In times of economic uncertainty, strategies for cutting costs and minimising risks are fundamental tools for successful businesses. Accounting Services Tilimatic (AST) is a Finnish company that offers its clients accounting, payroll and advisory solutions, tailor-made to comply with Finnish laws and each client’s specific needs. “The trend in Europe today has been for companies to use outsourced accounting firms to do their financial jobs,” explains Marcus von Schantz, Managing Partner at AST. By outsourcing, companies can guarantee a more cost-effective and risk-free way of taking care of their financial affairs.
Providing local knowledge
The company specialises in assisting multinational companies branching out into Finland, “it is our core business,” says von Schantz.”We take care of everything that is mandatory in Finnish law. When a company comes to Finland they don’t know the local rules. We have a saying at AST that we will take care of everything, even things the client is not aware that he needs,” he adds. The company not only takes care of working out reporting and accounting solutions for international companies, but it also “takes charge of payroll and mandatory insurance, as required by Finnish employment regulations,” adds Irma Ravila, the AST Office Manager.
Clients range from medium to large-scale multinational companies seeking to establish their business in Finland, across industries. “Clients may be large international companies that only have a small branch in Finland, or a company that has chosen the country as a first international venture,” says von Schantz. “We also deal with large companies that set up their European headquarters in London or Stockholm, for instance, and then branch out here, so we are equipped to report back to other jurisdictions.” This diverse range of clients ensures that the staff at AST are well prepared for any event, and are well-equipped to deal with a wide range of issues.
Because of their association with many of the top international law firms, AST enjoys a healthy reputation, and attracts a large amount of its clients through positive word of mouth. “Most international clients approach a local law firm or audit company when looking to establish a branch here; as we cooperate with these firms we are often recommended to the client,” says Ravila.
Word-of-mouth client base
In order to ensure that all of its clients are well taken care of, AST only hires employees that are the most experienced array of accountants. “Our employees know what is expected of them,” say von Schantz. “They have all worked in similar jobs and projects before.” In order to ensure that the whole staff is well versed on the minute details of accounting standards and local legislation, AST also carries out extensive in-house training for all its employees, “depending on the department this could range from tax law to changes in bookkeeping regulations,” explains Ravila. “We have consultants carry out the training; they might be tax lawyers or auditors from one of the Big Four.”
One characteristic that sets AST apart from competitors is that it routinely sources its staff from the business and industry sectors, rather than just accountants. “Our business is to be an outsourced financial department to multinational companies, so it is crucial that employees are part of the client company in a way,” explains von Schantz. “They need to be proactive, and keep the client informed. A person with a background in accounting might be very skilled in mechanical work but not so good at operating within a company setting,” continues Ravila.
Today many companies are looking for a risk-free way to conduct their accounting; “if you have a person in-house doing financial work and that employee leaves, the company is very vulnerable,” explains von Schantz. “Using an outsourced accounting firm is useful, because the company will never be left short. It’s a good risk management policy.”