Our latest Spotlight is on Islam Quazi Shafique & Co, a premier accounting firm in Bangladesh offering professional services in audit, tax, other advisory, and outsourcing to domestic and multinational business entities. Biplab Hossain answers our questions.
In your opinion, what is the future for your profession?
The realm of chartered accountancy, an esteemed profession deeply interwoven with finance, governance, and compliance, stands at the precipice of transformation. As the global business landscape evolves at an unprecedented pace, driven by technological advancements, shifting regulatory frameworks, and changing consumer behaviours, the role of chartered accountants (CAs) is poised for profound redefinition.
What is your growth strategy?
The term “growth strategy” often conjures images of relentless expansion, market dominance, and revenue maximisation. However, upon closer examination, pursuing growth for growth’s sake may only sometimes be the most prudent or sustainable approach. In this discourse, we challenge the traditional notion of growth strategy, advocating for a nuanced understanding that prioritises holistic value creation, resilience, and long-term viability over short-term gains. The strategy will be on –
i) Quality Over Quantity
ii) Diversification and Innovation
iii) Profitability and Efficiency
iv) Environmental and Social Responsibility
Where do you see your firm 5 years from now?
As we contemplate the trajectory of our audit firm over the next five years, we envision a future defined by resilience, innovation, and unwavering commitment to excellence. In an era of unprecedented change and disruption, our firm stands poised to navigate the evolving auditing landscape with agility, foresight, and a relentless pursuit of client satisfaction. With a clear vision, a resilient mindset, and a dedicated team of professionals, we are confident that our audit firm will emerge more robust, more agile, and better positioned to thrive in the dynamic and ever-evolving auditing landscape.
What is your biggest challenge?
In life’s journey, challenges serve as the crucible in which our character is forged, and our potential is realised. When asked about my biggest challenge, I do not shy away from acknowledging the myriad obstacles that have crossed my path. My challenges are navigating uncertainty, overcoming self-doubt, balancing priorities, and embracing diversity and inclusion.
What percentage of your work is international?
20%(Approx.) is international of my total work.
What business advisory services do you offer?
We proudly provide comprehensive, flexible accounting and consulting services for individuals and organisations. These include audit and Assurance Services, Taxation, VAT, Regulatory Services, Advisory and management advisory, other special audits,valuation, special assignments,Financial and Accounting services, Work permits,Security clearance service in BD, Visa assistance, Corporate law services, outsourcing and Specialty services, etc.
What was your main driver for being part of BOKS International?
Being part of BOK International is a decision shaped by multifaceted motivations; each intertwined with personal aspirations, professional growth, and a quest for global impact.
Where do you see BOKS International 5 years from now?
Over the next five years, I envision my parents’ firm expanding geographically and across industry verticals. By identifying emerging markets and strategic partnerships, we will seize opportunities for growth and diversification. Whether expanding into new territories, venturing into complementary business lines, or tapping into niche markets, we aim to fortify the firm’s position as a dynamic player in the competitive landscape.
How would you describe your typical client?
It’s important to acknowledge the diversity that exists within any profession. As a service provider, my clients come from various backgrounds, industries, and walks of life. However, I can outline some common characteristics that many of my clients share:
– Entrepreneurs and Business Owners
– Small to Medium-sized Enterprises (SMEs)
– Professionals and Freelancers
– High Net Worth Individuals
– Corporate Entities
– Non-profit Organisations
How do you target clients who are looking for international services?
In an era of globalisation and interconnectedness, targeting clients seeking international services requires a strategic and client-centric approach. By understanding client needs, building a global reputation, tailoring service offerings, and fostering strategic partnerships, CAs can effectively position themselves as trusted advisors and preferred partners for businesses navigating the complexities of the global marketplace. Through proactive engagement and a commitment to delivering value-driven solutions, CAs can attract and retain clients seeking international services, driving mutual growth and success in the dynamic landscape of global business.
Do you specialise in a particular sector or service?
Versatility and adaptability are equally valuable in today’s multifaceted business landscape. By embracing a holistic approach and remaining agile in my practice, I can better serve my clients’ evolving needs and contribute to their success in a wide range of Audit, Tax, VAT, and Corporate Advisory services in Bangladesh.
