“You have to know accounting. It’s the language of practical business life… double entry bookkeeping was a hell of an invention.”
– Charlie Munger, American billionaire investor, businessman, and former real estate attorney
This mini-course reveals the major knowledge gaps & misleading beliefs of the real-life PNG SME operations of individually owned PNG SME’s and MSME’s that I’ve personally come across amongst modern, ambitious & highly educated Papua New Guineans who are financially ILLITERATE.
⊗ Don’t keep proper business records
⊗ Don’t invest in proper and accurate bookkeeping, accounting and tax compliance in your business operations
⊗ Don’t use the financial statements of your business to track the progress of your business and intentionally plan for financial success.
This course aims to educate you on the basic business finance management knowledge that are lacking in many PNG SME owners who run their small business formally by:
- Registration with the IPA
- Getting the related TIN Certificate, and
- Opening at least 1 business bank account with a commercial bank in PNG
It has become obvious to me that most PNG SME & MSME owners do not know HOW & WHY the above formal business registration process ties into business money management to track the financial progress and success of the business.
In other words, you don’t know how keeping business records, doing bookkeeping, and implementing an accounting system in your small business operations is essential to track business progress, and plan for financial success.
The course is also suitable for aspiring business owners who have big dreams for their small business idea. It can be used as a money management roadmap to start that journey on the right foot!
Disclaimer: This Online Course is for general & educational purposes only! Please seek professional advice for your specific circumstances.
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What Will You Learn?
- Read the topics but replace "You Don't" with "You Will"!
You don’t really understand how your IPA registration decision controls:
Your business dreams05:00
Your Money Management Strategy to Track Business Progress & Success03:37
Your Yearly Tax Responsibilities03:58
Your Tax Status for Paying Unregistered Businesses04:13
You don’t know the basic tax responsibilities tied to your TIN registrations
Your other yearly tax tasks00:00
The lowdown on what to do with GST00:00
That Special Tax for Specific Industries00:00
Keeping Business Records = Major Tax Discounts!!00:00
You don’t Understand the Real Use of Business Bank Accounts
Cash Asset Management00:00
Financial Statement Creation00:00
Organization for Safety00:00
Multiple for Tax & Investment savings00:00
You don’t know how to prepare for the creation of financial statements for your business
You think they are not necessary for your small business00:00
You don’t keep ALL your business records organized00:00
You don’t have a bookkeeping system00:00
You think top-tier online accounting software is expensive!00:00