In Cambodia, many small businesses and non-governmental organisations (NGOs) lack the resources to set up correct accounting procedures. Many begin their operations without a good bookkeeping system in place, leading to inefficiency and financial transparency issues. Critical decisions are often based on dated or incomplete financial information, undermining the effectiveness of their organisation.

Determined to change all this, Chenda Chhay plans to create Your Business Solution, an accounting firm that meets the needs of NGOs and startups. Chenda has already equipped a number of NGOs with the accounting systems they require to operate efficiently. With over 2,000 registered NGOs in Cambodia, there is a significant demand for this kind of work.

"I was inspired to launch this project because I've seen a growing need for local, quality accounting resources", says Chenda. '"he big accounting firms in Cambodia are too costly for local NGOs and businesses. As their primary focus is audits and taxation, they do not usually offer basic accounting services and training. Your Business Solution will fill this gap by providing inexpensive, customized accounting solutions."

Chenda will regularly visit these organisations in person to monitor their procedures. With her intimate knowledge of local institutions, she is well placed to offer advice that takes account of their specific needs.

Born and educated in Phnom Penh, Chenda drew upon her university background and six years of professional accounting experience to develop her business plan. Your Business Solution will initially provide web-based accounting and financial management consulting to Cambodian companies, expanding its services to international organisations in the long term.

Empowering the people

By providing affordable and accessible accounting services, Chenda hopes to change the face of Cambodian society. She says, "Your Business Solution will have a dramatic impact on local NGOs and small businesses, improving their ability to develop the country effectively."

Chenda also aims to provide opportunities for victims of discrimination who frequently struggle to find employment. "As well as employing trained accountants, we intend to recruit from disadvantaged groups, including landmine amputees and former sex workers", she explains. "Our goal is to provide these individuals with the tools they need to launch a successful career."

Natural born entrepreneur

Passionate about the cause, Chenda is eager to get her business off the ground and rolling. She has already contacted local and international companies that might be interested in her services.

Chenda first heard about the Cartier Women's Initiative Awards by word of mouth. She says, "This is a very exciting opportunity for women. In my country, it's hard for females to be entrepreneurs: men are usually the top bosses. I want to overcome this problem and set an example for other women."

Since the competition last October, Chenda has signed several contracts for Your Business Solution. Follow Your Dream, an American NGO, and the Rice Mill and Food Security Project have both benefited from her expertise. She is currently discussing with Cambodia for Community Development (CVCD) and even with former Cartier Awards Finalist PEPY Ride about internal audits contracts for 2010. Chenda is also in touch with Aaron Forsyth, co-Founder and COO of My Global Staff to work on their potential growth plans. Your Business Solutions is looking for new investors and partnerships, strongly supported in this initiative by Aude Zieseniss de Thuin, President and Founder of the Women’s Forum. Experimented senior managers already offered their help as business mentors.