MARCH 2019

Dear Entrepreneurs, February was a busy month at the BSU, and March is proving to be no less different. We’re strengthening our partnerships with local incubators, accelerators, and universities in delivering technical workshops and one-on-one advice for startups. We’re also in the process of finalizing the BSU Strategic Plan 2019 which promises more diversified and relevant service offerings. On February 26 and 27, we successfully delivered the Arab Startup Competition’s pre-bootcamp in Amman together with our partners at MITEF and are looking forward to the main conference on March 29! Finally, our startup tip of the month focuses on the importance of sound bookkeeping. Enjoy the read!

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HAPPENING THIS MONTH AT THE BSU

THE LATEST FROM US

“HOW TO DEVELOP A BUSINESS PLAN” WORKSHOP AT THE BSU January 26 Participants learned about the core elements of a business plan and how to successfully draft each one, with the BSU’s tax and accounting advisors. TAX/ACCOUNTING WORKSHOP IN COLLABORATION WITH SOUTHBIC February 20 Held at the Saida Chamber of Commerce, 18 entrepreneurs gained insight into the different tax structures in Lebanon and how to declare them, in addition to an overview of the basic bookkeeping systems.

MITEF ARAB STARTUP COMPETITION PRE-BOOTCAMP February 26/27 The competing semifinalist at MITEF’s Arab Startup Competition received an intensive two-day training in Amman, Jordan, ahead of the final award ceremony taking place in Beirut on March 29. The BSU’s team provided mentorship support to all startups. FINANCE WORKSHOP FOR SMART ESA’S CREATE PROGRAM March 2/4 The BSU partnered with SmartESA to deliver the Finance Workshop for the first batch of the Create Program. The two-day workshop tackled the key components of financial statements, budget construction and financial ratios.

YOUR MONTHLY STARTUP TIP Keep your accounting records straight by setting up a bookkeeping system! There are five types of accounting records that need to be maintained at all times:  General Ledger (سجل اليومية): Records each financial transaction that takes place during the life of a company. Transaction data is categorized by type: assets, liabilities, owners’ equity, revenues, and expenses. The General Ledger is needed to prepare the company's financial statements. Subsidiary Ledger (سجل الاستاذ): Contains detailed records of transactions under the General Ledger. Payroll Records (سجل الرواتب والاجور): Include the names of all employees, their positions, compensation amounts, and employment start and end dates. Inventory Records (سجل الجردة): Track the cost of a business’ assets that are ready or will be ready for sale, in addition to other sub-records such as the year-end inventory. Share Ownership Records for Joint-Stock Companies (سجل الاسهم الاسمية): Specify each owner’s percentage of ownership since the company’s establishment. Why do you need a bookkeeping system? A bookkeeping system helps you keep track of all accounting records in your company. In addition, it allows you to better analyze business activity, attract investors, seek funding, file taxes, and fulfill your reporting requirements. There are different types of bookkeeping systems and methods. Click here to learn more. We know it might be challenging to set up your own bookkeeping system without an accounting background. That’s why our tax & accounting advisors are here to help you so  book your appointment now !

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LOCAL & REGIONAL EVENTS TO LOOK OUT FOR

She's Entrepreneur 2019 Beirut, BDD, March 9 ( More details ) Business Support Essentials Session on Intellectual Property Beirut, Berytech, March 13 ( More details ) IGNITE Tech Chapter Beirut, BDD, March 22 ( More details ) MITEF Arab Startup Competition 2019 Beirut, Hilton Habtoor, March 28 ( More details )

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