An expert in small business growth and a Chartered Accountant, Kwaku Ofori, has noted that Small and Medium-Sized Enterprises (SMEs) need tailored accounting and business services to sustain their growth.
“For small businesses, accounting is not just about managing numbers; it’s about equipping entrepreneurs with tools to make informed financial decisions, manage cash flows, and comply with complex regulations.
Many SMEs struggle with financial management, credit assessments, debt collection, and payment processing due to limited resources and expertise, often resulting in financial instability and stunted growth,” he said.
Speaking at a symposium on SME Support Systems in Accra, Mr. Ofori stressed that SMEs require specialized accounting services such as credit management, debt collection strategies, payment solutions, and effective record-keeping. “These services are essential to helping small businesses improve their financial health and compete effectively,” he said.
“While often overlooked, SMEs form the backbone of many economies, contributing significantly to employment, innovation, and community development. SMEs face unique challenges like irregular cash flows and restricted credit access, which require accountants and bankers who understand their specific needs and can offer practical solutions for sustainable growth,” he added.
Mr. Ofori concluded by urging accounting bodies across West Africa to adapt their training programmes to meet the evolving needs of SMEs. “It’s time for accounting bodies to integrate SME-specific topics like credit management, simplified record-keeping, and advisory services into their certifications. SMEs are the engines of economic growth, and by supporting them with tailored financial services, we can unlock their full potential and drive more inclusive development in the region.”
Having been a leading expert in microcredit and SME business support systems in Africa, Mr. Ofori has guided thousands of SMEs navigate funding and business management challenges for more than a decade.
