Welcome to the Fast Future

May 8, 2020

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.

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). In the current environment it is essential for small firms to:

Prioritize the health and safety of employees, facilitate virtual operations and support staff’s flexible working.
Ensure there is regular communication with clients to identify their needs and demands.
Maximize their close client relationships and in-depth knowledge to provide relevant services, demonstrating the ability to diversify service offerings.
Utilize technology to provide insights and enable clients to understand their financial circumstances and take informed and appropriate actions and decisions.

Case Studies: SMPs share their stories on practice transformation

Transforming Your Practice for the Future
3 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.

Member Organization Support

Professional Accountancy Organizations (PAOs) have a critical role in supporting their small practices transformation.

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.

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.