Our latest Spotlight is on Abdulwahab Al Roumi & Co, a group of integrated and independent audit firms specialising in audit, tax, and consulting services geared towards small and medium-sized businesses.
Partner Abdulwahab Alroumi answers our questions
In your opinion, what is the future for your profession?
Kuwaiti Certified Public Accountants (KCPAs) are likely to continue to play an important role in the financial industry, providing services such as auditing, tax preparation, and financial consulting. With the increasing complexity of financial regulations and the global economy, the demand for KCPAs with specialized knowledge and expertise is expected to continue to grow.
Technology is also expected to play a significant role in the future of the accounting profession. Automation and the use of artificial intelligence in accounting tasks such as data analysis and preparation of financial statements are likely to become more prevalent, allowing KCPAs to focus on higher-level tasks such as strategic planning and advisory services.
In summary, the future for KCPAs looks promising, with a growing demand for their services and opportunities for career growth as technology continues to evolve and change the way accounting is done.
What is your growth strategy?
Diversify services: Offering a wide range of services such as tax preparation, financial planning, and consulting can help attract a diverse client base and increase revenue streams.
Develop niche expertise: Specializing in a specific industry or type of service, such as forensic accounting or government auditing, can help our firm stand out in a competitive market and attract clients who value that specialized knowledge.
Leverage technology: Investing in technology such as automation, data analytics, and cloud-based solutions can help increase efficiency and reduce costs, allowing the firm to offer competitive prices and improve client service.
Expand geographically: Opening additional offices or expanding into new geographical markets can help increase the firm’s client base and revenue.
Building a strong team: Attracting and retaining talented and experienced professionals can help improve the firm’s reputation and attract new clients.
Building a strong reputation: Building a strong reputation in the market through effective marketing, networking, and providing high-quality services can help attract new clients and retain existing ones.
Building relationship: Building a strong relationship with the client by providing quality services and being responsive to their needs can help increase repeat business and word-of-mouth referrals.
Continuously learning and adapting: Keeping up with the latest accounting and auditing regulations and staying informed about the latest industry trends and developments can help the firm stay competitive and adapt to changing market conditions.
Where do you see your firm 5 years from now?
It’s important to note that the future can be uncertain and there are many factors that can impact the growth and success of our firm, such as changes in regulations, economic conditions, competition, and technology.
However, generally speaking, we are monitoring market conditions changing to be able to adapt, leverage technology, and offer a wide range of services will have a better chance of success in the coming years. Additionally, we want to attract and retain talented professionals and build a strong reputation in the industry may also be well-positioned for growth.
Currently we are assessing the firm’s current position, set goals and objectives, and develop a strategic plan to achieve them in the future.
What is your biggest challenge?
1. Keeping up with changes in regulations: The accounting and auditing industry is heavily regulated, and firms must stay current on changes in laws and regulations to ensure compliance and avoid potential legal or financial penalties.
2. Managing risk: Firms must also be able to identify and manage risks related to client engagements, including fraud, errors, and other potential liabilities.
3. Attracting and retaining clients: Accounting and auditing firms are in a highly competitive market, and firms must be able to attract and retain clients by providing high-quality services and developing strong relationships.
4. Attracting and retaining talented professionals: Firms also need to be able to attract and retain talented professionals, including CPAs, to ensure they have the skills and expertise to meet clients’ needs.
5. Keeping up with technological advancements: The accounting and auditing industry is undergoing significant changes due to the rapid advancement of technology. Firms need to stay up-to-date with the latest technological trends and advancements to remain competitive and efficient.
6. Cybersecurity: The increasing reliance on technology and the use of digital platforms has led to a growing concern about cyber threats, and firms need to have robust security measures in place to protect their clients’ and their own sensitive data.
7. Continuously learning and adapting: The accounting and auditing industry is constantly evolving, and firms need to be able to adapt to changing market conditions and stay informed about the latest industry trends and developments.
These are some of the common challenges faced by accounting and auditing firms, but the specific challenges that a firm face will depend on its unique circumstances and goals.
What percentage of your work is international?
Currently, our clients are Kuwaiti’s companies, as this is our focus in the current stage and once, we moved to the next step in our growth plan and expanding our professional services will attract more international clients due to the proximity and accessibility of international companies.
What business advisory services do you offer?
Financial planning and analysis: This service includes analyzing a company’s financial information, identifying areas of strength and weakness, and providing recommendations for improving performance.
Budgeting and forecasting: This service includes working with clients to develop budget and forecasting models that provide insight into future financial performance.
Business valuation: This service includes assessing the value of a company for a variety of purposes, such as mergers and acquisitions, estate planning, and litigation support.
Risk management: This service includes identifying and assessing potential risks that a company may face and developing strategies to mitigate those risks.
Tax planning and compliance: This service includes providing advice on tax strategies and ensuring compliance with relevant tax laws and regulations.
Business strategy: This service includes working with clients to develop and implement strategies for growing their business, entering new markets, and competing effectively.
IT advisory: This service includes providing advice on IT infrastructure, cybersecurity, data management, and digital transformation.
Performance improvement: This service includes identifying and addressing operational inefficiencies, streamlining processes, and improving performance in areas such as cost, revenue, and customer service.
What was your main driver for being part of BOKS International?
Professional development: Membership in international alliance like BOKS International can provide opportunities for professional development through training, education, and networking.
Access to global resources: BOKS International provide access to a wide range of resources, such as research and best practices, that can help our firm improve it services and stay current with industry developments.
Global recognition: Being a member in BOKS International will enhance our firm reputation and credibility and demonstrate its commitment to professional standards and best practices.
Access to global market: Being a member of BOKS International will help our firm expand their reach and attract clients in different countries and regions.
Compliance with international standards: develop and promote global standards for accounting, auditing, and assurance services. By being a member of BOKS International, our firm can demonstrate its commitment to following these standards and improve their quality of services.
Networking opportunities: Membership in BOKS International provide opportunities for our firm to network with other professionals and organizations in the industry.
Where do you see BOKS International 5 years from now?
Hopefully, BOKS International to be one of the leading global alliances worldwide as BOKS focus is on creating networking opportunities through a more open, flexible arrangement that fosters meaningful, long-term relationships.
How would you describe your typical client?
Our clients come from a variety of industries, and they are SMEs. They are seeking services such as financial statement preparation, tax planning and compliance, internal controls assessments, and financial audits. Typically, they are looking for a professional to help them understand and manage their financial information, ensure compliance with relevant laws and regulations, and provide guidance for decision-making.
How do you target clients who are looking for international services?
There are several ways to target clients who are looking for international accounting and auditing services:
Networking: Attend industry events, trade shows, and conferences to connect with potential clients and other professionals in the field.
Online presence: Develop a professional website and social media presence to showcase your services and attract potential clients.
Referrals: Ask current and former clients to refer us to their contacts in other countries.
Marketing: Use targeted marketing campaigns to reach potential clients who are searching for international accounting and auditing services.
Specialization: Develop a niche in international accounting and auditing services and become an expert in the field.
Building relationships: Building relationships with other professionals in the industry, such as lawyers and bankers, who may be able to refer potential clients.
Offer a free consultation: Offer a free consultation to potential clients to discuss their needs and how our services can help them.
Compliance knowledge: Stay up-to-date with international accounting and auditing regulations and laws to ensure compliance for our clients.
Language skills: Having knowledge of multiple languages can be an advantage when we are targeting international clients.
Do you specialise in a particular sector or service?
Our firm focuses mainly on tax services and statuary audit for financial statements.
