attention was paid to the role of management reporting in management decision-making.

On the second day of the workshop Lyubov Chaykovskaya focused on identification and prevention of misstatements in financial reporting, the responsibility for violations of accounting and tax laws, and assessment and mitigation of tax risks. There was a substantive discussion of managers' mistakes and ways to rectify the consequences of wrong financial decisions considering changes in legislation made in 2023.

Participants received valuable expert advice on successful financial management.

Press Service, EXPOCENTRE AO