The Youth Economy Agency (YEA) has commenced an Introduction to Bookkeeping Training programme that will run from Monday, September 9 to Friday, October 4.

Sixty young Saint Lucians aged 15 to 35 years old will attend the training sessions at the YEA’s Castries office and the Vieux Fort ICT Access Centre. The theme of the one-month training programme is “Building Financial Confidence, the Power of Accurate Bookkeeping”.

The training programme forms part of a Technical Cooperation Agreement (TCA) signed between the Taiwan Technical Mission (TTM) and Youth Economy Agency (YEA) on Tuesday, April 30, 2024, to assist young Saint Lucian entrepreneurs gain greater opportunities to succeed.

During the 42-hour course, participants will learn essential knowledge and skills that will help them establish effective bookkeeping practices to serve as solid foundations of their businesses’ success. Another key objective of the training is for participants to have a clearer understanding of their businesses’ financial position, while helping them make informed decisions.

A registration and orientation ceremony was held at the YEA’s office on Chaussee Road, Castries, on Friday afternoon, September 6, 2024, ahead of the start of the training.

At the ceremony, H.E. Peter Chia-Yen Chen, Taiwan’s Ambassador to Saint Lucia, urged the participants to be dedicated and hardworking while taking the course, especially as the benefits can enhance their careers and businesses.

Ambassador Chen said the young entrepreneurs were taking a critical step that will equip them with essential skills that will serve as the bedrock of their business success. He admitted that while bookkeeping might not always be the most glamorous aspect of running a business, it is undeniably one of the most crucial.

“Effective bookkeeping is not just about keeping track of numbers; it’s about understanding your financial health, making informed decisions, and ultimately steering your enterprise towards sustained growth and success,” Ambassador Chen told the participants.

Ambassador Chen added: “Today, as you delve into the fundamentals of bookkeeping, remember that you are building a foundation that will support all your future ambitions. Embrace this learning experience with curiosity and an open mind. Grasp this opportunity offered by Youth Economy Agency as they work effortlessly to support each of you on your entrepreneurial journeys.”

Ambassador Chen said the Embassy of the Republic of China (Taiwan) is delighted to work with the Youth Economy Agency to empower entrepreneurs to make strategic decisions and navigate the many challenges they may face.

“I wish you all the best in this training programme and in your entrepreneurial endeavors. The Government of the Republic of China (Taiwan) will continue to collaborate with the Government of Saint Lucia to support the youth in their quest for socio-economic empowerment,” Ambassador Chen concluded.

Meanwhile, Mr. Bryan Vidal, Chief Executive Officer of the Youth Economy Agency, said many MSMEs face common challenges, including inadequate access to finance and training. He told the participants that the YEA endeavours to counter these challenges by being a source of support for young entrepreneurs. He said having accurate financial statements are crucial for businesses, especially those seeking funding from lending institutions.

“When you keep proper records, it places you in a better position (and) you’re able to negotiate better interest rates,” Vidal stated. “As we say in banking, ‘If it’s not recorded, it does not exist.’ So I want you to take special advantage of this training opportunity. I assure you that the Government of Saint Lucia has invested a lot in you.”

Ms. Olivia Jn. Baptiste, Project Officer for Training & Development at the Youth Economy Agency, provided an overview of the training programme the participants will undertake. She noted that the success of any business depends on stringent financial management, and that the programme. By taking the course, she said the entrepreneurs are empowering themselves with the tools their businesses need to become successful and sustainable.  

“As the month goes by, you will develop a solid understanding of the fundamentals of bookkeeping concepts and its principles,” she said. “You will be able to apply these principles to real-world businesses, scenarios, exercises, case studies, and most importantly, your very own businesses. You will be exposed to the principles of double entry accounting and accurately record financial statements. You will gain expertise in creating and interpreting financial statements, including income statement and balance sheet. You will acquire skills in accurately recording various business transactions using appropriate accounting methods.”   

To become eligible to participate in the certificate ceremony following the completion of the training programme, participants must attend at least 85% of the classes. Participants are also expected to submit a financial portfolio that includes financial statements of their businesses. These financial portfolios will then be evaluated, with successful participants qualifying for an EC$1,000.00 angel grant to support their businesses.