International Federation of Accountants Practice Management Tools IFAC SMP Forum, Abuja, Nigeria, October 13, 2008 Giancarlo Attolini IFAC SMP Committee Member, CNDCEC

Practice Management ToolsPractice Management Tools Practice Management Guide:Practice Management Guide: –Rationale –Aims –Target Audience –Overview –Table of Contents –Features –Dissemination, Derivatives & Linked Projects ConclusionConclusion Content

Practical information and tools designed to help practitioners run their practice in an efficient, client- focused & profitable wayPractical information and tools designed to help practitioners run their practice in an efficient, client- focused & profitable way Includes forms, office procedures manual, worksheets, software applications, guides etc.Includes forms, office procedures manual, worksheets, software applications, guides etc. Embraces all different disciplines required to manage a businessEmbraces all different disciplines required to manage a business Commonly used in medical and legal professionCommonly used in medical and legal profession Practice Management Tools

Delegates at SMP Forum 2007 strongly supported IFAC’s development of Practice Management GuideDelegates at SMP Forum 2007 strongly supported IFAC’s development of Practice Management Guide SMPs are struggling to cope with:SMPs are struggling to cope with: –Increased competition –Ever changing and complex standards and regulations Often lack time to think strategically and reflect on how best to manage their practiceOften lack time to think strategically and reflect on how best to manage their practice Hence, need an authoritative source of practical help on how to run a practiceHence, need an authoritative source of practical help on how to run a practice An SMP is a small business after all!An SMP is a small business after all! Practice Management Guide Rationale

SMPs including sole practitionersSMPs including sole practitioners Practices that offer compliance (accounting, audit, tax) and/or business support servicesPractices that offer compliance (accounting, audit, tax) and/or business support services Jurisdiction neutral – written for a global audienceJurisdiction neutral – written for a global audience Practice Management Guide Target Audience

Improve competitiveness, profitability & sustainability of SMPsImprove competitiveness, profitability & sustainability of SMPs Enhance competence and efficiency of those managing SMPs, so as to provide an environment conducive to the provision of high quality servicesEnhance competence and efficiency of those managing SMPs, so as to provide an environment conducive to the provision of high quality services Facilitate global convergence in best practices in practice management by SMPsFacilitate global convergence in best practices in practice management by SMPs Provide basis for development of other products aimed at promoting effective practice management, (CPD materials, software, practice aids,etc.)Provide basis for development of other products aimed at promoting effective practice management, (CPD materials, software, practice aids,etc.) Practice Management Guide Aims

First edition to be published late 2009/early 2010First edition to be published late 2009/early 2010 Approximately 500 pagesApproximately 500 pages CPA Australia commissioned to developCPA Australia commissioned to develop SMP Committee overseeing quality reviewSMP Committee overseeing quality review Funding: IFAC – 60%; contributions (CGA Canada, CNDCEC, plus ?) – 40%Funding: IFAC – 60%; contributions (CGA Canada, CNDCEC, plus ?) – 40% IFAC will own full copyrightIFAC will own full copyright To be available free-of-charge on CD Rom & PDFTo be available free-of-charge on CD Rom & PDF Practice Management Guide Overview

Opportunities & Challenges for SMPsOpportunities & Challenges for SMPs Practice Structures & ModelsPractice Structures & Models Planning for your Practice – Now and for the FuturePlanning for your Practice – Now and for the Future Building and Growing your PracticeBuilding and Growing your Practice People Power - Developing a People StrategyPeople Power - Developing a People Strategy Technology & E-BusinessTechnology & E-Business Client Relationship ManagementClient Relationship Management Knowledge & Risk ManagementKnowledge & Risk Management Succession PlanningSuccession Planning Practice Management Guide Table of Contents

Generic chapters for jurisdiction sensitive materialGeneric chapters for jurisdiction sensitive material Written in plain EnglishWritten in plain English IFAC SMP Committee publicationIFAC SMP Committee publication Number of illustrations, practice aids, etc.Number of illustrations, practice aids, etc. Member bodies and others can use as is or adaptMember bodies and others can use as is or adapt Separate guide for MBs providing guidance on:Separate guide for MBs providing guidance on: –how to customize for their own jurisdiction; & –how to use it (e.g., as basis for training courses) Annual updatesAnnual updates Practice Management Guide Features

IFAC to encourage translations, reproductions & adaptationsIFAC to encourage translations, reproductions & adaptations IFAC to facilitate development & dissemination of high quality derivatives at reasonable cost to usersIFAC to facilitate development & dissemination of high quality derivatives at reasonable cost to users See for online catalogue of free PM materials & PM discussion threadsSee for online catalogue of free PM materials & PM discussion threadshttp:// Possible Professional Education Center offering subsidized access to online CPD coursesPossible Professional Education Center offering subsidized access to online CPD courses Practice Management Guide Dissemination, Derivatives & Linked Projects

Conclusion For those joining Group B: Practice Management Tools we welcome your comments & ideasFor those joining Group B: Practice Management Tools we welcome your comments & ideas This is what the Forum is meant for!This is what the Forum is meant for! Thanks for helping us develop better quality guidance, suited to the actual needs of Small & Medium PracticesThanks for helping us develop better quality guidance, suited to the actual needs of Small & Medium Practices

International Federation of Accountants SMP Committee Thank you! Giancarlo Attolini IFAC SMP Committee Member