Practice Management

Updated: December 11, 2024

Discover key communication strategies for accountants in 2024, focusing on data-driven discussions and emotional intelligence.
Effective communication is becoming increasingly vital for accountants as the profession evolves. With the rapid advancements in technology and the growing complexity of financial regulations, clear and precise communication can significantly impact an accountant’s ability to perform their duties effectively.

The CPA Alberta Achievement Awards recognize individuals whose achievements in their career, the community, and the profession have brought honour to the profession.

We are now accepting applications for 2025 CPA Alberta Achievement Awards. The nomination deadline is October 31, 2024 at 11:59 (MDT)

Whether it’s for personal, financial, ethical or business reasons, there are times when you need to call it quits with a client. Here are some ways to make the process easier.

In an ideal world, every client relationship would be smooth sailing. But there are times when things simply aren’t going the way they should. Whether it’s a personal, financial, ethical or business issue, accountants need to know when it’s time to go their separate ways, and more importantly, make the transition as smooth as possible for everyone.

The Practice Transformation Action Plan – A Roadmap to the Future highlights key areas and initiatives for SMPs as trusted advisers to small- and medium-sized entities (SMEs).

The Fast Future With IFAC Podcast Series: Episode One to Five 

The Fast Future With IFAC is a conversational podcast series that features innovative SMPs sharing how they’re adapting to the rapidly changing global economy.

In Cetrom’s new video series, Coffee Talk, Cetrom Founder and CEO Christopher Stark meets with industry experts to discuss a variety of topics impacting CPA firms today. He was recently joined by Marc Staut, Chief Innovation and Technology Officer of Boomer Consulting, to explore one of the hottest trends for CPA firms: Outsourcing.

Before discussing why outsourcing is such a sizzling subject, it is important to define the concept. Essentially, outsourcing is when a business hires a third party to provide services or complete certain tasks for the business.

Why Is Outsourcing Such a Hot Topic Right Now?

IFAC’s Small and Medium Practices Advisory Group (SMPAG) met recently and discussed challenges for small firms embracing digitalization, recent trends and tools that are being used in practice, digital marketing strategies, and the opportunities available for small firms to flourish. The SMPAG considered digitalization from a broad perspective, including the challenges to digital adoption, how SMPs can implement new software, how digitization may provide new services to clients, and how to leverage technology to make processes more efficient.

A lot of accountants sell their practices and hasta la vista baby! They sail into the sunset. However, some want to hang around.

Usually when a practice is sold, the seller sticks around long enough to introduce the buyer to the clients and assures the client they will be available if any problems develop or to field calls when necessary. This is usually for a three-month period and there is no compensation for this. However, it also assumes the seller is not going to do any work or perform any specific services.

IAASB - Quality Management

The IAASB has raised the bar for quality management.

Three new and revised standards strengthen and modernize the audit firm’s approach to quality management. Through the standards, the IAASB is addressing an evolving and increasingly complex audit ecosystem, including growing stakeholder expectations and a need for quality management systems that are proactive and adaptable.

Implementation tool for practitioners: New quality management standards

Learn about the components of a system of quality management, what this means for your firm and steps to take to implement the new Canadian Standards on Quality Management.

Insights on Small Firm Specialization with an Enhanced Focus on Business Advisory Services

In recent years there has been an enhanced focus on small- and medium-sized practices (SMPs) providing business advisory services and the opportunities available to expand such services. It is recognized that for many SMPs most of their revenue is generated by traditional compliance services, including accounting, audit, and taxation, but with advancements in technology and repetitive tasks being increasingly automated, there’s greater scope for firms to analyze data and offer strategic advice to clients.

Guide to Practice Management for Small- and Medium-Sized Practices

Welcome to the fourth edition of the IFAC Guide to Practice Management for Small- and Medium-Sized Practices.

SMP Pacesetters Embracing Technology

In many countries Small and Medium Sized Enterprises (SMEs) are the growth engine of the economy. In the dynamic world in which we live the needs of this sector in terms of business planning and supporting growth are increasingly served by the digitalized Small and Medium Sized accountancy practice – the SMP community. The role of this community is evolving into a more advisory role that takes advantage of the technology and data that is increasingly available. This provides significant opportunities for both the practice and its clients.

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