KUALA LUMPUR, Nov 8 (Bernama) -- The Ministry of International Trade and Industry (MITI) has called on the Malaysian Institute of Accountants (MIA) to help small and medium enterprise (SME) owners to improve their financial literacy.
Deputy Minister Datuk Chua Tee Yong said the enterprises and their growth was strongly influenced by financial management, whereby any financial mismanagement would eventually lead to failure, thus affecting overall enterprise and trade performance.
"Accountants can play an important role as trusted business partners by providing financial consultation and other relevant business support" he said at the MIA International Accountants Conference here today.
The ultimate goal of helping SMEs in financial management was to improve their financial capabilities, enhance business formalisation and professionalism among all businesses, hence improving tax compliance to support nation building through increased revenue, said Chua.
To date, 98.5 per cent of business enterprises in Malaysia comprised of SMEs, with the number reaching 907,065 businesses in 2015, he said.....