Practice Management: Practice Models and Networks

access120 days access
cpd hours4 CPD hours

This course will enable you to:

  • Select the right practice model for your firm
  • Consider the decision making process of your firm
  • Understand the roles and agreements of partners
  • Utilise your network to benefit your firm

If your firm is built on a solid foundation of good decision-making, ethical and efficient processes and a balanced team of committed leaders, it can be confident about its long-term future.

Practice Models and Networks examines the various models available such as sole practitioner, partnership, and corporate structures; the major approaches to profit-sharing and to decision-making within a firm; and the use of networks to multiply the power of your own advice.

This course is part of a series of courses based on the IFAC Guide to Practice Management for Small and Medium Sized Practices and has been produced with the permission of IFAC.

Work through the knowledge and application modules to understand the theory and exchange your ideas with your peers. Then complete the final Putting it into Practice module to create an action plan for your practice.

Practice models

  • What practice model is right for you?
  • Sole practitioner
  • Cost-sharing arrangement
  • The strengths and weaknesses of a partnership model
  • Partnership of equals
  • Unequal partnership
  • The consolidator model
  • Multidisciplinary firms

Practice management

  • Family members working in the firm
  • Decision-making approaches
  • Issues to consider when structuring or restructuring a firm
  • Partnership agreements
  • Remuneration and profit-sharing models

Using networks to add value

  • Advantages and disadvantages of network alliances
  • Referral network
  • Professional network
  • Management support network

Putting it into practice

This module helps you put the learning from this course into practice in your firm.

IFAC is the global organization for the accountancy profession. IFAC members and associates represent 2.5 million accountants employed in public practice, industry and commerce, government, and academia.
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ACCA partner with to provide high quality CPD for members. As an ACCA member, you are required to complete at least 40 relevant units of CPD each year, where one unit is equal to one hour. 21 units must be verifiable; the other 19 can be non-verifiable.

Verifiable CPD
Your course counts as verifiable CPD, if you can answer "yes" to these questions:

  1. Was the learning activity relevant to your career?
  2. Can you explain how you will apply the learning in the workplace?

You select courses that meet these criteria, and as you complete each course you get a CPD certificate so you can provide ACCA with the evidence that you undertook the learning activity.