How did Finnish SMEs and large caps perform in 2020

As a pro bono -initiative, Accountor and August are publishing a report on the crisis impact on Finnish SMEs. Report is targeted for private and public sector decision makers, so that they would have an accurate and real-time picture regarding the financial implications of the crisis. Report covers both Finnish SMEs and publicly listed companies. For SMEs, it is based on Accountor’s real-time financial data from approximately 10 000 SMEs. For large caps, it is based on financial information reported by publicly listed companies listed in Nasdaq Helsinki. Report is available in Finnish language.

Download the latest report from this link.


Highlights for year 2020:

  • On aggregate, the combined turnover of Finnish SMEs in 2020 is estimated to remain at about -3% compared to the previous year
  • Steepest revenue decline took place in May and June
  • End of 2020 showed positive sign of recovery with December’s revenue estimated to have increased above the previous year’s level
  • Industries with the largest revenue decline include HoReCa, administrative services and manufacturing
  • Industries which were able to grow despite the crisis include information and communication, healthcare and construction
  • SMEs have been faster to recover their sales, while large companies have been more flexible in defending their profitability

Accountor provides software solutions and outsourcing services for finance and HR. Thanks to its digital finance and accounting solutions, Accountor is uniquely positioned to accumulate real-time data where the impact of COVID-19 crisis on Finnish Small to Medium sized Enterprises (SMEs) can be seen.

Olli Lehtonen, Partner
+358 50 371 4110