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Enhancing financial literacy for business viability - IPA
ENHANCING financial literacy skills amongst the small business sector will go a long way to ensure small business viability and growth, according to the Institute of Public Accountants (IPA).
“The IPA believes that the government should make funding, for vocational education courses to enhance SME owners’ financial literacy, a priority,” IPA chief executive officer, Andrew Conway said.
“We also support the notion that practical education in areas encompassing business strategy and management to form part of the educational offerings.
“Incentives for further financial literacy and SME business management education, such as tax deductibility for educations costs, should be offered to SME owners via the tax system.
“Registered Training Organisations could partake in government incentives and play a more active role in encouraging SME operators to improve their knowledge in business management and finance,” Mr Conway said.
These recommendations stem from the Australian Small Business White Paper produced by the IPA in partnership with the IPA Deakin SME Research Centre.
For more information: https://www.publicaccountants.org.au/news-advocacy/small-business-white-paper
About the Institute of Public Accountants
The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies. In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 35,000 members and students in over 80 countries. The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants.
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