What audit and consulting services in demand today? - An interview with Managing Partner of Baker Tilly Bel

The audit company «Baker Tilly Bel» is the official partner of our Forum «Business of the Future» to be held in Minsk on the 19th of September. The day before we talked to Managing partner Pavel Tsarev about trends for audit and consulting services and the expectations from the upcoming forum.

Pavel, your company has a large range of corporate services. Today which of them are most in demand at the Belarusian business and why?

This year among the corporate services our company notes an increased interest in services associated with funding: preparation of feasibility studies, financial models and business plans. In the difficult economic conditions for the Belarusian companies are interesting options for obtaining funding from international organizations, foreign banks — due to competitive rates for the use of money (5-7% per annum in the currency against 11-15% in the domestic market). There remains a concern in the services of financial and tax due diligence in the preparation of mergers and acquisitions. This year interesting projects were implemented in the field of analysis of business processes associated with the movement of goods and stocks.

Among your customers are companies of different industries, including IT. This sector is growing rapidly in Belarus. Among the participants of the forum «Business of the Future» are many representatives of IT business. How its requirements change for auditing, accounting and consulting services?

In addition to such traditional services as the audit of financial statements according to national standards (it's obligatory for some cases, for example, for HTP), we can talk about increasing interest in services related to the preparation and audit of financial statements under IFRS. Sooner or later, when the successful development of the IT business, raised the question about finding additional financing or how to sell the company.

This requires business structuring and preparation of the financial information in a format understandable to a foreign investor. Accounting outsourcing, especially the outsourcing process in payroll and personnel turnover, is also among the popular services.

You provide transformation services to IFRS. In some cases, the Belarusian companies are moving to this system of financial statements. Is it a long and laborious process?

As a rule, the question of drawing up IFRS arises:

In compiling foreign founder of the Belarusian company consolidated financial statements; In preparation for fundraising from international and foreign financial institutions and investors; When selling a business; In analyzing the efforts of top managers by the owners. 

The duration and the complexity of these procedures depends on the size and activities of the company, the amount of fixed assets, and takes from several weeks to several months.

In our experience, we can say that it is appropriate to start drawing up financial statements under IFRS, even if the need for it is seen by a potential owners in the coming 2-3 years.

In this case, it is possible not only to analyze the financial results for several years, but also to leave behind the problems and time costs, related to the first application of IFRS.

What company Baker Tilly Bel can wish the young Belarusian businessmen, participants of the forum «Business of the Future»?

First of all, I would like to say that the upcoming Forum «Business of the Future» is an excellent platform to discuss their ideas and projects in a circle of associates and potential partners, as well as the opportunity to learn useful knowledge and experience from the invited experts.

And these virtues should try to take advantage to the maximum — increasing the number of contacts, personal contacts, we are expanding the range of opportunities for themselves in the future.

I wish the young entrepreneurs not to give up in front of the difficulties arising in the development of the business, the courage to make decisions and move forward!