EFAA International Conference 2021 – COVID-19: SMPs Recovering Smarter, Stronger and SustainableOn 22 October 2021 EFAA, for the first time it its 26-year history, hosted as a hybrid event its International Conference, ‘COVID-19: SMPs Recovering Smarter, Stronger, Sustainable’. Some 30 delegates, comprising the leadership of EFAA’s member organisations, speakers, and special guests, convened in person at the Thon Europe Hotel in Brussels. Another 100 delegates joined remotely.Salvador Marin, EFAA President, said in his opening address that “the event underlines how EFAA has successfully adapted to a new normal and, in collaboration with its member organizations, is helping to lead the digital and sustainable transition of small- and medium-sized practices accountancy and tax practices (SMPs) across Europe.”IFAC President Alan Johnson gave a keynote presentation and concluded that: “SMEs are critical to viable and sustainable economies everywhere. Accountants and Auditors for SMEs play an invaluable role in supporting SMEs achieve sustainable recovery from the economic impact of Covid-19. As we move from crisis to recovery, we should take every opportunity to contribute to a more sustainable world that is also more equitable and fairer for all; professional accountants will play their part in making this possible”.The conference stressed that SMPs, post-COVID-19, stand to play a crucial role in helping SMEs recover from the coronavirus crisis, build their resilience, and ensure their digital and sustainable transition. Being effective in this role will demand that they be smarter, stronger, and sustainable. SMPs will need to transform their practices by accelerating the adoption of digital technologies and broadening their services. New services may include advisory services related to early warning, insolvency, and sustainability as well as accounting services that include sustainability and non-financial reporting. SMPs’ role as trusted advisor to their SME clients will grow ever more important.In Session I: Achieving Sustainability – How can Small- and Medium-Sized Accountancy Practices Contribute? the moderator, EFAA Director Paul Thompson, was joined by panellists Thomas Verheye, Principal Advisor Green Finance and Investment at European Investment Fund (EIF), Luc Hendrickx, Director at SMEunited, and Usha Ganga, Theme Director Sustainability at NBA. The panel discussed the role to be played by SMPs in helping SMEs make the sustainable transition, including advice on sustainable practices, accessing sustainable finance and sustainability reporting and assurance. It was agreed that SMPs stand to play a key role in helping SMEs create, preserve and report on the value they create. This will demand a concerted effort by professional accountancy organizations to help build the capacity of SMPs to embrace this new role. It was also agreed that SMEs need tools adapted to their needs and capabilities to help them become greener and more sustainable.In Session II: Stronger – Diversifying Service OfferingInge Buffolo, Director Customer Department at EUIPOMike Suffield, Director of Professional Insights at ACCA, Nelson Ferreira, Adviser at OCC, and Morten Moller, Network Coordinator at Early Warning Europe, joined by the moderator, Robin Jarvis, Professor of Accounting and Finance at Brunel University London, discussed possible ways of supporting SMPs and making them stronger by helping them to broaden the range of services they provide. The panel explored the new services for the future and what kind of skills and qualifications are needed to effectively deliver them. All the panellists recognised the importance of the wider services which SMPs can provide for SMEs outside traditional accounting services. It was felt important that SMPs network with other SMPs which may be specialising in niche areas of service to SMEs as well as with other service providers to SMEs. Panellists acknowledged a tendency of regulators not to recognise the wide range of services SMPs could provide to SMEs and not to consult SMP organisations, like EFAA, in developing policy and regulation relating to the support of SMEs. Finally, it was noted that technology has given SMPs a greater opportunity to diversify their service offerings.In the final session, Session III: Smarter – The Digital Transformation, panellists Bart Van Coile, President, ITAA, Ardiana Bunjaku, Executive Director, SCAAK, Esteban Romero-Frías, Chair of the Economistas Digital Working Group, and Patrick de Veer, Founder of Greenaumatic, joined the moderator, Martin de Bie, Chair of the EFAA Digital Working Group. The panellists shared their experience in the digitalisation of professional accountancy bodies (PAOs), including EFAA member organisations, as well as on how to effectively support SMPs as they undertake their digital transformation.In conclusion, Salvador Marin noted that “while COVID-19 has brought much suffering and disruption, there are silver linings in the coronavirus cloud – namely the opportunity for SMPs to become smarter, stronger, and sustainable and help SMEs ‘build back better’. EFAA is collaborating with its member organisations to help SMPs seize this opportunity.”For more information: Please contact EFAA Secretariat