ACCA, ICC seek support for SMEs
The Association of Chartered Certified Accountants has signed a Memorandum of Understanding with the International Chamber of Commerce, United Kingdom.
A statement from ACCA said with the MoU, ACCA joined ICC in its “Save Our SMEs” global campaign, as well as sharing professional research insights.
It stated that the SOS campaign highlighted the challenges many SMEs were facing due to the impact of COVID-19, and had six-point recommendations for governments around the world to offer tangible support to SMEs in difficult times.
The Chief Executive, ACCA, Helen Brand, stated, “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 per cent expect year-on-year revenue to be lower than the previous year, and 86 per cent expect year-on-year profit also to be lower.”
The Secretary General of ICC, United Kingdom, Chris Southworth, stated, “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.
“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.”
It stated that ACCA and ICC would work together to share their respective memberships’ insights and guidance to sustain SMEs that supported them throughout the current crisis and beyond.
They aim to invite their stakeholders to take part in each other’s events and research initiatives, it stated.
The partners mentioned that options would be explored on co-branded research projects, policy development and co-hosted events around critical issues for businesses.
These would give opportunity to leverage the diverse and complementary know-how of their networks to support SMEs globally, and drive inclusive growth and prosperity, it added.
