The Association of Chartered Certified Accountants (ACCA) has predicted growth for small and medium-sized enterprises (SMEs).
The group has put together a report after speaking to a range of SMEs that have experienced 70 per cent growth over the last three years.
ACCA’s case study found that there is a “one-size-fits-all” way that the finance function can be understood and adapted over the course of time. The study highlighted that the finance function depends on how businesses evolve and diversify.
The group found that chief financial officers need to look for future opportunities while providing accurate and informative financial reporting.
ACCA stressed that CFOs need to be properly placed to see “the bigger picture” that other staff may not be able to identify.
Rosana Mirkovic, head of SME policy at ACCA and author of the report, said: “Taking advantage of the opportunities for expansion brought about by these factors almost always entails certain risks for an SME.
“For example, the rapid nature associated with this type of growth can lead to issues such as insufficient staff capacity, increased business ‘traffic’ such as simultaneous deals or entering new, very competitive or politically unstable markets.”
Ms Mirkovic explained that CFOs have a responsibility to guarantee financial health and discipline to ensure companies can grow in a sustainable manner in the future.
She went on to say that being forced to adopt a reactive approach will mean that processes are not as smooth as they may have been in the past.
Ms Mirkovic stressed that the finance function plays an integral role in guaranteeing businesses capitalise on future potential for growth.
Posted by Jon Aspinell on 28th May 2014
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