In 2020, the Nexia network advanced by another position to rank 8th among the world’s largest global accounting networks. Its revenue was $4.5 billion, up 5% from a year earlier
Despite a period full of challenges for businesses around the world due to the pandemic, fortunately, there are international companies focused on sustainable development with extensive experience that make a significant contribution to maintaining economic stability. That is why the operation of global brands on the local market has become an even more crucial and important issue for Georgia: local businesses and brands can learn a lot from the example of such companies and their crisis management strategies.
When talking about companies with international experience and scale, one of the most successful examples is “Nexia TA,” an impressively fast growing brand which was able to establish itself quickly on the Georgian market, and just as quickly gain a high level of consumer confidence.
Nexia TA has been a leading company in the Georgian business sector for 8 years and is known as a provider of high-quality auditing, accounting and tax services.
Nexia TA has been the official representative of the independent international network Nexia International in Georgia since 2014. Nexia International offers auditing, accounting and consulting services to industries and occupies an honorable place in the top 10 companies in the world. It was founded in 1971 by two firms – Oppenheim Appel Dixon & Associates (USA) and Spicer & Pegler (UK), and currently the Nexia Network unites 752 offices in more than 100 countries.
The part of this global network in Georgia – Nexia TA, is distinguished by the same fruitful activity and high reputation as the brand in general.
The main priority for the company is stability and sustainable development, which is clearly reflected in the numerous awards and successes it has achieved over the years. And, like the last few years in a row, 2021 proved to be exceptionally successful for the company, with Nexia again being awarded significant international recognition. In particular, at the Digital Accountancy Awards 2021, which has been held annually for 10 years by the # 1 accounting publication, IAB, in London, Nexia won two major awards: Nexia International was named “Network of the Year” among accounting and consulting companies, and Nexia CEO Kevin Arnold received the Lifetime Achievement Award.
The annual event held in London evaluates firms for using the best and most innovative approaches in modern accounting.
In 2020, the Nexia network advanced by another position to rank 8th among the world’s largest global accounting networks. Its revenue was $4.5 billion, up 5% from a year earlier. In the Georgian auditing and consulting market, Nexia TA ranks 6th among the representatives of the top ten in the world.
Beyond these significant successes, 2021, unlike for many other companies, turned out for Nexia TA to be memorable for many more innovative and exciting projects. Despite the difficult situation in the world, the rapid progress and development of the Nexia TA has not been hindered.
Clearly, the main reason for this success is the hard work and enthusiasm of its experienced Georgian and foreign professionals.
Davit Lomidze, Director and Managing Partner of Nexia TA, notes that the company is maximally focused on the interests of customers, and on offering them a variety of high quality services which will ultimately be reflected in the results achieved. He believes close partnerships with offices in other countries are an important prerequisite for success.
“2021, like last year, was a year of sustainable growth for Nexia TA. Our team has developed in virtually every direction, and we have also introduced new directions. This period, despite the pandemic, was very successful for the network as a whole – in the world ranking, our network moved to 8th position. In addition, we received the title of the Best Network of the Year at the International Accounting Bulletin Awards. Our CEO, Kevin Arnold, even won the Lifetime Achievement Award. Of course, the Georgian office also contributes to this global network and is considered one of the most successful offices. In addition to rapid growth, we are actively collaborating with various network offices, such as the UK and Ukrainian offices, through exchange programs. We share experiences with each other, which is very important. We are involved in all important events, such as annual international and regional conferences, as well as various professional trainings.
“Overall, we have quite close partnerships in the network, which is confirmed by our winning the title of Best Company of the Year in the domestic network in 2017, which was awarded to the Georgian office in San Francisco, USA. We are also proud that in 2018, in London, Nexia TA was recognized by the International Accounting Bulletin as the only auditing company from Georgia to have won in the nomination Accounting Capacity Building Champion 2018, for outstanding contribution to the development of accounting,” Davit notes.
Today, the company offers innovative solutions to new challenges, products and services tailored to new needs, with more engagement and participation from partners. That’s why Nexia TA launched the campaign with the message box – “Where the process is as important as the outcome.” This message is addressed equally to all stakeholders, employees, potential employees, existing or future clients, and it promises them a relationship / process that will be diverse, exciting, and evolving. At Nexia TA, the work process involves building partnerships with customers as well as maximizing employee comfort and creating a pleasant environment.
The company is represented in the market with a variety of directions and services, the largest of which is accounting. A distinctive project in this area is “Accounting Simply,” which provides Nexia’s high quality international standards services for beginners, even for relatively small companies, through price optimization.
The company has a strong tax department and this direction, like the rest, is constantly growing and evolving. The Georgian office successfully cooperates with international partners, including the German and Italian sides, in international taxation and transfer pricing.
The consulting direction has also developed significantly. The company is currently cooperating with banks in the field of property valuation, which can be considered a significant achievement of 2021.
Outsourcing of CFO services, both locally and remotely, has been further strengthened and refined this year to include financial analytics, decision making, cash flow planning, relationships with banks and investors, and optimizing company costs to increase profits and assist businesses to develop.
The company is also involved in the inventory process and offers customers a convenient and fast service. In the consulting service, it has an inventory program, the innovative product Multi, which greatly simplifies the inventory process and reduces the time required.
Also noteworthy is the company’s legal direction, which includes civil disputes and legal advice. Nexia TA also offers customers a software service under the Nexia TA Solutions brand.
Nexia TA is particularly proud of the Nexia TA Academy, where there is constant training and education for both employees and external users. If desired, any interested person can be involved in these educational processes and gain a thorough knowledge of financial and legal issues through the company’s experienced staff and invited professionals.
An important issue for the Georgian office team is to use the success they have achieved in the global network to develop business and tourism in the country. Prior to the pandemic, Nexia TA was selected to host a major international tourism (MICE) tourism event – gaining the right to host business partners from Europe-Middle East-Africa, which was to be attended by up to 300 delegates. The event was postponed due to a pandemic, but it is still planned to be held in Georgia after the global situation improves.
The main goal for Nexia is establishing the closest and strongest possible partnership with customers and to offer them products based on their interests. This is what its global slogan, “Closer to You,” implies, which each member of the team puts into practice. The sub-integration of this global network is the Georgian office campaign on the local market “Where the process is as important as the outcome”, which was among the finalists at the IAB Awards in 2021.
“Closer to You is divided into two directions: employee and customer relations. On the one hand, it should be exciting and enjoyable for employees to work with us, and on the other hand, we need to create an environment that best suits clients’ interests and helps them grow their business,” Nexia TA’s managing partner explains.
It is noteworthy that as a result of this attitude, in 2019, the company won the “Responsible Employer of the Year” award. According to the 2019 data published by the Accounting, Reporting and Auditing Supervision Service (SARAS), Nexia TA is the third largest audit firm in the market in terms of number of employees, which the company was able to do in just 6 years.
Significant attention is paid to the direction of CSR, social projects and caring for the interests of the community, for which a certain budget is allocated annually and used for charity or other activities to bring more and more benefits to the community.
Among the projects implemented in this regard, the support of a certain segment in the field of disputes at a symbolic price, only 1 GEL, through highly qualified tax consultants, is noteworthy. The service is intended for those who have not had the opportunity to appeal against accrued amounts that the company considers unfairly charged.
Nexia TA pays great attention to cooperation with various business associations. As such, fruitful conferences were held with builders’ and distributors’ associations this year. The company is a member of many large-scale business associations, among them the American Chamber of Commerce (AmCham), the German Chamber of Commerce, and the Georgian Business Association.
After eight years of operation on the Georgian market, Nexia TA has repeatedly proven that it is a worthy and reliable partner for the representatives of the business sector, and at the same time, a responsible employer for its employees.
Nexia TA’s managing partner believes that if a company has ambitions to move forward, its team must constantly strive for sustainable development in all areas.
“To summarize, we can say that we continue to develop sustainably,” Davit Lomidze tells us. “For us, of course, the process is as important as the outcome. Meaningful, interesting, result-oriented relationships with clients and employees are important. During this global crisis, Nexia TA has once again proven to be a sustainable and strong company. The pandemic turned out to be a kind of test for our team, which we successfully passed both in terms of revenue growth, as well as standing by customers and giving them continuous support. In addition, we took maximum care of our employees, their safety and development. We have interesting plans for the future, and new challenges and heights are ahead.”
By Ana Dumbadze