The finding has important implications on how to strengthen the working relationship between accounting
professionals and SMEs. From the accounting professional side, in order to provide better services to SMEs it is
essential for them to have sufficient knowledge about SMEs’ unique characteristics and understand SMEs’ needs.
There may have not been enough attention paid to this issue, which, accounting firms cannot afford to ignore. One
From the SME side, it would be very helpful to take the advice provided by accounting professionals in our
questionnaire. They encourage SMEs to use professionals such as accountants and lawyers and to include
accountants before engaging in projects, major purchases, etc. They suggest that SMEs seek advice before leaping,
particularly considering tax consequences before starting to do something. They point out that failure to plan is
planning to fail thus identifying the need for increased emphasis on planning. They also advise SMEs to be
organized, to have quality book-keeping systems, and to fulfil information requests for filing requirements.
According to the literature, the potential benefits of utilizing management accounting tools and techniques and the
timeliness and accuracy of computerized record-keeping are not always captured by SMEs.