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Opportunities and Challenges for SMPs
Moderator:
Paul Thompson, Director, Global Accountancy Profession Support, IFAC
Pane...
Page 2
IFAC Global SMP Survey 2014 – About I
• 5,083 respondents from
135 countries
• Available in 21
languages
• Report p...
Page 3
• Top 3 regions
– Europe 46%
– Asia 17%
– Africa 15%
• Majority of responses from
– Sole practitioners (37%)
– Prac...
Page 4
IFAC Global SMP Survey 2015—Open Now
Page 5
IFAC Global SMP Survey
Highlights
Session 2
Robyn Erskine, SMP Committee
Member
MIA-IFAC Regional Forum
November 18...
Page 6
• Top 3 challenges SMPs in Asia:
– Rising Costs (58%)
– Pressure to lower fees (56%)
– Attracting new clients (55%)...
Page 7
Practice Fee Revenue Asia:
• Majority SMP revenues in 2014 increased moderately
(42%) or stayed same (33%)
– Larger...
Page 8
Membership in Network, Association, or Alliance Asia:
• 32% of SMPs belong to a network, association, or alliance
–...
Page 9
Top SME Challenges Asia:
• Rising costs (66% high / very high)
• Competition (58%)
• Economic uncertainty (49%)
IFA...
Page 10
Access to finance in Asia:
• 67% reported that at least 1% of SME clients seeking
finance had difficulty
• However...
Page 11
Financial Crime in Asia:
• 55% reported that at least one client experienced financial
crimes
• But most less than...
Page 12
Member Body Promotion includes:
• Dedicated website sections and rolling
banners
• Direct e-mails to members
• New...
Page 13
IFAC Global SMP Survey Highlights
Session 2
Mats Olsson, SMP Committee
Member, Chair Small Business
Support Task F...
Page 14
Next 5 years - technologies with most impact in Asia:
• Business intelligence / data analysis software & tools
(42...
Page 15
Technology Developments I
Opportunity, Threat and Challenge
• Technology is part of step change in accounting
• Te...
Page 16
Technology Developments II
Opportunities Presented by Technological Change
• Profitable outsourced client accounti...
Page 17
• What services to provide?
– non-audit services (compilations, review, AUP), advisory (corporate, tax,
business d...
Page 18
Practice Management — General
• The main resource is the
Guide to Practice
Management for Small-
and Medium-Sized
...
Page 19
• News, views, resources, thought
leadership
• www.ifac.org/Gateway
• Ten topic areas
– Practice Management
Resour...
Page 20
IFAC Resources
• IFAC SMP Committee: www.ifac.org/SMP
• Follow us on Twitter: IFAC_SMP
• IFAC Global SMP Survey ww...
THANK YOU
Jointly Organised By:
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Opportunities and Challenges for SMPs

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Presentation at MIA-IFAC Regional SMP Forum, in Kuala Lumpur, Malaysia, November 18, 2015

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Opportunities and Challenges for SMPs

  1. 1. Opportunities and Challenges for SMPs Moderator: Paul Thompson, Director, Global Accountancy Profession Support, IFAC Panellists: Mats Olsson, Member, IFAC SMP Committee Robyn Erskine, Member, IFAC SMP Committee Chiew Chun Wee, Head of Policy Asia Pacific, ACCA
  2. 2. Page 2 IFAC Global SMP Survey 2014 – About I • 5,083 respondents from 135 countries • Available in 21 languages • Report published www.ifac.org/smp
  3. 3. Page 3 • Top 3 regions – Europe 46% – Asia 17% – Africa 15% • Majority of responses from – Sole practitioners (37%) – Practices with 2-5 professional staff (35%) IFAC Global SMP Survey 2014 – About II 46% 17% 15% 11% 5% 5% 1%
  4. 4. Page 4 IFAC Global SMP Survey 2015—Open Now
  5. 5. Page 5 IFAC Global SMP Survey Highlights Session 2 Robyn Erskine, SMP Committee Member MIA-IFAC Regional Forum November 18, Kuala Lumpur, Malaysia
  6. 6. Page 6 • Top 3 challenges SMPs in Asia: – Rising Costs (58%) – Pressure to lower fees (56%) – Attracting new clients (55%) • Next 5 Years in Asia: – Regulatory environment (52%) – Competition (58%) IFAC Global SMP Survey – Highlights I
  7. 7. Page 7 Practice Fee Revenue Asia: • Majority SMP revenues in 2014 increased moderately (42%) or stayed same (33%) – Larger the practice – more likely to report increase • Majority SMPs in Asia believe revenues in 2015 in all areas expected to grow – most advisory • Tax planning (71%), corporate advisory (58%), business development (38%) most common in 2014 IFAC Global SMP Survey – Highlights II
  8. 8. Page 8 Membership in Network, Association, or Alliance Asia: • 32% of SMPs belong to a network, association, or alliance – Asia most likely region • 31% are considering joining one • 37% are not members • Larger SMP more likely IFAC Global SMP Survey – Highlights III
  9. 9. Page 9 Top SME Challenges Asia: • Rising costs (66% high / very high) • Competition (58%) • Economic uncertainty (49%) IFAC Global SMP Survey – Highlights IV
  10. 10. Page 10 Access to finance in Asia: • 67% reported that at least 1% of SME clients seeking finance had difficulty • However, for 49% less than 25% of total clients experienced difficulty • 32% High or Very High Challenge IFAC Global SMP Survey – Highlights V
  11. 11. Page 11 Financial Crime in Asia: • 55% reported that at least one client experienced financial crimes • But most less than 5% of SMPs total clients experienced • Most common – Asset misappropriation/ theft (39%) – Bribery (38%) – Financial statement/ accounting fraud (36%) IFAC Global SMP Survey – Highlights VI
  12. 12. Page 12 Member Body Promotion includes: • Dedicated website sections and rolling banners • Direct e-mails to members • Newsletters and magazines Survey Reports • Global Report to be published in Feb 2016 • European SMP Survey Report with FEE • Member Body Country Reports e.g. Uganda Global SMP Survey 2015 – Promotion
  13. 13. Page 13 IFAC Global SMP Survey Highlights Session 2 Mats Olsson, SMP Committee Member, Chair Small Business Support Task Force (SBSTF) MIA-IFAC Regional Forum November 18, Kuala Lumpur, Malaysia
  14. 14. Page 14 Next 5 years - technologies with most impact in Asia: • Business intelligence / data analysis software & tools (42% high / very high) • CRM / document management software & tools (37%) • Cloud computing (33%) IFAC Global SMP Survey – Highlights VII
  15. 15. Page 15 Technology Developments I Opportunity, Threat and Challenge • Technology is part of step change in accounting • Technology = opportunity – the future of practice • Technology = threat – commoditization, DIY • Challenge is how to implement technological change
  16. 16. Page 16 Technology Developments II 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
  17. 17. Page 17 • 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?
  18. 18. Page 18 Practice Management — General • The main resource is the Guide to Practice Management for Small- and Medium-Sized Practices • Eight stand-alone modules
  19. 19. Page 19 • News, views, resources, thought leadership • www.ifac.org/Gateway • Ten topic areas – Practice Management Resources — Global Knowledge Gateway
  20. 20. Page 20 IFAC Resources • IFAC SMP Committee: www.ifac.org/SMP • Follow us on Twitter: IFAC_SMP • IFAC Global SMP Survey www.ifac.org/smp • Join us on LinkedIn: IFAC SMP Community • Global Knowledge Gateway www.ifac.org/Gateway
  21. 21. THANK YOU Jointly Organised By:

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