Assistance in the Preparation of SAK EMKM-Based Financial Statements for MSMEs in Medan City

Abstract

This community service aims to improve the ability of Micro, Small, and Medium Enterprises (MSMEs) in Medan City to prepare financial statements in accordance with the Financial Accounting Standards for Micro, Small, and Medium Entities (SAK EMKM). The main problems faced include low understanding of accounting principles, inability to prepare standardized financial statements, and limited awareness of the importance of financial statements for business development and access to capital. This program involved 30 MSME actors from various business sectors in Medan City, selected based on their commitment to business development and willingness to fully participate in the mentoring program. Implementation methods include basic SAK EMKM training, workshops on preparing statements of financial position, income statements, and notes to financial statements, as well as intensive mentoring for 10 weeks. Evaluation results showed significant improvement in participants' abilities, with 87% of participants able to prepare simple financial statements in accordance with SAK EMKM after the program. The ability to separate personal and business finances increased from 32% to 91%, and understanding of financial statement components increased from 18% to 89%. The program also successfully established the Medan MSME Accounting Community as a forum for continuous learning and consultation among business actors.