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Global and Regional Trends Impacting SMPs. Christopher Arnold Technical Manager, SME & SMP Affairs New Delhi October 10, 2014. Agenda. IFAC SMP Quick Poll Insights from IFAC Research The Role of SMPs in Providing Business Support to SMEs Other Research

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Global and Regional Trends Impacting SMPs

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Global and Regional Trends Impacting SMPs

Christopher Arnold

Technical Manager, SME & SMP Affairs

New Delhi

October 10, 2014


Agenda

  • IFAC SMP Quick Poll

  • Insights from IFAC Research

    • The Role of SMPs in Providing Business Support to SMEs

  • Other Research

    • ACCA/IMA Digital Darwinism: Thriving in the Face of Technology Change

    • Edinburgh Group research, Growing the Global Economy through SMEs

  • Resources


Insights from IFAC SMP Quick Poll I

  • Latest poll Nov-Dec 2013 attracted over 3,700 respondents

  • Report at www.ifac.org/publications-resources/ifac-smp-quick-poll-2013-year-end-round

  • Poll was conducted in 17 languages

  • Responses are heavily skewed in favor of practitioners from Europe and Asia working in smallest categories of practice


Insights from IFAC SMP Quick Poll II

  • What is the biggest challenge faced by your SME clients?


Insights from IFAC SMP Quick Poll III

  • What is the biggest challenge your practice is facing right now?


Insights from IFAC SMP Quick Poll IV

  • What is the fastest growing source of revenue for your practice?


Insights from IFAC SMP Quick Poll V

  • What is the main driver of your practice’s profitability?


Insights from IFAC SMP Quick Poll VI

  • How does your practice expect business to be in 2014 compared to 2013?

  • Next IFAC SMP Global Survey - 3 November 2014


Insights from IFAC Research I

  • IFAC Research on the role of SMPs in providing business support to SMEs

  • Extensive literature review

  • Interviews with accountants across the world


Insights from IFAC Research II

  • SME demand for business advice

    • Owner-managers can be reluctant to readily seek advice

    • SMEs lack of in-house expertise

    • Change in enterprise or external environment

    • Regulatory demands extending outside financial compliance

    • Growing information needs of SMEs

  • Accountants as external advisers

    • Most studies worldwide indicate accountants are preferred and first source of advice for SMEs


Insights from IFAC Research III

  • Reasons for choosing an accounting firm, especially SMP

    • Recognition—SMPs face similar compliance burden as SMEs

    • Technical competency

    • Trust

    • Proximity and responsiveness

    • SMEs wanting a one-stop shop


Insights from IFAC Research IV

  • Changing environment and challenges to traditional provision of services

    • Consolidation within the accountancy profession

    • Shift in regulatory environment: fewer audits

    • Shift in the nature of the SME population

    • Reluctance of some SMPs to provide services other than core compliance

  • SMPs will have to diversify to survive as key advisers for SMEs


Other Research I – ACCA / IMA

  • ACCA/IMA Report on Top 10 technologies that have the potential to considerably reshape the accountancy profession and business landscape:

    • Mobile- Cloud

    • Big data- Virtual and augmented reality

    • Payment Systems- Artificial intelligence and robotics

    • Cyber security- Educational

    • Social- Digital service delivery


Other Research II – ACCA / IMA

  • Research – developments in technology:

    • 81% expect change “to some extent” or “to a great extent” over next decade

    • 18% expect “a total transformation”

    • 2,100 ACCA/IMA Members

  • The profession must anticipate the changing needs of business

  • Accountants and finance professional must be open to the changes created by the cloud, mobile and social platforms and face up to demands of cybercrime


Other Research III – Edinburgh Group

  • Edinburgh Group research, Growing the Global Economy through SMEs

  • SMEs increasingly international but need more support

  • SMPs can help with:

    • Identifying markets

    • Navigating red tape

    • Facilitating finance

    • Dealing with FOREX


References—General

  • IFAC SMP Committee: www.ifac.org/SMP

  • Follow us on Twitter: IFAC_SMP

  • Join us on LinkedIn: IFAC SMP Community

  • Global Knowledge Gateway: www.ifac.org/Gateway

  • Resources and tools (all): www.ifac.org/about-ifac/small-and-medium-practices-committee/smp-resources-and-tools

  • IFAC Translations and Permissions: www.ifac.org/about-ifac/translations-permissions


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