SMPs continue to be a lifeline for SMEs in a post-Covid world

  • Date: 05-Oct-2020
  • Source: Business Live ME
  • Sector:Technology
  • Country:Middle East
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SMPs continue to be a lifeline for SMEs in a post-Covid world

SMPs continue to be a lifeline for SMEs in a post-Covid world

SMEs (small medium-sized enterprises) are a fundamental pillar of the economy. The World Bank estimates they make up 90 percent of businesses globally and more than 50 percent of employment worldwide. Smaller accountancy firms, also known as small medium-sized practices (SMPs), are the most trusted advisers to the small business community – and provide a crucial lifeline to a sector vulnerable to business failure and poor governance.

In its most recent report, Responsible SMP Pacesetters, which surveys almost 50 global SMP leaders, ACCA (the Association of Chartered Certified Accountants) 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 financial impact of the