AI Finance Awards 2018

10 Acquisition International - 2018 International Finance Awards FN180011 Best Accountancy Firm 2018 - Latvia Merhels Revidenti Konsultanti SIA Established in 1998, Merhels was created at a time when the audit profession in Latvia was very young, and as such, quite naturally, the gap in audit technical quality between the then big five and the local auditors was substantial and so was the ability of most of the local auditors to service the foreign investors. These factors were the prime drivers for Merhels to set up an audit practice dedicated to service the small and medium size foreign investors and subsidiaries of larger companies wishing to have more personal service and requesting the same technical standards as those provided by the big five firms. During the period from 2000 until 2014 Merhels has been affiliated with such international networks as Moores Rowland International (Praxity), Grant Thornton International and RSM International. Starting from 2015 Merhels is an independent national firm focusing its activities foremost on financial advisory and financial outsourcing. Thanks to these developments, over the years Merhels has grown from pure audit practice to a full-service accounting firm capable to assist organisations and individuals with various services and solutions. Today, the firm operates through the office located in Riga, the capital of Latvia. It primarily caters to the needs of small and medium size companies controlled by overseas parties; both companies and individuals. What sets it apart from its competitors is the fact that Merhels does not rush for double digit top- line growth. Rather, the firm focuses on having healthy bottom-line and fees per professional staff. This approach is based on premise that every project must be profitable, and the firm does not employ low-balling to acquire so called ‘strategic customers’. According to these metrics, Merhels in league tables always features among the most profitable accountancy firms. Currently, the Latvian accountancy market is very segmented and highly immune to consolidation. This is contrary to lawyers, who eagerly engage in business combinations and build cross-border associations. For this reason, accountancy firms have very limited resources to invest in their people and technology. To that end Latvian Merhels is the leading Latvian national accounting firm with a unique customer and quality centred approach. We profile the firm to learn more. Company: Merhels Revidenti Konsultanti SIA Contact: Edvards Merhels Address: Citadeles 12, Riga, LV-1010, Latvia Phone: 0037 1 67 320 200 Website: merhels.lv accountancy market appears to have lots of space for streamlining productivity. Anti-money laundering is very topical given that one of Latvian banks recently was closed due to deemed miss-compliance in this regard. It can be expected that profession should become more stringent with regard to client acceptance and reacceptance. Adapting around these developments, moving forward Merhels’s ongoing focus is on financial outsourcing and transaction support. The company intends to continue strengthening its position in these areas via investments in technology and people. Ultimately, since inception Merhels is a firm that has earned outstanding reputation. This is evidenced by the fact that it is included in shortlists of trusted accountants by leading Latvian banks and law firms. International accounting networks approach Merhels regularly with invitations to join them. The firm has built outstanding customer portfolio thanks to its dedicated workforce of industry professionals. Against this background, the firm is well prepared to sustain any turbulence and continue growing its practice profitably in the future.