Challenges & Opportunities for Sole Practitioners–and How PAOs Can Help

William Spiteri Bailey, former president of the Malta Institute of Accountants is part of the IFAC Small- and Medium-Sized Practices (SMP) Advisory Group (AG). As part of the work carried out within the group, they have issued the following document.

Sole practitioners make up a significant part of the accounting profession, both locally and globally. This document outlines how professional accountancy organisations can help sole practitioners be future ready. This deals with the challenges and opportunities that sole practitioners face and provides links to the documents that have been issued by IFAC SMP AG to support sole practitioners. It goes on to explain how PAOs can help sole practitioners, giving practical examples of what can be done and also detailing specific guidance and advice for sole practitioners to be future ready.