Poor book keeping responsible for SMEs collapse –ICAN

The new Chairman of Institute of Chartered Accountants of Nigeria (ICAN) Kano/Jigawa District Society Alhaji Amusa Tajudeen Adebayo has identified lack of adequate book keeping knowledge and financial literacy as the major factors responsible for the collapse of many small and medium businesses.

He said this at the 2014/2015 investiture of the institute held in Kano, adding that in its attempt to arrest these shortcomings, the institute will embark on a series of sensitisation campaigns to educate the business community on the need to keep record of their transactions.
He noted that the contribution of small scale business to the nation’s Gross Domestic Product is enormous, adding that the institute has initiated programmes to assist the business communities enhance their trade and access fund.

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