One in three SMEs plan to expand internationally in the next two years. And reporting 14% growth, William Buck’s international accounting alliance, Praxity, has the expertise and resources to help SMES find success overseas.
In the Global Empowerment study commissioned by Amazon Australia, over a third of Australian SMEs are planning for international growth, with an increase in revenue, and expanding customer base being key motivators. However, despite clear intentions, at least 25% of SMES feel overwhelmed and don’t have the right tools, support or knowledge to expand globally on their own.
Mid-tier accounting firm William Buck is poised to assist these businesses via its international alliance Praxity. Last week, Praxity announced an increase in growth from 9% in 2020 to 14% in 2021, and the addition of 18 new offices. As a result, William Buck is now able to support Australian businesses in over 120 countries, with the assistance of 780 offices.
Jamie McKeough, Chair of William Buck, describes the alliance’s capabilities as a significant advantage for William Buck’s client base.
“Our clients have so much to think about when ‘going global’; finding investment opportunities, navigating local compliance, managing supply chains, tax considerations, the list is endless. Having a reliable and trusted team ‘on the ground’ is no longer a bonus, it’s an absolute necessity,” said Jamie.
Reliability and quality are key to Praxity, which employs stringent assessment criteria when admitting new member firms. Indeed, Praxity Chairman Phil Verity attributes the alliance’s growth to the quality of the member firms:
“It shows the underlying strength and health of the member firms in the Alliance and the quality of management in those firms. It reflects how member firms are responding to clients’ needs; to support deals, transactions, advisory or assurance needs.”
For Australian SMEs, assistance in Asia Pacific is particularly beneficial; with three of Australia’s top five trading partners residing in the region. The Asia Pacific firms (including Australia and New Zealand) recorded the strongest growth in Praxity, up 21% to $1.24bn. This represents not only the region’s prominence on the global stage, but William Buck’s ability to assist clients in the region.
Comprehensive support is another key driver for SME’s looking to grow internationally. Often operating with a lean team, SMEs require advisors that can operate as one team and can pre-empt their issues in multiple locales. Nikolas Hatzistergos, William Buck NSW Managing Director (who sits on Praxity’s Governing Council and Management Board) describes the alliance as truly collaborative:
“We may operate under different names, but we’re all working to the same purpose; great client management. And Praxity’s performance says it all; growth across all regions and all service lines. This wouldn’t be possible if we weren’t doing right by our clients and operating as one team.”
With a strong domestic team, and the support of the Praxity alliance, William Buck will continue to respond to the evolving needs of middle market domestically and internationally.