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Abstract
This study aims to analyze the role of management accounting and green accounting in improving the financial performance of small and medium enterprises (SMEs) in Semarang City. Management accounting focuses on cost management, budget planning, and performance analysis to enhance operational efficiency and profitability. Meanwhile, green accounting emphasizes the management of environmental impacts through energy efficiency, waste reduction, and responsible natural resource utilization. Using a quantitative approach, data were collected through questionnaires administered to SME owners or managers and analyzed using multiple linear regression and Structural Equation Modeling (SEM-PLS). The findings reveal that management accounting has a more significant impact on financial performance compared to green accounting. However, the simultaneous integration of both approaches contributes more substantially to improving operational efficiency, profitability, and business sustainability for SMEs. This study provides theoretical contributions by expanding the literature on strategic accounting and sustainability in the context of SMEs in developing countries. Practically, the study recommends SME practitioners systematically adopt both approaches, while policymakers are encouraged to support their implementation through training, mentoring, and sustainability incentives.