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Description of Invention
This project provides an opportunity for micro enterprise entrepreneurs to strengthen their knowledge in preparing company accounts. Based on the observations, most micro enterprise entrepreneurs do not have basic accounting knowledge. As an impact, they cannot optimize the company's performance because they cannot see its financial performance clearly and comprehensively. Their poor cash flow management also affects their business's overall financial performance. In addition, the basis of taxation is also essential to ensure micro enterprise entrepreneurs can calculate taxable income correctly and accurately. Indirectly, combining the basics of accounting and taxation would increase the awareness of micro enterprise entrepreneurs to submit their tax returns to the Inland Revenue Board. Therefore, quality financial reporting and accurate tax returns would lead to higher national income since tax collection is vital to ensure the sustainability of the country's economic performance. Having a good basic accounting knowledge and taxation among micro enterprise entrepreneurs will also enhance their confidence in applying for grants/financial aid. Hence, they have more opportunities to compete in their respective industries.
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Intellectual Property (IP) Status