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Helping SMPs thrive in the global economy

May 25, 2018
Small- and medium-sized practices (SMPs) in a digital, globalised world need to adopt 'good practices' to best serve their clients. The International Federations of Accountants (IFAC) has released an updated publication, The Guide to Practice Management for Small- and Medium-Sized Practices (Fourth Edition) to help SMPs meet this challenge. The guide will help SMPs improve their management and operational efficiency and support their sustainability and success.

Now its fourth edition, the guide is organised into eight stand-alone modules including a new module on 'leveraging technology'. The revised guide addresses a comprehensive range of topics including:

  • Strategic planning;
  • Managing staff;
  • Client relationship management;
  • Risk management, and
  • Succession planning.
The new 'leveraging technology' module covers how technology developments are fundamentally changing the way organisations operate and recognizes that SMPs must adapt to service their clients that utilise technology. Included are topics such as developing a technology strategy, hardware and software options, technology risks, new and emerging technologies, and leveraging technology for practice innovation.

To help member organisations and practices maximise the guide’s use, IFAC has updated the companion manual which provides suggestions on making best use of the guide.

Source: The International Federations of Accountants.