The economies of the Western Balkans continue to face numerous challenges that are severely straining all economic actors, particularly SMEs. The succession of several shocks—COVID-19 and Russia’s invasion of Ukraine—has disrupted supply chains, caused significant price hikes in energy and food, and led to rising inflation levels. Furthermore, monetary tightening through interest rate increases has resulted in higher financing costs, hindering international equity investment and local lending.

The primary objective of this workshop was to train trainers who will provide accountants from small and medium-sized accounting practices (SMPs) with the knowledge and skills to advise SMEs on their financial practices and support their interactions with investors and bankers.

During the workshop, 25 trainers underwent training with five modules designed to equip them with the knowledge and skills necessary to transfer the knowledge acquired to Small and Medium-Sized Accounting Practices (SMPs) in the Western Balkans. The trainers were identified by the region’s Professional Accountancy Organizations (PAOs), which sought trainers, trained accountants, and English speakers with expertise in financial management practices. These trainers, representing Albania, Bosnia and Herzegovina (Federation of Bosnia and Herzegovina and Republika Srpska), Kosovo, North Macedonia, Montenegro, and Serbia, will replicate the training to benefit SMPs in the region.

The training modules covered various aspects, including enhancing instructors’ training skills and client communication abilities; financial management best practices; and the most recent Environmental, Social, and Governance (ESG) requirements that will impact SMEs.

Implementing sound financial management and reporting practices can assist SMEs in securing adequate equity funding and leveraging opportunities for growth. Additionally, SMEs must prepare for sustainability requirements, whether imposed by regulators or requested by clients as part of the information they need to provide on the environmental and social impact of their supply chains.

To facilitate the training rollout in their respective countries, participating trainers will receive support from their PAO and chambers of commerce affiliated with the Western Balkans Network. A pocket guide will also be prepared to assist future SME advisors. The initial roll-out of the training for the trainers in the six countries is scheduled to commence during the first half of 2025.

Following the training, most participants expressed a high level of readiness to provide training to SMPs. In addition to finding the training technically comprehensive, they particularly valued the case studies and role-play exercises, which they recognized as valuable tools for emphasizing as they saw fit during their training sessions. Trainers will receive ongoing support from trainers to enhance their skills and knowledge.