According to a new International Federation of Accountants (IFAC) publication mid-sized enterprises, compared with their small and large counterparts, face unique challenges in virtually all aspects of their business, including: strategic management; organisational and financial structure; corporate governance; risk management and internal control; management accounting; and business reporting.  
 
The paper canvasses the important roles professional accountants in mid-sized enterprises play. As integral members of the management team of an organisation, these accountants fulfil a variety of responsibilities beyond the obvious finance and accounting disciplines. The paper also details how accountants are looking for opportunities to improve their skills outside the traditional boundaries of the finance and accounting department.  
 
The paper features interviews with 10 senior-level professional accountants in business on their experiences in mid-sized enterprises. The interviews illustrate the critical roles that professional accountants in business play in identifying and addressing the unique challenges that mid-sized enterprises face.  
 
The findings of the paper include what the professional accountants see as the most prevalent ways companies can generate value, including:

• Establishing a common ‘performance language’ throughout the company so that everyone’s activities are aligned with the vision and goals set by the leadership team
• Upholding business integrity
• Creating, implementing and improving management information systems to bolster strategy, planning, decision-making, execution and control activities
• Managing costs through rigorous planning, budgeting, forecasting and process improvement efforts
• Managing risk and handling business assurance
• Measuring and managing performance
• Communicating financial and other performance information to internal and external stakeholders, including regulatory authorities, lenders, bankers and investors in a manner that fosters trust.

• International Federation of Accountants in Business: The Crucial Roles of Professional Accountants in Business in Mid-Sized Enterprises