One of the UK’s leading accountancy institutes has published a new financial skills guide for entrepreneurs, in the wake of research reporting that up to 36% of business failures are caused by inadequate financial management (Turnaround Management Society, 2014).
The Association of Chartered Certified Accountants (ACCA) has launched its report, Financial management and business success – a guide for entrepreneurs, to address the financial literacy skills gap that currently exists in many start ups.
The report covers areas including business planning, finding the right type of finance, cashflow management, financial control and business improvement. It’s not the first time ACCA has put forward expert help for SMEs – last year it spearheaded a campaign to tackle late payment to SMEs
Rosana Mirkovic, ACCA’s Head of SME Policy said, “Having the right financial capabilities remains vital throughout the life of a business, whether you are just starting out, have an established business or are looking towards a final exit from a firm. Businesses are changing and innovating more rapidly than ever and the financial management needs of organisations must continue to evolve alongside their developments. Recognising the right financial management capabilities is therefore imperative to their success.”
The report is available to download free from ACCA.