Accounting body, ICC join forces to save SMES

DUE to the impact of COVID- 19, and challenges many Small and Medium Enterprises ( SMES) are currently facing, the Association of Chartered Certified Accountants ( ACCA), and the International Chamber of Commerce ( ICC), United Kingdom, have signed a Memorandum of Understanding ( MOU) targeted at ensuring SMES remain afloat.

The MOU sees ACCA joining forces with ICC in its, “Save Our SMES” ( SOS) global campaign, as well as sharing professional insights research.

The SOS campaign highlights the challenges many SMES are facing due to the impact of COVID- 19, and has clear, six- point recommendations for governments around the world to offer tangible support to SMES in these difficult times.

Chief Executive at ACCA, Helen Brand Obe, said: “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% expect year- on- year revenue to be lower than the previous year, and 86% expect year- on- year profit also to be lower.”

Secretary General of ICC, United Kingdom, Chris Southworth, said: “We are delighted to have ACCA’S support in this venture. This is a critical moment for businesses across the world – in particular for SMES that may operate with smaller margins.