Ensuring Team-Wide Compliance

Practice managers play a vital role in accountancy firms, helping run the practice smoothly and effectively. The role spans operations, people, compliance and more, and continuing professional development (CPD) is valuable for practice managers to stay effective and current, particularly given the compliance dimension of the role. This guide explains the practice manager role, why CPD and compliance matter, and how to approach development. For related material, see our guide on continuing professional development.

What does a practice manager do?

A practice manager in an accountancy firm is typically responsible for helping the practice run smoothly and effectively. The role can span a wide range of areas, including operations and administration, people and HR matters, finances of the practice, client and office management, and compliance. Practice managers help ensure the practice functions well day to day, supporting the accountants and the running of the business. The role is broad and varied, combining management and operational responsibilities with an understanding of the particular context of an accountancy practice. It's an important role, since a well-run practice depends on effective management behind the scenes. The exact scope varies between firms — in smaller practices the role may be very broad, while in larger ones it may be more defined — but the common thread is helping the practice operate effectively.

The compliance dimension

One particularly important aspect of the practice manager role — and of running an accountancy practice generally — is compliance. Accountancy practices operate within a framework of professional, regulatory and legal requirements, and managing compliance is an important responsibility. This can include areas such as anti-money laundering (AML) obligations, professional and regulatory requirements, data protection, and other compliance matters relevant to running a practice. Getting compliance right matters greatly, since failures can have serious consequences for the practice. Practice managers often play a role in helping ensure the practice meets its compliance obligations, which requires understanding the relevant requirements and keeping that understanding current as rules change. This compliance dimension is a key reason why ongoing development and staying current are so important in the role. Always check the current requirements relevant to a particular practice, as these are detailed and change.

Why CPD matters for practice managers

CPD is valuable for practice managers for several reasons. The role is broad, spanning operations, people, finance and compliance, so there's a wide range of knowledge and skills to develop and maintain. The compliance requirements relevant to practices change over time, so staying current is important — getting compliance right depends on up-to-date understanding. Management and operational best practices also evolve, and keeping up helps practice managers be more effective. And the context of running a practice — including technology, regulation and business practices — continues to change. For all these reasons, ongoing development helps practice managers stay effective and current in a varied and important role. CPD — through relevant learning, keeping up with developments, and practical experience — is how practice managers build and maintain the broad capabilities the role requires, including the all-important compliance knowledge.

How to approach development as a practice manager

A thoughtful approach to development helps practice managers stay effective. Identify your development needs across the breadth of the role, considering operations, people, finance and compliance. Prioritise staying current on compliance, given how important and changeable this area is. Develop both management and practice-specific knowledge, since the role combines general management with the particular context of an accountancy practice. Use a mix of learning, from relevant courses and CPD to keeping up with developments and learning on the job. Stay aware of changes in the regulatory and business environment affecting practices. And treat development as ongoing, integrating it into your professional life. Given the breadth and importance of the role — and particularly its compliance dimension — ongoing development is a worthwhile investment, helping practice managers run their practices effectively and stay on top of their responsibilities. Always check current requirements relevant to your practice.

Frequently asked questions

What does a practice manager do?

Helps an accountancy practice run smoothly and effectively — spanning operations and administration, people, practice finances, client and office management, and compliance.

Why is compliance important in the role?

Because accountancy practices operate within professional, regulatory and legal requirements — including areas like AML and data protection — and managing compliance is important, with serious consequences if it goes wrong.

Why does CPD matter for practice managers?

Because the role is broad, compliance requirements change, management best practices evolve, and the context of running a practice continues to change — so staying current matters.

How should I approach development?

Identify your needs across the role, prioritise staying current on compliance, develop both management and practice-specific knowledge, use a mix of learning, stay aware of changes, and treat development as ongoing.

Stay current with Learnsignal

Running a practice effectively depends on current knowledge, especially on compliance. Learnsignal's tutor-led CPD courses help practice managers and finance professionals stay current and competent — with expert tuition and flexible online study that fits around work.