26 October 2016
The International Federation of Accountants (IFAC) has just published a major piece of research which highlights the important relationship between small and medium-sized accountancy practices (SMPs) and their clients – primarily small and medium-sized businesses (SMEs).
The report examines:
- the key drivers in the adviser-client relationship;
- the demand for – and supply of – SMP business advisory services; and
- the growth implications for SMPs, as well as how professional accountancy organisations around the world can support them.
The report is based on IFAC-commissioned research from the Bucharest University of Economic Studies and the University of Dayton. Researchers reviewed over 90 academic research papers and reports and, in response, published a paper entitled “The Role of SMPs in Providing Business Support to SMEs: New Evidence”.
IFAC chief executive, Fayez Choudhury, said “It has long been assumed that taking advantage of the breadth and depth of experience and expertise of professional accountants helps organisations optimise performance, efficiencies, and more. It is heartening to see robust global evidence in support of this relationship.”
This report accurately reflects our experience at UHY. In particular, the observation on the level of trust in a client/adviser relationship and the long-term nature of such relationships. We also recognise the increase in the range and diversity of the business advice that we offer, which is essential against a background of increasing technical and regulatory demands on business. The full report can be found here.