To help the members of the Abad Santos Farmers Association (ASFA) and the Bailan Farmer Entrepreneurs Association (BAFEA) understand financial management better, the Department of Agriculture – Special Area for Agricultural Development (DA-SAAD) Caraga held a training on Basic Accounting for Non-Accountants (BANA) from June 10 to 14, 2024.

The five-day training took place in barangays Abad Santos and Bailan, in Sta. Monica, Siargao Island, Surigao Del Norte. PESO Manager Arciazel L. Lagrama from Surigao City, and Giovanni S. Paredes, an accountant from the Department of Labor and Employment (DOLE) Caraga, served as the resource persons.

Lagrama shared that, “learning basic accounting is important for running your business to ensure its long-term stability.” He emphasized that financial management is just as important as product marketing for successful livelihoods. 

He added that one reason small businesses fail is due to a lack of accounting knowledge, which leads to mismanagement, high debts, and low returns.

Meanwhile, Paredes, talking to the BAFEA farmers, furthered that “someone should be in-charge in your group to do the journaling of the cash flows to balance the finances of the association,” elaborating the importance of chronologically recording the financial transactions of the association.

Both speakers highlighted that while focusing on agricultural production and marketing is important, they should not neglect accounting. Proper accounting is crucial for ensuring the stability of their operational funds, which is essential for the growth and benefit of the members and the organization.

Importance of the Training on BANA

Both ASFA and BAFEA joined the SAAD Program Phase 2 in 2023 and are still getting involved in the business side of their livestock and crop production projects. ASFA received a Pineapple Production Project and will soon receive a Sweet Potato Production Project as part of their crop diversification plans. BAFEA received and continues to develop their Goat Production Project, received additional goats, and will start an Ube Production Project in 2024.

“I am thankful to SAAD for training us on BANA. We are not yet directly earning from our pineapples, but we can apply all the learning in our association, especially in liquidating our monthly dues and monthly expenses,” said Vice-Chairperson of ASFA, Mr. Samuel A. Juntilo Sr., during a dialogue about the training on financial management.

SAAD Caraga aims to empower FA members as knowledgeable entrepreneurs, ensuring stability in their future income-generating ventures through the selling and processing of produce and livestock. This initiative promotes long-term sustainability and growth within their communities. ###

Writer: Sean D. Belen, SAAD Caraga Regional Information Officer