Download the Action Plan (6.28 MB)

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

Talent Management

New Services and Operating Models

Additional Resources for SMPs

  • 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.   

  • 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.  

  • 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.  

  • 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. 

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External Resources

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