CRB counsels contractors on financial management systems

CONTRACTORS Registration Board (CRB) has urged local contractors to strengthen their financial management systems if they want to remain active in the industry.

The CRB Chairperson Eng. Consolata Ngimbwa said when closing a three-day training on financial management to local contractors that there is no way a contractor can make it in the construction industry if he is not competent enough in finance management issues and taxes.

“As we all know the importance of resources supervision in our daily execution, financial management is one of the areas that contradict many contractors but we must be aware that without proper finance management it becomes difficult to complete a construction project and sometimes it becomes easy to incur a loss,” she said.

The training was attended by 163 contractors from Dar es Salaam, Morogoro, Mtwara, Arusha, Pwani, Lindi, Dodoma, Mwanza, Rukwa, Ruvuma, Songwe, Iringa, Kagera, Katavi, Kigoma, Manyara, Mara, Mbeya, Tanga and Zanzibar.

She also said that she is happy to see more women take chance in construction projects adding that she hopes soon they will surpass men in the construction industry.

“I was told that in the three days of training you were taken through financial management procedures and on how to do decisions in your daily operations during the time you need to make decisions to use the fund you have.

This is a very important aspect you have to be very careful otherwise you cannot make it,” she said

“You have also been taught on tax issues and the proper way to keep your records to avoid double taxation or fine during the time you fail to prepare good financial reports of your company,” she said

Eng Ngimbwa also urged contractors to make sure they know how to tender electronically through Tanzania National Electronic Procurement System (TANePS) because that is where all government tenders are advertised.

He said since the government is the big tender provider, there is no way a contractor can survive in the industry without knowing TANePS and applying electronically.

She also reminded local contractors of the importance of joint venture projects (JVs) because that is where they can get the muscles to win big tenders, increase their experiences and also increase their company’s economy.

“It is very difficult to meet the criteria of big tenders if you are alone but if you are two or three it becomes easy to make it. Don’t be selfish join your hand and apply big projects and if you have some differences solve them and proceed otherwise you cannot grow,” she said

CRB Deputy Registrar, Research and Development, engineer David Jere, said the training aims to build their capacity in financial management and record keeping to avoid inconveniences during the time they fail to prepare good financial reports.

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