ACCA study reveals SMPs are real Covid-19 lifeline while facing their own challenges during crisis
In its most recent report, Responsible SMP Pacesetters, which surveys almost 50 global small and medium-sized accountancy practice (SMP) leaders, ACCA shows the importance of SMPs and why they act as a safety net for businesses trying to rebuild and steer their way through the Covid-19 pandemic.
The study shows how agility and innovation have contributed to an unprecedented mobilisation of the SMP community; with smaller accountancy firms working round the clock to keep businesses afloat, all the while facing their own challenges, such as a lack of staff, delayed payments or the physical difficulty in conducting audits.
The report also demonstrates how SMPs, now more than ever, provide a vital link between SMEs and the ecosystem they have to navigate. They not only guide their small business clients to the support available to them, but they also articulate their clients’ needs to diverse stakeholders, such as government, regulators and banks.
The financial impact of the crisis has been immeasurable with many SMEs and microenterprises not being able to survive mandatory lockdown measures, which have not only forced disruption to supply chains, but caused staff shortages and restricted commercial activity.
The report also shows how SMPs have contributed to the wider community by:
- Supporting the charity and NGO sector;
- Promoting the accountancy profession and social mobility;
- Financial inclusion and financial literacy, and;
- Sustainability and ethics