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,” said IPA chief executive officer, Andrew Conway.
“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,” said Conway.
The recommendations stem from the Australian Small Business White Paper produced by the IPA in partnership with the IPA Deakin SME Research Centre.