Practice Transformation Hub

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.

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

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 Secure Is Your Client’s Data?

June 13, 2018

How SMPs Can Invest in Technology

February 18, 2019

Small Practices: Embrace Technology, Secure Your Future

July 16, 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

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

Developing Professional Capabilities—Especially Soft Skills—In an Online Learning Environment

February 3, 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

Searching for Stars: Youth & Talent Management

May 3, 2018

Finding Talent, Keeping Talent

October 3, 2016

Attracting and Retaining New Talent: The Case for SMPs

November 30, 2015

The Must-Haves to Win with Flex

April 29, 2019

Flexibility & A Transparent Corporate Culture Will Help Attract Top Talent

February 23, 2018

Building Profitable Advisory Services: Specialize Your Young Talent

July 7, 2016

New Services and Operating Models

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

Professional Accountants Leading Reporting and Assurance on Sustainability

May 26, 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

SME Risk Management – How Can Your Accountant Help?

August 20, 2020

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

Building Your Firm’s Accounting Advisory Services

January 29, 2018

Small Practices: Leverage Traditional Services to Adapt to New Client Needs

January 15, 2018

How Can SMPs Brand Themselves More Effectively?

March 1, 2016

Additional COVID-19 Support for SMPs

IFAC has a dedicated web page on COVID-19 with essential resources, guidance and advice from our member organizations and other stakeholders. Additional SMP resources, which may be helpful include:

The Guide to Practice Management for SMPs, module on Risk Management covering Business Continuity Planning and Disaster Recovery. This comprises checklists on critical activities, business impact analysis and incident recovery.

The Good Practice Checklist for Small Business highlights business practices to assist SMPs advise their clients. It includes financial tasks, strategic management tasks and regulatory requirements. Many of these tasks are even more important today, for example preparing a cash flow forecast, reviewing finance commitments and evaluating compliance with legal and other requirements.

The webinars How Small Firms Can Evolve in the COVID-19 Environment discuss embracing change, leveraging technology, evolving the firm's operating model to build and diversify new services, and talent management. Webinars are available in English, Spanish, and French.egal and other 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.