ACCA highlights importance of empathy, flexibility and innovation to SMEs as UN celebrates small businesses

New study to mark United Nations Micro, Small and Medium-sized Enterprises (MSME) Day reveals inside stories highlighting resilience and growth as small businesses face broader challenges than ever

Bengaluru, June 25, 2024: Empathy, adaptability and the human touch are vital to SMEs navigating through today’s dynamic and challenging business landscape, according to a new report launched by ACCA (the Association of Chartered Certified Accountants).

This collection of stories and a toolkit brings together real-world experiences from finance leaders, entrepreneurs, and business support organisations across the world, showcasing the role of accountants in guiding SMEs through the challenges and opportunities of today’s dynamic business landscape. Featured in the stories is Oleksandr Danylenko, co-founder and de-facto CFO of Boodmo, an online automotive spare parts marketplace based in India.

Sundeep Jakhar, Head of Public Affairs – India at ACCA commented: “India has seen a startup boom, with new-age companies attracting billions in funding over the past decade. However, accessing capital and talent remain key bottlenecks for SMEs looking to scale. Accountancy professionals can nurture entrepreneurial ecosystems by prioritising ethics, sound governance and interdisciplinary collaboration to build trust and resilience in SMEs. This report and toolkit provide valuable real-life insights.”

Aleksandra Zaronina-Kirillova, ACCA’s Head of SME Professional Insights, says: “In a world where SMEs are confronted with rapid change, from navigating digital transformation and sustainability, to managing talent shortages and inflation, the role of accountancy professionals as empathetic and indispensable partners has never been more vital.”

“Accountants, with their unique blend of financial expertise, strategic vision, and human understanding, are the listeners, the problem-solvers, and the trusted advisors who stand alongside entrepreneurs, offering not just financial guidance, but also emotional support and a deep understanding of the human stories behind the businesses they serve. This collection of stories celebrates successes from around the world.”

The report, Accountants at the heart of SME resilience and growth, includes a range of stories from around the world – in written and video formats – designed to be a useful resource for SMEs and the accountancy professionals who support them. It also includes a toolkit offering practical tools and insights on a range of topics of interest to SMEs.

To support the launch, ACCA is hosting a webinar on June 27, providing a platform for discussion and deeper insights into the toolkit. Participants will have the opportunity to engage with experts, ask questions, and learn more about the strategic role of accountancy professionals in empowering SMEs. Register here.