Small and Medium-Scale Enterprises (SMEs) play a critical role in economic development, job creation, and innovation, yet they often face significant challenges in financial planning and sustainability. Advanced financial modeling techniques provide SMEs with robust tools to improve forecasting accuracy, optimize capital structures, and enhance decision-making under uncertainty. This review explores the evolution of financial modeling approaches—ranging from traditional spreadsheet-based models to modern techniques integrating machine learning, stochastic analysis, and scenario planning. The paper evaluates their applications in areas such as cash flow management, risk assessment, valuation, and strategic investment decisions. By synthesizing insights from recent research and practical case studies, this study highlights best practices, limitations, and future trends in leveraging advanced modeling for SMEs. Ultimately, it underscores the importance of adopting data-driven and technology-enhanced financial models to strengthen the resilience and competitiveness of SMEs in dynamic markets.