June 2023 Magazine
Here are our latest endeavours in the region. Continue reading below to explore the latest news in digital format.
SFAI Greenland establishes domicile in its capital
SFAI Greenland, part of SFAI Denmark, is expanding its presence by establishing a permanent base in Greenland's capital, Nuuk.
This move aligns with the anticipated growth in Greenland, driven by increased accessibility and the extraction of raw materials from the ground.
SFAI Greenland, as part of SFAI Global and SFAI Europe, offers services for companies and members looking to establish themselves in Greenland, including accounting, tax, and audit services.
With their new office, SFAI Greenland is well-prepared to support businesses in this thriving market.
Cyprus Vision 2035 – Emerging Tech & Innovation Hub
We are excited to bring you the latest developments from the Government of Cyprus thanks to SFAI Cyprus as they unveil their ambitious long-term strategy, "CYPRUS VISION 2035."
This visionary plan aims to propel Cyprus into a premier global destination, renowned for its exceptional quality of life, business-friendly environment, and cutting-edge innovation.
At the heart of this transformative strategy is the drive to build a dynamic and competitive economy, powered by research, scientific excellence, innovation, technological advancements, and entrepreneurial spirit..
Central to the government's objectives is the development of a robust Technology and Innovation Ecosystem. We look forward to seeing SFAI Cyprus become a key part of this exciting movement.
Unlocking Growth:
The Power of Adding Services to Accounting and Audit
By Paula Vidal Castelli, PhD, Executive Director Europe
Staying ahead of the curve is crucial for sustained success.
If your core business is accounting and audit, it's essential to explore avenues for growth and diversification. One effective strategy is to expand your service offerings beyond traditional accounting and audit functions. By doing so, you not only enhance your value proposition but also position your firm as a trusted advisor and partner to your clients.
What is the importance of adding services to your accounting and audit business and how it can propel your growth and success?
The needs of clients are continuously evolving, and they seek comprehensive solutions from their trusted advisors.
By expanding your services, you can meet these evolving needs and become a one-stop-shop for your clients. For example, offering financial consulting, legal services, or advisory on Human Resources can provide holistic support to clients, enabling them to make informed decisions and navigate complexity.
You need to engage and deepen your client relationships and build long-term partnerships. When clients can rely on your expertise for a broader range of services, it enhances their trust and confidence in your firm and so, you become a strategic partner who understands their business goals and provides valuable insights and solutions. This strengthens client loyalty and opens doors to new opportunities for collaboration and growth.
Adding services to your core accounting and audit business allows you to diversify your revenue streams. Relying solely on one service can limit your growth potential and make your business susceptible to market fluctuations. By diversifying, you can create new income streams and reduce the impact of economic downturns. Additionally, offering complimentary services can lead to cross-selling opportunities and generate additional revenue from existing clients.
In a competitive market, differentiation is key. New services sets you apart from competitors who only offer traditional accounting and audit services. It positions your firm as a versatile and forward-thinking player in the industry. Clients are more likely to choose a firm that offers a comprehensive suite of services, as it simplifies their decision-making process and provides them with a range of solutions under one roof.
Embracing Technology and Innovation: Expanding your services provides an opportunity to leverage technology and innovation. By adopting digital tools and platforms, you can enhance efficiency, and deliver services more effectively. Embracing technological advancements allows you to stay at the forefront of the industry and deliver exceptional value to your clients.
As you embark on the journey of adding services to your accounting and audit business, it's important to conduct thorough market research, identify emerging trends, and assess the needs of your target clients.
By strategically selecting services that align with your expertise and client requirements, you can unlock new opportunities for growth and position your firm as a trusted advisor and partner.
Embrace the power of diversification and expand your horizons to propel your business towards greater success.
In SFAI Europe we have experts who can help you navigate this path easily and effectively understanding your needs and the best options to implement in your country.
We are here to help you. Contact us for support.
Get to know some of our partners!
Albania’s only A.I implementing law firm, leading in their market for over 18 years, Frasheri Law Firm has become your one-stop office for legal solutions of all shapes and sizes.
Outsource your accounting and become more profitable in Lithuania with UAB Finsauga, currently working with +120 customers and experiencing unprecedented growth every month.
Success Story:
The Positive Impact of Good Management
This success case talks about a JDA’s client. It is a Japanese company located in Barcelona that has offices in several cities in Spain.
With an annual billing of over €20 million, the company is the agricultural division of CBC Iberia. Despite having a relatively small team of 32 employees, they have achieved remarkable success and growth in their market.
In this feature, we delve into the journey of a performance assessment project that has not only revolutionized how they evaluate their employees but also cultivated a culture of continuous growth and excellence.
Embracing Sustainability in Human Resources: Paving the Way for a Better Future
By aligning HR practices with sustainability principles, we can create a positive impact on both the environment and the well-being of employees.
Let's explore the vital role of HR in driving sustainability and the steps we can take to build a greener and more socially responsible workplace.
