In a bid to address the financial literacy skills gap in South Africa, the Association of Chartered Certified Accountants (ACCA) has released a new guide, ‘Financial management and business success - a guide for entrepreneurs’, designed to help small businesses understand the importance of financial literacy. Nomsa Nkomo (pictured), Policy Manager, ACCA South Africa, said:
"Building an entrepreneurship culture in South African is vital in the fight against unemployment; this guide is a game changer and can be used to support entrepreneurs to become financial savvy business owners."
The guide, which includes case studies, statistics and quotes that support skilled financial management, stresses the importance of business planning at every stage of business life, helping users to assess and identify opportunities directly, and avoid mistakes through applying correct financial knowledge.
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."
