SME finance functions 'need to evolve to play a more strategic role in business'

Singapore

FINANCE functions in small and medium enterprises (SMEs) need to further evolve to play a more strategic role in the business, according to a report issued by the Association of Chartered Certified Accountants (ACCA), based on eight in-depth case studies of businesses that had experienced over 70 per cent growth during a period of three consecutive years.

Rosana Mirkovic, head of SME policy at ACCA and author of the report, said: "Growth of this rapidity is almost always driven by one of three factors. Strategic internal decisions to enter new markets, acquiring technical expertise that enabled the development of new products or as a response to external stimuli such as consumer demand.