A computational method for the simulation of particulate flows that can efficiently treat the particle-fluid boundary in systems containing many particles was developed based on the smoothed-profile lattice Boltzmann method (SPLBM). In our proposed method, which we call the improved SPLBM (iSPLBM), for an accurate and stable simulation of particulate flows, the hydrodynamic force on a moving solid particle is exactly formulated with consideration of the effect of internal fluid mass. To validate the accuracy and stability of iSPLBM, we conducted numerical simulations of several particulate flow systems and compared our results with those of other simulations and some experiments. In addition, we performed simulations on flotation of many lightweight particles with a wide range of particle size distribution, the results of which demonstrated the effectiveness of iSPLBM. Our proposed model is a promising method to accurately and stably simulate extensive particulate flows.