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

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Global and regional trends impacting smps

Global and Regional Trends Impacting SMPs

Christopher Arnold

Technical Manager, SME & SMP Affairs

New Delhi

October 10, 2014


Agenda

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

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

Insights from IFAC SMP Quick Poll II

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


Insights from ifac smp quick poll iii

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

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

Insights from IFAC SMP Quick Poll V

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


Insights from ifac smp quick poll vi

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

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

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

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

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

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

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

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

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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