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Standing for trust and integrity
SMEs in the EU:
Challenges and Opportunities
André Kilesse, FEE President
IFAC SMP Forum, Kampala, Uganda
5 June 2013
Standing for trust and integrity2
FEE and its Members
 45 professional institutes of accountants
 33 European countries, including all 27 EU
Standing for trust and integrity3
Representing the European Profession
 FEE is a Recognised Regional Organisation of IFAC
 Combined membership of more than 700.000 professional accountants
 In public practice, small, mid-tier and large accountancy firms,
businesses of all sizes, public sector and education
 Providing a large range of services: audit and other assurance, tax
services, financial and other advisory services
 Committed to the public interest and the highest ethical principles
 Contributing to a more efficient, transparent, and sustainable
European economy
Standing for trust and integrity4
What is an SME in the EU?
 Defined in EU law: (EU recommendation 2003/361)
 SME comprises of Medium-Sized, Small and Micro enterprises
 The main factors determining whether a company is an SME are:
 number of employees ; and
 either turnover or balance sheet total.
Company
category
Employees Turnover or Balance sheet
total
Medium-sized < 250 ≤ € 50 m ≤ € 43 m
Small < 50 ≤ € 10 m ≤ € 10 m
Micro < 10 ≤ € 2 m ≤ € 2 m
Standing for trust and integrity5
EU SMEs in numbers
SMEs:
constitute 99.8 % of all EU companies (Source: ESBA Press Release 11 January 2013)
• micro businesses 92.2 %
• small businesses 6.5 %
• medium-sized businesses 1.1 %
contribute over 50% of total value added in the non-financial business
economy
provide 67.4 % of all private sector jobs
provided 80% of all new jobs from 2006-2011 (Source: Structural Business Statistics (Eurostat)
difficult access to finance is among top concerns (Source: SMEs' access to finance Survey 2011)
 In 2011 about one third of the SMEs did not get the finance they had planned for.
• 11% of the applications were rejected
• 17% received less than they applied for
• 4% declined the loan offer from the bank because they found the conditions unacceptable
Standing for trust and integrity6
Challenges for EU SMEs
 Administrative and regulatory burden
 Access to finance
 Taxation
 Lack of skills
 Access to public procurements
 Unfair/too strong competition
 Labour law
 Access to Single Market
 Access to EU programmes
 Late payments
 Access to international markets
 Access to information and advice
 Instability world economy/energy costs
 SME definition
(Source: Small Business Act for Europe Report on the results of the open consultation 22/04/2008)
Standing for trust and integrity7
Opportunities for EU SMEs - EU Actions
Small Business Act (SBA) (2008):
first comprehensive EU SME policy framework, including legislative proposals, which aims to:
Design rules according to the 'Think Small First principle‘ (lighten administrative burdens)
Facilitate SMEs' access to funding
Help SMEs to get most out of the EU's Single Market
Create an entrepreneurial environment
European Commission activities based on SBA (since December 2011):
SME Finance Forum (Periodic stakeholder meetings on strategy; FEE is invited to those)
Action Plan to improve access to finance for SMEs
Programs based on this Action Plan
 Horizon 2020: combine all research and innovation funding
 Program for Competitiveness of Enterprises & SMEs (COSME) (planned budget of
€2.5bn).
providing SMEs with flexible financial instruments (such as EIB loans)
Standing for trust and integrity8
European Small Business Portal
This portal gathers all information the EU provides on, and for, SMEs, ranging from practical advice
to policy issues.
Standing for trust and integrity9
Access to EU finance
This site helps SMEs to apply for finance supported by the European Union.
Standing for trust and integrity10
Opportunities – FEE Actions
SMEs/SMPs are a strategic priority! Therefore FEE has taken the following actions:
Set up the SMP Forum, as the working structure to:
 connect SMP/SME related interests on a national level to those on EU level
 integrate SMP/SME perspective in all FEE activities
Optimise FEE’s contribution, therefore close cooperation with:
 European Commission
 FEE Members (professional accountancy organisations)
• Knowledge building & sharing
• Best practices
• Innovation tools (CPA Ireland app for SMEs to track company
performance)
Organized events for wide range of stakeholders:
 4 FEE Access to Finance Roundtables
 IFAC-FEE SME Regulation Roundtable
Standing for trust and integrity11
FEE Access to Finance Roundtables
Standing for trust and integrity12
Opportunities – Expertise of SMPs
Enlisting SMPs as their preferred business advisors, to:
 help entrepreneurs finance and manage their business;
 enhance their trading partners’ trust
 expand their operations
 seize the opportunities of the internal market
 properly apply regulation and discharge their obligations
 solve the daily problems of SMEs across Europe
 and INNOVATE
Standing for trust and integrity13
SMEs Turning Opportunities into Actions
 Remain innovative (crowd funding, use innovation platforms)
 Seek (alternative) access to finance
 Improve financial knowledge
 Increase cross border operations
Standing for trust and integrity14
Standing for trust and integrity
Visit us @ www.fee.be

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SMEs in the EU: Challenges and Opportunities

  • 1. Standing for trust and integrity SMEs in the EU: Challenges and Opportunities André Kilesse, FEE President IFAC SMP Forum, Kampala, Uganda 5 June 2013
  • 2. Standing for trust and integrity2 FEE and its Members  45 professional institutes of accountants  33 European countries, including all 27 EU
  • 3. Standing for trust and integrity3 Representing the European Profession  FEE is a Recognised Regional Organisation of IFAC  Combined membership of more than 700.000 professional accountants  In public practice, small, mid-tier and large accountancy firms, businesses of all sizes, public sector and education  Providing a large range of services: audit and other assurance, tax services, financial and other advisory services  Committed to the public interest and the highest ethical principles  Contributing to a more efficient, transparent, and sustainable European economy
  • 4. Standing for trust and integrity4 What is an SME in the EU?  Defined in EU law: (EU recommendation 2003/361)  SME comprises of Medium-Sized, Small and Micro enterprises  The main factors determining whether a company is an SME are:  number of employees ; and  either turnover or balance sheet total. Company category Employees Turnover or Balance sheet total Medium-sized < 250 ≤ € 50 m ≤ € 43 m Small < 50 ≤ € 10 m ≤ € 10 m Micro < 10 ≤ € 2 m ≤ € 2 m
  • 5. Standing for trust and integrity5 EU SMEs in numbers SMEs: constitute 99.8 % of all EU companies (Source: ESBA Press Release 11 January 2013) • micro businesses 92.2 % • small businesses 6.5 % • medium-sized businesses 1.1 % contribute over 50% of total value added in the non-financial business economy provide 67.4 % of all private sector jobs provided 80% of all new jobs from 2006-2011 (Source: Structural Business Statistics (Eurostat) difficult access to finance is among top concerns (Source: SMEs' access to finance Survey 2011)  In 2011 about one third of the SMEs did not get the finance they had planned for. • 11% of the applications were rejected • 17% received less than they applied for • 4% declined the loan offer from the bank because they found the conditions unacceptable
  • 6. Standing for trust and integrity6 Challenges for EU SMEs  Administrative and regulatory burden  Access to finance  Taxation  Lack of skills  Access to public procurements  Unfair/too strong competition  Labour law  Access to Single Market  Access to EU programmes  Late payments  Access to international markets  Access to information and advice  Instability world economy/energy costs  SME definition (Source: Small Business Act for Europe Report on the results of the open consultation 22/04/2008)
  • 7. Standing for trust and integrity7 Opportunities for EU SMEs - EU Actions Small Business Act (SBA) (2008): first comprehensive EU SME policy framework, including legislative proposals, which aims to: Design rules according to the 'Think Small First principle‘ (lighten administrative burdens) Facilitate SMEs' access to funding Help SMEs to get most out of the EU's Single Market Create an entrepreneurial environment European Commission activities based on SBA (since December 2011): SME Finance Forum (Periodic stakeholder meetings on strategy; FEE is invited to those) Action Plan to improve access to finance for SMEs Programs based on this Action Plan  Horizon 2020: combine all research and innovation funding  Program for Competitiveness of Enterprises & SMEs (COSME) (planned budget of €2.5bn). providing SMEs with flexible financial instruments (such as EIB loans)
  • 8. Standing for trust and integrity8 European Small Business Portal This portal gathers all information the EU provides on, and for, SMEs, ranging from practical advice to policy issues.
  • 9. Standing for trust and integrity9 Access to EU finance This site helps SMEs to apply for finance supported by the European Union.
  • 10. Standing for trust and integrity10 Opportunities – FEE Actions SMEs/SMPs are a strategic priority! Therefore FEE has taken the following actions: Set up the SMP Forum, as the working structure to:  connect SMP/SME related interests on a national level to those on EU level  integrate SMP/SME perspective in all FEE activities Optimise FEE’s contribution, therefore close cooperation with:  European Commission  FEE Members (professional accountancy organisations) • Knowledge building & sharing • Best practices • Innovation tools (CPA Ireland app for SMEs to track company performance) Organized events for wide range of stakeholders:  4 FEE Access to Finance Roundtables  IFAC-FEE SME Regulation Roundtable
  • 11. Standing for trust and integrity11 FEE Access to Finance Roundtables
  • 12. Standing for trust and integrity12 Opportunities – Expertise of SMPs Enlisting SMPs as their preferred business advisors, to:  help entrepreneurs finance and manage their business;  enhance their trading partners’ trust  expand their operations  seize the opportunities of the internal market  properly apply regulation and discharge their obligations  solve the daily problems of SMEs across Europe  and INNOVATE
  • 13. Standing for trust and integrity13 SMEs Turning Opportunities into Actions  Remain innovative (crowd funding, use innovation platforms)  Seek (alternative) access to finance  Improve financial knowledge  Increase cross border operations
  • 14. Standing for trust and integrity14 Standing for trust and integrity Visit us @ www.fee.be

Notas do Editor

  1. Name FEE
  2. These general EU law thresholds can be different (and more specific) in separate legislation, such as the Accounting Directives, see below. The Fourth Accounting Directive allows Member States to prescribe lighter reporting regimes for small (Article 11) and medium-sized (Article 27) enterprises. The thresholds for the two categories are periodically updated. Current thresholds with a new proposed micro category are as follows:   Micro Small Medium-sized Balance sheet total ≤ € 500 000 ≤ € 4,4 m ≤ € 17,5 m Net turnover ≤ € 1 m ≤ € 8,8 m ≤ € 35 m Average number of employees during the financial year ≤ 10 ≤ 50 ≤ 250