Accountants as Financial Literacy Agents for SME Entrepreneurs

Ana Rita Caldas, Filomena Antunes Brás

Abstract


This study aims to examine the role of accountants in enhancing the financial literacy of SME entrepreneurs. We defined three specific objectives: to identify the greatest financial knowledge gaps perceived by accountants regarding SME entrepreneurs; to determine the knowledge that accountants consider essential for better managing SMEs; and to understand which strategies accountants follow to support and develop the financial knowledge of SMEs. We employed a qualitative approach, conducting 17 interviews with accounting technicians and certified accountants responsible for the accounting of SMEs. The results show that accountants consider SME entrepreneurs to have low financial literacy, which negatively affects the company's management. In addition, their main difficulties are understanding the tax system and interpreting the Financial Statements. Accountants argue that entrepreneurs should master a set of financial skills, suggesting that it should be mandatory to attend training courses prior to setting up a company. They contribute to promoting the financial literacy of their clients, even if unconsciously, as they clarify all their doubts and keep them updated on any changes that may arise and affect their business.

Keywords


Accounting; Accountants; Financial Literacy; SMEs; Businessmen; Entrepreneurs

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References


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Portuguese Journal of Finance, Management and Accounting

e-ISSN: 2183-3826

DOI: 10.54663/2183-3826

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