The Edinburgh Group's research report 'SMP of the Future in a
Changing World' has now been published and can be downloaded here -
SMP of the Future.
A global research report 'The SMP of the Future in a Changing
World'commissioned by the Edinburgh Group - a coalition of 16
accountancy bodies from across the world - examines the landscape
ahead for the Accountancy Profession.
This report offers recommendations for small to medium
sized practitioners (SMPs) and Professional Accountancy
Organisations (PAOs) about how they can work better together and
sustain great working relationships.
The report also states that SMPs and the PAOs that support them
should prepare together for a rapidly evolving future that sees
many changes on the horizon. Changes include digital technologies,
regulation and deregulation to the education and skills needed to
sustain and develop in this changing environment.
Eamonn Siggins, Chair of the Edinburgh Group said: 'In the face
of a volatile and uncertain environment, our extensive global
research provides a series of informed recommendations for SMPs and
PAOs alike. There are many opportunities ahead for both groups,
coming at a time when collaboration is a must.'
'We know from our extensive research that SMPs expect and depend
on their PAOs to offer tailored support. From guidelines, tools and
networking opportunities, this support is vital for the future of
SMPs success. The relationship is symbiotic and so demands
proactivity on both sides.'
For SMPs, top of the list is the need to be proactive in seeking
out new markets for their services and consider growth and
diversification of their service offerings. They must also be
cognizant of training requirements, recruitment and retention of
accountancy-qualified and non-accountancy expertise and / or
collaborations with other accountancy firms and service
providers.
Key recommendations for PAOs include the need to be proactive in
anticipating and understanding evolutions in the accountancy
profession, while also ensuring training and development is
available to SMP members to help them to adapt to a changing
world.
Mr Siggins concludes: 'The alliance between SMPs and PAOs is a
powerful one, but it's also one that needs to be nurtured.'
'PAOs need to sustain close contact with their SMP members to
understand their challenges and needs better, via roundtables,
focus groups, surveys and case studies - and we know that many
already do so. There is always more to be done and improvements can
always be made. The foundations of the relationship between SMPs
and PAOs are strong. But in the face of volatility, neither party
can be complacent.'
The report is based on an SMP survey, which gave 1,906 responses
in 11 languages from 52 countries, alongside interviews with key
staff in Edinburgh Group professional accountancy organisations and
a series of SMP case studies. It also includes a review of other
academic research into SMPs.