IFAC SMALL AND MEDIUMPRACTICES FORUM 2012Session 3Helping SMPs Meet the Challengesand Seize the Opportunities ofTomorrowFl...
Romania• 21 million residents• Entities by EU Size Classification   Micro entities                                  91.4  ...
Practicing in Romania• 30 people/4 partners SMP• Dealing with SME’s but also with medium sized  companies/domestic and for...
Growing with your clients• Ascendant trend in activity• Responding to market needs (mainly compliance services  in a first...
Challenges adapting to new needs• Growing clients do not need the same service. They need  new and more complex services• ...
A new service mix• The shift supported by figures• Regulation and compliance still strong and requested• Newly acquired ex...
Conclusion• SMP best placed to respond to diverse service requests  from their clients• SMP first to be asked the service•...
Thank You            Page 8 | Confidential and Proprietary Information
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Florin Toma - Helping SMPs Meet the Challenges & Seize the Opportunities of Tomorrow

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Presentation by Florin Toma, Member, IFAC SMP Committee, IFAC SMP Forum, March 2012

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Florin Toma - Helping SMPs Meet the Challenges & Seize the Opportunities of Tomorrow

  1. 1. IFAC SMALL AND MEDIUMPRACTICES FORUM 2012Session 3Helping SMPs Meet the Challengesand Seize the Opportunities ofTomorrowFlorin TomaMember, IFAC SMP Committee Page 1 | Confidential and Proprietary Information
  2. 2. Romania• 21 million residents• Entities by EU Size Classification Micro entities 91.4 Small entities 7.0 Medium entities 1.3 Large entities 0.3 Total 100.0%• EU accounting and audit regulation for SME’s• Young economy• Very tax driven economy Page 2 | Confidential and Proprietary Information
  3. 3. Practicing in Romania• 30 people/4 partners SMP• Dealing with SME’s but also with medium sized companies/domestic and foreign• 4 lines of activity – Accounting – Audit – Tax – Consulting (including taxation issues, corporate finance, valuations, etc.) Page 3 | Confidential and Proprietary Information
  4. 4. Growing with your clients• Ascendant trend in activity• Responding to market needs (mainly compliance services in a first period)• Concentrating on the service (whatever that was – simple or complex)• No time for marketing (unless referral is working itself for you)• Internationalization through adhering to an international network Page 4 | Confidential and Proprietary Information
  5. 5. Challenges adapting to new needs• Growing clients do not need the same service. They need new and more complex services• Challenges for the SMP: – New knowledge required – New resources (human and material) – Change of focus in the firm – Change of practices within the firm• New technology• Results of Quick Poll in our country quite similar to the international Page 5 | Confidential and Proprietary Information
  6. 6. A new service mix• The shift supported by figures• Regulation and compliance still strong and requested• Newly acquired expertise needs marketing Page 6 | Confidential and Proprietary Information
  7. 7. Conclusion• SMP best placed to respond to diverse service requests from their clients• SMP first to be asked the service• Always be ready to be challenged as accountant• Lack of resources and time at first – significant constraint when shifting to new service approach• MB would be a great support for SMP/SME in their development effort• Adapting to new clients requests might be the best way to keep your clients (or to loose them!) Page 7 | Confidential and Proprietary Information
  8. 8. Thank You Page 8 | Confidential and Proprietary Information

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