How close collaboration is adding value for multinationals
By Ian Lavis on behalf of Praxity Global Alliance
Multi-firm collaborations within Praxity are delivering quality services with added value for clients around the world.
Leading examples of highly successful collaborations were presented at Praxity Global Conference, held virtually on October 19-21.
Partners at member firms revealed how working together in a seamless way to share global expertise is a winning model for multinationals.
These multi-firm, relationship-based solutions help clients navigate complex cross-border accounting requirements while also achieving significant savings.
Here, we present some of the biggest successes to date:
Client success 1: Australia & UK
Member firms: Rouse Partners, William Buck
Team: Bindi Palmer, Jo Lovatt, Jeffrey Luckins
Solution: Multi-services proposal, mid-market
A publicly listed company in Australia with significant operations in the UK decided to tender its audit and tax services which were previously conducted by a globally branded mid-market firm.
William Buck was approached by the company’s Board in Australia to submit a proposal covering audit and tax services globally. The Australian accounting firm collaborated with Rouse Partners in the UK to develop a joint proposal addressing audit and tax services for the UK business.
The two independent accounting firms had already worked together for more than ten years through Praxity. Their shared values, similar culture and focus on client relationships were ultimately key reasons for winning the contract. Together they identified several important audit matters that needed to be addressed as part of the proposal and the two firms worked closely to develop a “unique” multi-service solution, which was prepared and delivered virtually during the Covid-19 lockdown.
• High quality risk and technical support
• Expertise tailored to client needs
• Good rapport with the client
• Sense of unity
• Diversity in the team
• Value for money
“I think we certainly felt the connection between us as teams and with the client. It was tangible.” Bindi Palmer, Head of Audit & Assurance, Rouse Partners.
“It felt very personal. The client certainly felt that connection as well. Above all, they felt our genuine passion for client service.” Jo Lovatt, Audit & Accounts Director, Rouse Partners.
“Detailed preparation, focus on the key client concerns, being authentic in our discussions and presenting a united engagement team were ultimately the reasons why the client selected our joint proposal over rival firms which seemingly had the advantage of one single global brand.” Jeffrey Luckins, Audit & Assurance Director, William Buck.
Client success 2: US, Canada & Australia
Member firms: Plante Moran, MNP, William Buck
Team: Kellie Becker, Mark Pearlman, Shane Crockett
Solution: Compliance, planning, transfer pricing, tax, audit reporting
A US multinational client of Plante Moran required tax expertise for its cross-border operations. Plante Moran reached out to MNP and William Buck through Praxity to provide specific expertise for the clients’ operations in different jurisdictions.
Each firm has since developed a close relationship with the client in their respective territories while overall service delivery continues to be managed seamlessly by Plante Moran. Early hurdles such as fee queries and engagement queries were quickly resolved, demonstrating clear communication channels and fast resolution.
• Holistic approach
• Strong cross-firm communication
• Clear communication with the client
• Innovative solutions to client challenges
• In-person meetings in US and local level to build strong relationships
• Significant client savings through transfer pricing
• Seamless delivery
“We have tried to be holistic in our approach. Our client is predominantly Plante Moran.” Shane Crockett, Tax Director, William Buck.
“The way that we are able to communicate and make sure we are on the same page makes a big difference for our client.” Kellie Becker, International Tax Partner, Plante Moran.
“They see the work as seamless. We work as if we are one firm. That is the only way you can work for these clients.” Mark Pearlman, Partner, MNP.
Client success 3: US and Europe
Member firms: Moss Adams, Mazars USA
Team: Bill Sturges, Eric Klein Hesseling
Solution: Multiple tax and audit services
A long-standing client of Moss Adams with a strong commitment to social and environmental responsibility was restructuring its European operations. Moss Adams approached Mazars through Praxity to help manage the European side of the business. The focus of the collaboration was initially to provide tax and audit support during the transfer of the client’s headquarters from France to Amsterdam. Now the two Praxity member firms work together to deliver multiple cross-border services to the client worldwide.
Developing a strong relationship with the client was key to building trust. This was achieved through visits to client sites in different countries, attending client events and demonstrating shared moral standards including supporting environmental causes.
• Shared values
• Shared approach to delivery
• Fast resolution of client queries
• Client benefits from transfer pricing
• Valuable support from Mazars worldwide
“We speak the same language and have the same approach.” Eric Klein Hesseling, Partner, Mazars.
“We provide seamless support. We rely on each other to bring the highest level of services to the client.” Bill Sturges, Partner, Moss Adams.