Practice Management: Practice Models and Networks | Nelson Croom

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 eight 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.

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Practice models and networks enables the learner to:

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

Learning outcomes

Practice models

What practice model is right for you?

Sole practitioner

Cost-sharing arrangement

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 in to practice

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

Target audience

This course is suitable for all accounting professionals looking to start or improve their practice.