40 KCCU Members Learn Why Recordkeeping Matters for Their Businesses 

By S.Browne. Updated 8:19 p.m., Tuesday, September 15, 2026, Atlantic Standard Time (GMT-4).

Forty members of the Kingstown Cooperative Credit Union (KCCU) took part in a one-day workshop on Tuesday aimed at strengthening their business recordkeeping skills and helping them understand how financial records can support better business decisions, including when seeking financing.

The workshop, “An Introduction to Recordkeeping: Why It Matters and How to Do It Right,” was held at Methodist Wesley Hall in Kingstown and delivered by the Centre for Enterprise Development Inc. (CED). The training was facilitated by CED Business Development Officer Nisha Glasgow.

The workshop covered what recordkeeping entails, the information needed to obtain debt financing, and different sources of financing available to small businesses, including their advantages and disadvantages.

Participants were also taught how to create a simple recordkeeping system and how to identify and understand a balance sheet, income statement and cash flow statement.

Chairman of the KCCU Education and Marketing Committee, Joslyn Craigg, said the initiative forms part of the credit union’s commitment to equipping Vincentians with practical knowledge and skills that can contribute to the growth and sustainability of their businesses.

“At KCCU, we recognise that our members’ success is closely connected to the strength and sustainability of the businesses they operate. Proper recordkeeping is an important part of that process, as it helps entrepreneurs understand the financial position of their businesses and make informed decisions,” Craigg said.

CED Officer in Charge and Training and Education Coordinator, Keisha Phillips, said the organisation wanted participants to see recordkeeping as a useful tool rather than a complicated task.

“The goal is to look at some simple, practical ways of keeping the information you need, understanding what those records are telling you, and using them to make better decisions for your business,” Phillips said.

Phillips said entrepreneurs often do not prioritise keeping proper business records, despite the benefits they can provide.

“But the truth is, good recordkeeping can make running a business much easier. Your records tell the story of your business. They help you see how much you are selling, what you are spending, whether you are making a profit, and where you may need to make changes,” she said.

She also highlighted the value of maintaining clear and up-to-date records when making larger business decisions.

“Good records are also important when you need to make bigger decisions. For example, if you want to expand your business, purchase equipment, or apply to your credit union for financing, having clear and up-to-date records can make a big difference,” Phillips said.

According to Phillips, such records give business owners and others a clearer picture of how their businesses are doing.

Phillips also commended KCCU for investing in the development of its members and providing entrepreneurs with practical knowledge and tools to support the growth and sustainability of their businesses.

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