Lack of accounting skills leads to high SME failure rates in Malaysia.
Small and medium-sized businesses (SMEs) are crucial for a country's economy, but many struggle to stay afloat. Lack of accounting skills, like bookkeeping and cost analysis, can lead to financial problems and even business failure. In Malaysia, over 60% of SMEs close within 5 years due to these issues. Having good accounting skills can help SMEs access loans and manage their costs better, increasing their chances of success.