IFAC updates guide for small and midsized accounting practices

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The International Foundation of Accountants has released the fourth edition of its Guide to Practice Management for Small- and Medium-Sized Practices to help small and midsized accounting practices meet the challenges of the globalized digital world.

The latest edition includes a new section on leveraging technology as one of its eight modules. It discusses how technology developments are changing the way organizations operate. It explains how small and midsized accounting practices need to adapt to service their clients that use technology. Topics include developing a technology strategy, hardware and software options, new and emerging technologies, technology risks, and leveraging technology for practice innovation.

The guide aims to help accounting practices improve their management and operational efficiency, while supporting their sustainability and success. Other topics in the guide include strategic planning, succession planning, managing staff; risk management and client relationship management.

To help accounting firms and organizations make the most of using the guide, IFAC has also updated a Companion Manual for the guide.

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