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Future Ready SMPs

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Presentation by Robyn Erskine, SMP Committee Member, for SCA Sri Lanka-SAFA-IFAC SMP Regional Forum, January 26, 2016.

Published in: Business
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Future Ready SMPs

  1. 1. Page 1 | Confidential and Proprietary Information EMPOWERING ASIA’S SMALL & MEDIUM BUSINESS HUB Robyn Erskine SMP Committee Member Future-Ready SMPs CA Sri Lanka-SAFA-IFAC SMP Regional Forum January 26, 2016
  2. 2. Page 2 | Confidential and Proprietary Information Practice Management—General • The SMP has developed resources to help SMPs in their practice management activities • The main resource is the Guide to Practice Management for Small- and Medium- Sized Practices • Other resources – Practice Management section on the Gateway: www.ifac.org/Gateway
  3. 3. Page 3 | Confidential and Proprietary Information Guide to Practice Management for SMPs • Organized into eight stand-alone modules – 1) Planning for your firm • Business and strategic planning processes & policies for development and implementation – 2) Practice Models and networks • Structural considerations and models, profit sharing and use of networks – 3) Building and growing your firm • Building a business advisory practice, coping with regulation and developing a firm culture
  4. 4. Page 4 | Confidential and Proprietary Information Guide to Practice Management for SMPs – 4) People power: Developing a people strategy • Leadership roles, staff retention, motivation and training – 5) Technology and e-business • Effective selection, implementation and management of tech – 6) Client relationship management • Development and ongoing maintenance of client relationships – 7) Risk Management • Framework for identifying, evaluating and acting on risks – 8) Succession planning • Valuation and pricing, mergers, internal and external buyouts
  5. 5. Page 5 | Confidential and Proprietary Information Implications for SMPs—Practice Management I • Specialization/niche – Develop capability to offer and market new services – Choose fields where firm has high degree of industry and/or technical understanding – Choose fields big enough to justify spending on marketing and gaining specialist knowledge – Consider offering your firm as an adviser to second-tier firms, whose clients want top-tier specialist expertise • Networking – Forge alliances/network with other practices
  6. 6. Page 6 | Confidential and Proprietary Information Implications for SMPs—Practice Management II • Pricing – Consider value over time-based – 77% Gateway poll respondents said it will be the pricing strategy of the future • Invest in people – Develop technical and soft skills (branding, marketing, selling, negotiating, etc.) • Marketing – Use social media (e.g., Twitter, Facebook, LinkedIn)
  7. 7. Page 7 | Confidential and Proprietary Information Opportunity, Threat and Challenge • Technology is part of step change in accounting • Technology = opportunity – the future of practice – Cloud computing can reduce costs and increase agility • Technology = threat – commoditization, DIY – Parliment of New South Wales Report – Accounting Clerks have a 94.8% probability of computerization • Challenge is how to implement technological change – Concerns over cyber-security Technology Developments I
  8. 8. Page 8 | Confidential and Proprietary Information Opportunities Presented by Technological Change • Profitable outsourced client accounting services (CAS) • Expand geographical scope • Real-time round the clock service • Time and resource available for analysis and advice • Rapid change and increasing complexity are driving up demand from clients for outsourced accounting services Technology Developments II
  9. 9. Page 9 | Confidential and Proprietary Information • The CPA of the Future” Dr. James Canton – Whitepaper sponsored by CPA.com • The business environment will be characterized by “unprecedented, massive, and highly accelerated change” through 2025 • Marketplace: innovation-driven, complex, always on, hyper-competitive, mobile, globally-connected • Survey of accounting firms: – 90% believe the digital future is rapidly approaching – 8% believe the CPA profession is future ready today Future Ready SMPs—Dr. James Canton
  10. 10. Page 10 | Confidential and Proprietary Information • What services to provide? – non-audit services (compilations, review, AUP), advisory (corporate, tax, business development) and data (analysis and implications) • How to render services? – embrace IT (cloud, analytics), forge alliances/collaborate, manage talent and change pricing/marketing model Future Ready SMPs—What and How?
  11. 11. Page 11 | Confidential and Proprietary Information References—Practice Management I • Attracting and Retaining New Talent: The Case for SMPs http://www.ifac.org/global-knowledge-gateway/practice- management/discussion/attracting-and-retaining-new-talent-case • Perspectives on Strengthening Small- and Medium-Sized Practices (SMPs): Parts Eight and Nine http://www.ifac.org/global-knowledge-gateway/practice- management/discussion/perspectives-strengthening-small-and-mediu-3 • Relevant Service Offerings—Practice of the Future (Part 1) http://www.ifac.org/global-knowledge-gateway/practice- management/discussion/relevant-service-offerings-practice-future • Imagine Tomorrow: A New World for Accountants–Part One: Your Visions http://www.ifac.org/global-knowledge-gateway/performance-financial- management/discussion/imagine-tomorrow-new-world • Is Your Accounting Firm Ready? http://www.ifac.org/global-knowledge- gateway/practice-management/discussion/your-accounting-firm-ready
  12. 12. Page 12 | Confidential and Proprietary Information References—Practice Management II • Guide to Practice Management for Small- and Medium-Sized Practices, 3e (incl. companion manual): https://www.ifac.org/publications-resources/guide- practice-management-small-and-medium-sized-practices • Good Practice Checklist for Small Business, 2e: www.ifac.org/publications-resources/good-practice-checklist-small-business • How to Build Your Business Advisory Practice article: www.ifac.org/publications- resources/how-build-your-business-advisory-practice • 7 Tips for Accountants on Supporting the Globalization of Small Business article: www.ifac.org/news-events/2013-08/7-tips-accountants-supporting-globalization- small-business • Social Media Marketing May Be the Key to Practice Profitability article: www.ifac.org/news-events/2013-10/social-media-marketing-may-be-key-practice- profitability • Tomorrow’s Firm and the Role of Value Pricing: IFAC Interview with Ronald J. Baker article: www.ifac.org/news-events/2013-02/tomorrow-s-firm-and-role-value- pricing
  13. 13. www.ifac.org/SMP

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