Small and medium enterprises (SMEs) should
engage management accountants in decision making if they are to
fuel growth and create jobs, according to a report by CIMA
(Chartered Institute of Management Accountants).
The report, supported by recruitment company
Hays, found that SMEs have not transformed their finance functions,
nor have they engaged management accountants in supporting decision
making to the same extent as leading companies.
In fact, SMEs that engage their management
accountants more than their peers reported higher financial
performance through the provision of better management information,
the study said.
CIMA president Harold Baird warned that
excluding management accountants from making decisions means the
drivers of cost, risk and value may not be analysed to identify
opportunities and manage performance for the long run, resulting in
the creation of “false economies”.
Hays senior finance director Nik Pratap added:
“SMEs need finance professionals with strong commercial and change
management skills, and who have the ability to work with key
stakeholders to support bids, customer profitability, pricing,
sales and marketing activity if they are to capitalise on the
recovery.”
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