As coronavirus continues to ravage the world with significant impact on lives and livelihoods, the Association of Chartered Certified Accountants (ACCA) joins forces with the International Chamber of Commerce (ICC) United Kingdom to push global call to save small and medium scale businesses (SMEs).
The two organisations recently signed a memorandum of understanding (MoU) that will see both parties on a Save Our SMEs (SOS) global campaign as well as sharing professional insights research.
A statement by ACCA, obtained by BusinessDay at the weekend, explains that the SOS campaign highlights the challenges many SMEs are facing due to the impact of Covid-19.
The campaign has clear six-point recommendations for governments around the world to offer tangible support to SMEs in these difficult times.
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“ICC’s SOS campaign is an impressive global initiative, highlighting the vulnerability of SMEs at this time. Our own research into the impact of Covid-19 on business sectors clearly shows that small businesses have a more pessimistic view of what lies ahead compared to larger organisations.
“Revenue and profit are specific concerns. Among business leaders in smaller organisations –those with fewer than 200 employees – 85 percent expect year-on-year revenue to be lower than the previous year, and 86 percent expect year-on-year profit also to be lower,” Helen Brand OBE, chief executive at ACCA, notes.
On his part, Chris Southworth, secretary general of ICC, United Kingdom, says they are delighted to have ACCA’s support in this venture. According to Southworth, this is a critical moment for businesses across the world, in particular, for SMEs that may operate with smaller margins.
“These businesses form the backbone of the economy and governments globally must give them the support they need throughout the crisis, or they risk incurring long-term economic damage,” Southworth states.
The statement reveals that ACCA and ICC will work together to share in their respective memberships’ insights and guidance to sustain SMEs and the SMPs that support them throughout the current crisis and beyond, adding that they would also invite their stakeholders to take part in each other’s events and research initiatives.
It reveals further that options will be explored to work together on co-branded research projects, policy development and co-hosted events around critical issues for businesses. “These will leverage the diverse and complementary know-how of our networks to support SMEs globally, and drive inclusive growth and prosperity,” Southworth assures.
ACCA is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
The association supports its 219,000 members and 527,000 students (including affiliates) in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and 7,571 Approved Employers worldwide and 328 approved learning providers who provide high standards of learning and development
