IFAC Releases Updated Practice Management Guide for SMPs

Dec 13, 2012 | New York, New York | English

The Small and Medium Practices (SMP) Committee of the International Federation of Accountants (IFAC) today released the third edition of its Guide to Practice Management for Small- and Medium-Sized Practices (PM Guide). The comprehensive guide is comprised of eight standalone modules on a broad range of topics to help practitioners effectively market, manage, and grow their accounting practices.

“As 2012 comes to a close and economies globally remain sluggish, proper practice management is more important than ever for SMPs to achieve long-term sustainable success and remain competitive in the global marketplace for professional services,” said SMP Committee Chair Giancarlo Attolini. “The revised content in this edition reflects the rapid changes in technology, business needs, internationalization, and competition that continue to transform how practitioners and their clients operate. Smaller practices need to keep pace with these changes that can both enhance their own practices and form the basis of valuable advice for their clients.”

The new edition of the guide features improvements in content and functionality, including new and updated material on value pricing, knowledge networks, social media marketing, building a business advisory practice, and cloud computing. The eight tables of contents are now cross-linked to improve navigation, and the lists of further readings at the end of each module have been updated.

The guide is designed to be culture-neutral with easily translatable language for distribution by IFAC members to practitioners worldwide. The SMP Committee has developed a supplementary user guide, Companion Manual: Guide to Practice Management for SMPs, to help organizations understand the various ways they can use, translate, and adapt the PM Guide.

The third edition of the PM Guide can be downloaded free of charge. See also the SMP Committee’s Practice Management links (powered by Delicious with tags aligned to each of the modules in the Guide) for access to additional related resources.

About the SMP Committee
The SMP Committee of the International Federation of Accountants (IFAC) represents the interests of professional accountants operating in small- and medium-sized practices (SMPs). The committee develops guidance and tools and works to ensure the needs of the SMPs are considered by standard setters, regulators, and policy makers. The committee also speaks out on behalf of SMPs to raise awareness of their role and value, especially in supporting SMEs, and the importance of the small business sector overall.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 173 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.


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