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May 23, 2018
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Helping Small and Medium Practices Thrive in the Global Economy
IFAC Guide to Practice Management 4th Edition Includes New Section on Leveraging Technology
Small- and medium-sized practices (SMPs) in a digital, globalized world need to adopt "good practices" to best serve their clients. IFAC (International Federations of Accountants) has released an updated publication—the Guide to Practice Management for Small- and Medium-Sized Practices Fourth Edition (the Guide) to help SMPs meet this challenge. The Guide will help SMPs improve their management and operational efficiency and support their sustainability and success.
Now in its fourth edition, the Guide is organized into eight stand-alone modules, including a new module on Leveraging Technology. The revised Guide addresses a comprehensive range of topics including:
- Strategic planning;
- Managing staff;
- Client relationship management;
- Risk management; and
- Succession planning.
The new Leveraging Technology module covers how technology developments are fundamentally changing the way organizations operate and recognizes that SMPs must adapt to service their clients that utilize technology. Included are topics such as developing a technology strategy, hardware and software options, technology risks, new and emerging technologies, and leveraging technology for practice innovation.
In order to help IFAC member organizations and practices maximize the Guide’s use, IFAC has updated the Companion Manual, which provides suggestions on making best use of the Guide.