ACCA's latest report, SMEs: Business challenges and strategic innovation opportunities, highlights three main challenges facing small and medium-sized enterprises (SMEs): escalating costs (the top concern for 58% of SMEs), workforce and talent management, and the evolving ESG (environmental, social and governance) reporting agenda.

The report emphasises the importance of innovation and strategic planning in overcoming these challenges. It highlights the role of small and medium-sized accountancy practices (SMPs) as vital supporters in this transformative journey, helping SMEs to navigate financial resilience, technological advancements and sustainable practices.

This comprehensive study provides a detailed analysis of the current landscape, offering insights and strategies for SMEs and SMPs to thrive in a rapidly evolving business environment.