IFAC Updates Guide for Small and Midsized Practices

The International Federation of Accountants’ Small and Medium Practices Committee has released a new edition of its Guide to Practice Management for Small- and Medium-Sized Practices, with guidance on new topics, including cloud computing.

The PM Guide includes an extended case study, a sample manual for office procedures, along with checklists and other worksheets. The book explains how small and midsized firms can develop a growth strategy, manage their staff and client relationships, do risk management and succession planning, and more. It can be used for education and training. An updated companion guide to help members make the best use of the guide will be released in early 2012.     

“As trusted advisors and small businesses themselves, small practitioners need to be well-versed in all areas of operating a practice,” said SMP Committee chair Sylvie Voghel. “The PM Guide can help SMPs achieve proficiency in a variety of areas to ensure their sustainable, long-term success. Only by properly managing their practices can SMPs successfully compete in today’s market for professional services.”

The updated PM Guide can be downloaded free of charge from the SMP Publications and Resources area of the IFAC Web site. For related information, visit the Small and Medium Practices Web pages for access to additional resources, aligned with the topics in each module of the PM Guide.