Governments from countries across the world should share information about how to best support small and medium-sized companies, according to a report issued by the Association of Chartered Certified Accountants (ACCA).

The ACCA's paper, ‘Supporting Enterprise Globally' reports that SMEs around the world face similar obstacles, including limited resources, management capacity and lack of bargaining power compared with large companies.

The paper also calls for governments to do more to support small firms, stating that their success is critical to any global financial recovery.

"There has been a great deal of effort going into restoring the well being of large companies. But it is the small firms which make up the majority of businesses, making significant contributions to employment opportunities and innovation," said Rosana Mirkovic, SME Senior Policy Adviser at ACCA.