Preparing Future-Ready Professionals
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

Data and the Future-Fit Accountant
May 25, 2021

SMP Pacesetters Embracing Technology
August 6, 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

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
New Services and Operating Models

Gig Economy Trends and Impact on Small and Medium Practices
October 4, 2021

A Roadmap for Accelerating Integrated Reporting Assurance
March 31, 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
Building Your Firm’s Accounting Advisory Services
January 29, 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.
External Resources
EFAA Publishes Guidance for SMPs on Sustainability Reporting
December 20, 2022 | EFAA
December 7, 2022 | International Accounting Bulletin
Embracing Sustainability: Actions for SMEs
December 1, 2022 | Accounting for Sustainability
Cost-effective solutions for attracting and retaining talent
November 10, 2022 | ICAEW
Why the Cloud is Key to a Flexible, Intuitive Practice
August 24, 2022 | ICAEW
July 27, 2022 | ICAEW
Small Business Big Impact: SME Sustainability Reporting From Vision to Action
November 9, 2017 | IOE
Future of Non-Financial Reporting by SMEs
October 29, 2020 | EFAA
Top firms dig deeper to retain employees
July 12, 2022 | Journal of Accountancy
Tips for managing remote workers
July 5, 2022 | Journal of Accountancy
Practical toolkits for SMEs and SMPs
June 28, 2022 | ACCA
How to Create a Better Advisory Relationship
June 22, 2022 | CPA Practice Advisor
Sustainability for Small Business
June 15, 2022 | Chartered Accountants Ireland
Recruiting, Flexible Working, and Tax Season Issues for Small Firms
March 15, 2022 | AICPA
February 3, 2022 | ACCA
Digitalisation Hub - How Do I Get There? - Practice
December 6, 2021 | CPA Ireland
How SMEs Can Create a More Sustainable World
November 25, 2021 | ACCA
Digitalisation Hub - Why Go Digital? - Practice
November 12, 2021 | CPA Ireland
Six Accountants Who Led the Way During Challenging Times
November 11, 2021 | In the Black
Cyber Extortion, Ransoms and SMEs
September 14, 2021 | ACCA
SMEs’ Digital Future: What Role for Accountants?
September 17, 2021 | Accountancy Europe
Back to the Office: Expert Tips to Help You Prepare Mentally
August 18, 2021 | CPA Canada
Embracing a People-Centred Profession
August 5, 2021 | Malaysian Institute of Accountants
Taking the Next Quantum Leap with SMEs
July 26, 2021 | OECD
New Cybersecurity Tips for SMEs Published
July 22, 2021 | ICAEW
5 Models for the Post-Pandemic Workplace
June 2, 2021 | Harvard Business Review
Top Soft Skills for Accounting Professionals
June 11, 2021 | Journal of Accountancy
3-Step Sustainability Assessment for SMEs
May 28, 2021 | Accountancy Europe
May 28, 2021 | ACCA
Hybrid Working and Employee Monitoring: What to Be Aware Of
May 28, 2021 | ICAEW
SMPs Adapt to Covid Challenges
May 12, 2021 | ACCA
Staff Returning to the Office Risk ‘Re-Entry Syndrome’
April 14, 2021 | ICAEW
Strategy and Planning: A Recovery Toolkit for Small Businesses
March 19, 2021 | CPA Canada
Practical Help for SMEs on Cybersecurity
March 17, 2021 | ICAEW
Technology – A Cost or An Asset?
February 22, 2021 | ACCA
SME Risk Management: Insolvency
February 8, 2021 | Accountancy Europe
Remote Business Development: A New Opportunity
December 10, 2020 | AICPA
Five Skills You Need to Succeed in a Digital Economy
December 10, 2020 | CIMA
Integrating Tech and Well-being
November 16, 2020 | Deloitte
November 12, 2020 | CPA Practice Advisor
Tips for Increasing the Value of Your Firm
September 16, 2020 | ICAEW
Technology: Risks and Opportunities
September 11, 2020 | ICAS
The Digital Accountant: Digital Skills in a Transformed World
September 10, 2020 | ACCA
Why CPA Firms Should Leverage RPA During a Pandemic
July 23, 2020 | Accounting Today
Must-dos to Move Out of the Crisis: SMEs and COVID-19
July 3, 2020 | OECD
Risks and Assurance of Emerging Technologies
June 30, 2020 | ICAEW
Explainable AI: Putting the User at the Core
February 12, 2020 | ACCA
11 EOFY Resolutions No Small Business Should Do Without
June 27, 2019 | CPA Australia
Spotlighting Innovation in Small Practices
June 24, 2019 | Economia
Three Ways Small Firms Can Turn Challenges into Opportunities
October 12, 2018 | AICPA
Bribery Risk to Small Firms as Exports Rise
August 13, 2016 | The Telegraph
Small Firm Cybersecurity Checklist
July 7, 2016 | FINRA
Start with Small Steps in Social
June 26, 2016 | Accounting Today
The Advantages Smaller Accounting Businesses Have
April 5, 2016 | AllBusiness.com
Five Cybersecurity Precautions for Small CPA Firms
March 3, 2016 | AICPA Insights
Best Accounting Software for Small Business
March 1, 2016 | Business News Daily
Good Practice Checklist for Small Business
January 21, 2016 | CPA Australia
Small Firms Are Next to Join the Cloud
November 16, 2015 | Accounting Web
Implementing Cybersecurity Guidance for Small and Medium-Sized Enterprises
October 21, 2015 | ISACA
Guidance for Small Companies on Going Concern
October 16, 2015 | Economia
How Small Businesses Can Keep Data Secure
March 1, 2015 | Journal of Accountancy
How to Ensure Small Business Efficiency: A Checklist
October 22, 2014 | Startups
Marketing 101: What Every Small Firm Should Know
July 17, 2014 | Accounting Web
Can a Small Website Compete with the Big Guys?
June 26, 2014 | American Express
Top Tips for SMEs to Act Ethically
June 2, 2014 | AAT Ethics
Avoid These Five Common Small Business Accounting Mistakes
April 28, 2014 | Forbes
Performing Small Audit Engagements
March 3, 2014 | Going Concern
Boosting the Quality and Efficiency of Smaller Entity Audits
July 10, 2013 | IFAC
Good Practice Checklist for Small Business
December 3, 2013 | IFAC
7 Tips for Accountants on Supporting the Globalization of Small Business
January 8, 2013 | IFAC
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