An IFAC Content Series
The Practice Transformation Action Plan – A Roadmap to the Future highlights key areas and initiatives for SMPs as trusted advisers to small- and medium-sized entities (SMEs). These extraordinary circumstances offer small- and medium-sized practices (SMPs) significant opportunities to adapt and service a rapidly changing world. IFAC has developed thought leadership on practice transformation, focused on how SMPs can embrace change, leverage technology, manage talent and have a renewed emphasis on providing relevant and value-added services.
For all available translations, visit the Practice Transformation Action Plan publication page.
Case Studies: SMPs share their stories on practice transformation
Podcast Series: The Fast Future With IFAC
Conversations with innovative SMPs from around the world.
Transitioning to the B Corporation Model
Video presentation (42 mins) about one SMP's journey to becoming a B Corporation.
Transforming Your Practice for the Future
Three SMPs share their insights and perspectives on how SMPs can transform into the “practice of tomorrow”.
Technology: A Tale of Two Practices
Interview with two SMPs on their approach in leveraging technology in their accountancy practices and the advantages and challenges that came with it.
Chad Davis: Virtual CPA Firm
Audio presentation (26 mins) on how to establish and run a small firm in the digital age.
SMP Pacesetters Embracing Technology
Four small firms share their experience on leveraging technology.
KHR: A Malaysian Case Study on Digital Tranformation
SMP uses five principles in MIA’s Digital Technology Blueprint to adopt technology.
Leveraging Technology
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The Uses of Artificial Intelligence for SMPs
December 19, 2023 -
Challenges, Initial Steps and Key Resources for Small Firm Digitalization
October 13, 2022 -
Data and the Future-Fit Accountant
May 25, 2021 -
Blockchain Technology: Shaping the Future of the Accountancy Profession
April 19, 2021 -
SMP Pacesetters Embracing Technology
August 6, 2020 -
As Digitalization Takes Hold, Here’s How PAOs Can Support Small Practices
May 29, 2020 -
How SMPs Can Invest in Technology
February 18, 2019 -
Small Practices: Embrace Technology, Secure Your Future
July 16, 2018 -
How Secure Is Your Client’s Data?
June 13, 2018 -
Technologies SMPs Need to Implement Today
February 23, 2018 -
The What, Why, and How of Cloud Computing for SMPs
February 8, 2017
Talent Management
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Staffing Strategies for SMPs
December 10, 2024 -
Training in Small- and Medium-Sized Practices: Driving Quality and Unlocking Opportunities
April 16, 2024 -
Small(er) but with a Mighty Purpose
July 17, 2023 -
How Can Your Firm Harness the Potential of Gen Z in the Workplace?
June 15, 2021 -
Key Factors to Consider in Designing Partner Compensation Models
June 14, 2021 -
Staff Performance Evaluation in a Virtual Environment & the Hybrid Office
March 16, 2021 -
Accountancy Is About People, Not Just the Numbers: A Conversation on Mental Health
March 4, 2021 -
Building on the Education Summit’s Success to Transform Learning and Development
January 20, 2021 -
Solutions for Staff Onboarding under Remote Work
January 11, 2021 -
Accountancy Skills Evolution: Impact of COVID-19 & the Path Forward
November 4, 2020 -
The Must-Haves to Win with Flex
April 29, 2019 -
Searching for Stars: Youth & Talent Management
May 3, 2018 -
Flexibility & A Transparent Corporate Culture Will Help Attract Top Talent
February 23, 2018 -
Finding Talent, Keeping Talent
October 3, 2016 -
Building Profitable Advisory Services: Specialize Your Young Talent
July 7, 2016 -
Attracting and Retaining New Talent: The Case for SMPs
November 30, 2015
New Services and Operating Models
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Strategic Planning in SMPs: Embracing the Future
September 6, 2024 -
The Value of Sustainable Practices at SMEs: A View from Pakistan
June 25, 2024 -
Rising to the Challenges of Sustainability: New Opportunities for Supporting Small Businesses
June 17, 2024 -
Insights for SMPs on Sustainability Service Delivery
May 24, 2024 -
Transitioning an SMP to the B Corporation Model
February 26, 2024 -
Unlocking the Potential for Growth in SMPs: Embracing Innovation and Strategic Expansion
February 12, 2024 -
Disruptors: The Accountancy Profession Needs You
February 6, 2024 -
The Effective Pursuit of Practice Efficiency
October 17, 2023 -
SMP & SME Trends: Enhanced Global Complexity Requires Continued Innovation and Change Management
June 13, 2023 -
Insights on Small Firm Specialization with an Enhanced Focus on Business Advisory Services
February 8, 2022 -
Gig Economy Trends and Impact on Small and Medium Practices
October 4, 2021 -
Doing Different Things: Approaching Sustainability with Confidence, and Your Existing Skillset
July 29, 2021 -
Small Firms Remain SMEs’ Most Trusted Advisors Through the Pandemic
June 21, 2021 -
A Roadmap for Accelerating Integrated Reporting Assurance
March 31, 2021 -
Challenges & Opportunities for Sole Practitioners—and How PAOs Can Help
January 11, 2021 -
The Most In-demand Accounting Specialty Today? Having None at All.
December 17, 2020 -
The Challenges in Valuing Small and Medium Sized Entities
September 2, 2020 -
Transforming Your Practice for the Future
January 18, 2019 -
Building Your Firm’s Accounting Advisory Services
January 29, 2018 -
Small Practices: Leverage Traditional Services to Adapt to New Client Needs
January 15, 2018 -
Integrated Thinking & Reporting Requires Trusted Advisors: Guiding Your SME Clients
August 3, 2017 -
New Services for Accounting Firms: It’s about Reliance, Not Compliance
August 8, 2016 -
How Can SMPs Brand Themselves More Effectively?
March 1, 2016
Additional Resources for SMPs
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The Guide to Practice Management for SMPs can help SMPs operate more efficiently and effectively. The Guide features eight standalone modules covering topics such as strategic planning, practice models, firm expansion, managing staff, leveraging technology, client relationship management, risk management, and succession planning.
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The Small Business Sustainability Checklist is a diagnostic tool SMPs can use with their SME clients to help them start their sustainability journey. This comprehensive checklist is designed to be tailored to suit SMEs of all sizes—and SMPs are encouraged to apply the checklist to themselves, too. The Checklist is supported by a list of sustainability resources.
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Quality Management is an important aspect of practice management. IFAC has developed various materials to support implementation of the IAASB's recent Quality Management Standards.
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The Small Business Continuity Checklist highlights business practices to assist SMPs advise their clients. It includes financial tasks, strategic management tasks and regulatory requirements.
Member Organization Support
Professional Accountancy Organizations (PAOs) have a critical role in supporting their small practices transformation.
PAO Support Crucial to SMP Survival and Growth
PAO initiatives around the world have focused on talent, professional development, branding, networking, and supporting SMPs through the pandemic.
Member Organization Support for SMPs of the Future
Representatives from the Edinburgh Group share insights and knowledge on delivering innovative support and solutions.
How to Support the SMP of the Future
Global Research from the Edinburgh Group on the challenges and opportunities that SMPs and PAOs face in a changing world.
ACCA's Dedicated Hub for SMPs and a Global Peer to Peer Support Community
Practice Connect includes vital resources, guides and online events to help future-proof small practices. It also has a free peer-to-peer community – the Practice Room – with community sessions hosted by practitioners around the globe where individuals can chat, ask questions and share experiences.