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.
May 25, 2021
August 6, 2020
June 13, 2018
February 18, 2019
July 16, 2018
February 23, 2018
February 8, 2017
January 11, 2021
November 4, 2020
May 3, 2018
October 3, 2016
November 30, 2015
April 29, 2019
New Services and Operating Models
October 4, 2021
March 31, 2021
December 17, 2020
September 2, 2020
August 20, 2020
January 29, 2018
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.
December 20, 2022 | EFAA
November 10, 2022 | ICAEW
August 24, 2022 | ICAEW
November 9, 2017 | IOE
March 15, 2022 | AICPA
December 6, 2021 | CPA Ireland
November 11, 2021 | In the Black
August 18, 2021 | CPA Canada
May 28, 2021 | ICAEW
April 14, 2021 | ICAEW
March 19, 2021 | CPA Canada
December 10, 2020 | CIMA
September 10, 2020 | ACCA
July 23, 2020 | Accounting Today
July 3, 2020 | OECD
June 27, 2019 | CPA Australia
October 12, 2018 | AICPA
March 3, 2016 | AICPA Insights
October 21, 2015 | ISACA
October 22, 2014 | Startups
April 28, 2014 | Forbes
July 10, 2013 | IFAC
January 8, 2013 | IFAC