Khazanay.com set their accounts straight

• Main Authors: Nazir, Usman, Tabrazee, Haroon
• Format: Conference or Workshop Item
• Language: English
• Published: 2016
• Subjects: HF5601 Accounting
• Online Access: http://repo.uum.edu.my/23419/1/TC04.pdf; http://repo.uum.edu.my/23419/

Khazanay.com, an online portal selling used stuff online, is started by two enterprising young individuals in November 2015, Usman and Farid. Setting up the business was a tough task to conquer for used goods business is different from regular trading because of the inconsistent quality of procured products and the additional complexity of grading the products for quality. Further, identical goods are non-existent as every item is unique.The marketing end is also complicated as customers know that the good is already used and would have signs of wear and tear.However, equipped with healthy corporate training, quality education, unwavering commitment and persistence in getting the idea to work, both entrepreneurs managed to develop and maintain a process where the business has become profitable within one year.Being professional accountants, both entrepreneurs are aware of the importance of Financial Reporting, and their accounting prowess has been one of the main factors of their success.This case study talks about the entrepreneurial journey and how financial reporting may help a start-up in the initial phase.