Last updated: 26 May 2023 04:00 Posted in: AIA
The Annual International Conference of the European Federation of Accountants and Auditors for SMEs (EFAA) held 25 May 2023 in Lisbon, Portugal, brought EFAA members, policymakers and practising accountants together to discuss The Future Of Small Practice.
Attracting, retaining, and upskilling talent are key strategies for SMPs across Europe as they navigate difficult economic times and react to the increased use of AI and technology in accountancy and advisory services. SMPs are also under significant pressure due to regulatory burden and automation threatening more traditional accounting roles, meaning upskilling existing accountants and employees and attracting new talent are key to the future growth and prosperity of the profession.
The conference heard from a broad range of expert speakers and panels who concluded that SMPs must diversify their skills, familiarise themselves with digital technologies and provide non-traditional services such as sustainability advising, reporting and assurance to flourish into the future and continue to provide vital services to their clients and the SME market across Europe.
AIA Council Member George Josephakis spoke as part of a panel discussion, together with Monica Foerster (IFAC SMP Advisory Group Chair), Marcus Tuschen (Tuschen und Partner) and Aleksander Stefanac (Facta d.o.o.), discussing how digitisation provides SMPs with an opportunity to transform their business model and improve the way they operate on a day-to-day basis, attracting talent and retaining them. To attract the new generation of talent, SMPs need sustainability and green policies. The panel concluded that SMPs which fail to improve environmental policies will struggle to engage and retain younger talent.
George Josephakis, a member of EFAA’s Digital Working Group, said, “In today's rapidly evolving digital landscape, staying ahead of the curve is crucial for the long-term success of any accountancy practice. Embracing digitalisation is not just a choice but a necessity. Only by fully integrating digital tools and technologies into practices can SMPs unlock the benefits that will enable them to thrive in the digital age.”
AIA Chief Executive Philip Turnbull said, “The key point and central theme of this conference was how SMPs can attract new talent, retain it and also ensure the upskills needed to keep up with the ever changing accounting world are in place. As a member organisation we understand the importance of this issue and we encourage our members to take action to ensure their employees have the skills and resources needed to thrive into the future.”
As an EFAA member AIA recognises the key role that our SMPs play in national and international economies as they continue to provide accountancy and advisory services to their clients and we strongly endorse guidance produced by EFAA for members in practice. AIA offers extensive support services to help small and medium sized practices work, evolve and grow. Our members in practice have access to everything they need to ensure they operate a successful practice and adhere to all necessary regulations.
AIA President Shahram Moallemi representing AIA at the EFAA Annual General Meeting said, “AIA is committed to supporting the work undertaken by EFAA to promote the key work of SMPs, and I was delighted to endorse EFAA’s key upcoming strategies under the leadership of President Salvador Marin in this vital area.”
More About EFAA AIA Guidance For SMPs