If you’re an international business, you might imagine you need to employ a large, global accountancy practice. There are, however, other options, writes Jonathan Wilson of Barnett & Turner. One of the Big Four accountancy firms may seem like an obvious port of call if you’re running a sizeable business internationally. Surely, so the argument goes, you’ll need a firm which has a presence across the different jurisdictions in which you operate?
Actually, there’s an alternative solution which can prove to be just as effective and, in many cases, can suit you better. In a nutshell, you find a firm which is part of an association, such as HCWA. You get a more affordable partner who can provide a more personal service. They’ll have good local knowledge and an understanding of the specific regulatory regime in the country they’re based, AND they’ll also have global reach through the sister firms to which they’re affiliated.
As an illustration, through our connections with HCWA and their international liaison officer, we have been able to advise on the setting up of overseas trading subsidiaries with support from local firms in Europe, being fully briefed of the local tax regime to avoid nasty surprises. We were confident of their ability to deliver effectively and were pleased to be able to provide our client with an elegant solution: two independent firms with a high service ethos, both of whom can work happily alongside each other within the same association.
So when you’re choosing a professional adviser, remember that they don’t necessarily need offices around the world to be effective at managing your accounts. You may do better to find a local firm you trust and see if they’re part of an international association providing national and international connections at local rates.
If you would like to discuss anything related to this article please do not hesitate to call Barnett & Turner on 01623 659659 or email Jonathan at jwilson@barnettandturner.co.uk