Chief executive officer of Omega Business Consultants Ltd, Emmanuel Masangkay, said this during day one (Thursday, Nov 18th) of the Certified Practicing Accountants Annual Conference in Port Moresby.
Masangkay said with the lack of basic knowledge in business skills in effectively keeping financial records, the Government’s expectation to create 500,000 SMEs within the next 20 years is uncertain.
“What happened? They simply go broke,” said Masangkay.
He further said “proper record keeping is very important”.