ACCA (the Association of Chartered Certified Accountants) addresses the financial literacy skills gap with a new guide for anyone starting their own business, new to financial management or simply seeking to improve their knowledge.

Financial management is at the heart of running a successful business. Yet many entrepreneurs are not equipped with the skills and knowledge needed to make informed and effective decisions about their financial resources. 

ACCA have addressed the issue through a brand new guide, ‘Financial management and business success – a guide for entrepreneurs’, designed to help small businesses understand the importance of financial literacy and guide them through the basic elements. It’s reported that up to 36% of business failures are caused by inadequate financial management (Turnaround Management Society, 2014). Understanding financial information is vital for offsetting this risk as it reveals the early warning signs of impeding problems.

SME’s play a vital role in the local economy with over 118,000 businesses in the small and medium sized businesses sector in Northern Ireland. The guide stresses the importance of business planning at every stage of business life, helping to assess and identify opportunities directly, and avoid mistakes through applying correct financial knowledge.

Featuring quotes, case studies and statistics that support skilled financial management, the ACCA guide demonstrates how to make sure individuals have the financial capabilities needed to ensure their organisation achieves its full potential.

Ronnie Patton, ACCA Council Panel Member and Senior Lecturer at Ulster University 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.”

To view the full report, please visit here

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Notes to Editors

About ACCA ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. It offers business–relevant, first–choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 188,000 members and 480,000 students in 181 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 95 offices and centres and more than 7,110 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com