The auditing and consulting firm Moore, which currently employs more than 40 qualified staff, plans to expand on the Georgian market. The company, which is built around the century-old British brand Moore Global, has achieved consistent growth and development on local and international markets alike. Moore’s Georgian partner Misha Abaiadze spoke to Forbes Georgia about the company’s plans for the future.
Your company has been operating on the Georgian market since 2008. How would you describe your journey so far?
Our company was initially offering consultation and accountancy services. I joined the firm in 2014 and began strengthening its methodological and systemic approaches together with my team. We implemented quality control standards and additional services such as auditing and assessment. Morison International was the first international company that was attracted by our potential. This wonderful organisation has a turnover of $1 billion, employs up to 8000 people, and is represented in more than 90 countries across the world. Years of fruitful partnership with Morison provided us with valuable experience and an opportunity to attract companies with even larger networks. One of them was Moore Stephens – one of the world’s ten largest consulting firms, employing 30,000 people in 110 countries. At that time, they were studying the Georgian market, and asked us to apply for membership in their network. The due diligence process continued for two years before our application was approved in 2019. I believe that our team’s tireless efforts and undergoing several quality control checks enabled us to join this successful and growing international network.
Apart from your highly experienced staff, what are the factors that enable you to hold one of the leading positions on the Georgian market?
Our network offers added value in the form of flexibility and focus on results. Our clients receive service from experts with both local and international experience. For our own employees, the network represents a big family where everyone has the opportunity to directly interact with representatives from member offices across different countries. Our staff benefits enormously from this, as it helps them grow professionally and gather international experience. Thus, we help businesses grow and prosper, while also enabling our employees and partners to achieve success. Ultimately, this strengthens us, helps us achieve great results, and establishes us as a stable organisation.
Moore has received gold approval from the Association of Chartered Certified Accountants. What does this mean for the Georgian auditing firm?
Our company is quite ambitious and full of purpose. Our staff and partners are at the centre of our organisation. We therefore always aim to ensure that our employees can develop themselves personally and professionally. That is precisely what this status represents. It means that our staff and partners have the opportunity to attain continuous education. ACCA’s approval is essential in our profession. Like I said, we constantly invest in our staff and partners, as we realise that our core asset is a motivated, educated and quality-oriented team.
Who are your main customers?
Our customers include small, medium and large companies alike. These are Georgian and foreign firms that are operating in various sectors. Briefly speaking, our customers are those who wish to make their activities transparent and attractive for investors and stakeholders.
Your company works in the fields of accountancy, revenue collection, reporting, property evaluation, auditing and outsourcing. Which parts of your portfolio are in particular demand right now?
Financial reporting takes up the largest part of our portfolio by volume. We audit persons of public interest – companies defined by the appropriate laws. This includes companies trading at the stock exchange, insurance firms, banks, microfinance organisations, etc.
It is also worth mentioning the share of accounting services in our portfolio, as well as the growing demand for evaluation services. This is because businesses and investors wish to know whether their assets have been devalued due to recent events, and they need to hire qualified independent specialists for this purpose.
One of your company’s activities is business outsourcing. What are the recent trends in this field?
In recent years, companies have increasingly realised the benefits of outsourcing certain services. This has been a growing trend during the pandemic. We expect demand to increase even further, as more and more companies realise that staff do not have to be in the office – this service can be obtained remotely. That is why we are expecting increased activity in this field.
Foreign businesses are also using your services. Which service is most popular among them?
Interest from foreign firms was growing in recent years. However, the pandemic brought this trend to a halt. Companies have become hesitant and are contacting us in lesser numbers. However, this does not apply to foreign firms operating in Georgia. When investors come to a country, they wish to study the financial figures and accounts of the companies that they plan to invest in. We use our services to increase this level of trust.
Moore plans to expand on the Georgian market, and are looking for partners and qualified staff. What opportunities do you see in this regard?
We are looking for partners and employees who are motivated and oriented towards achieving results and providing quality service. Procurement is a difficult process, but it is also interesting and profitable.
I would also like to ask you about the challenges facing the auditing and business consulting firms in Georgia. What obstacles is your company facing right now?
I would name the lack of fair competition as the main obstacle. Faster economic growth would also be good. Due to understandable reasons, there are currently less businesses being established and developed in Georgia. Auditing firms provide service to businesses. The more businesses there are, the higher the demand for our services. We help companies with regards to preparing a business plan, outsourcing, preparing financial accounts, tax consulting and communication with domestic and foreign investors.
Finally, what are your company’s plans for the future?
Our goal is to be among the top 10 auditing and consulting firms in Georgia, and to achieve growth by providing high-quality services.
