Our latest Spotlight is on Rex Consulting Ltd. Established in 1995, they are based in Sofia with a subsidiary company in Varna and can assist in an array of matters, including audit and accountancy, tax, payroll, working capital management, financial issues, investment appraisal and budgeting, mergers and acquisitions, insolvency and liquidation, company incorporation and civil law.
Senior Partner, Ventsislav Vassilev, answers our questions.
In your opinion, what is the future of your profession?
Accounting firms that want to stay competitive must expand beyond traditional bookkeeping and tax preparation services while offering advisory services.
Those services would include recommendations on how a business can use new technologies for increased efficiency or solve problems in other areas such as operations software management or human resources.
This would bridge the gap between accountants and other financial advisors. Developments in accounting technology and AI will allow accountants to offer more accurate insights and provide their clients with valuable advice.
Despite the rise in accounting automation, we cannot eliminate the need for human influence, opening the doors for holistic advisors rather than transactional accountants. Firms that can adapt to this trend will earn even more revenue than before. This may mean an opportunity to expand the accountants’ skillset to focus on managing cash flow, financial planning or technology.
What is your growth strategy?
The long-term strategy of Rex Consulting has been consistent growth by selecting, employing and retaining talented young professionals who understand our clients’ business and provide efficient and timely consultancy services.
Our organic growth has been combined with mergers with other firms which have been our subcontractors in the past and we knew that their key staff and Senior Partners share the same values and professional standards as the Rex Consulting team.
Where do you see your firm 5 years from now?
Within 5 years Rex Consulting is expected to be among the top 20 consultancy firms in Bulgaria in the field of accountancy, tax and legal services.
What is your biggest challenge?
Finding, training, motivating and retaining young talented professionals.
What percentage of your work is international?
Between 60-70%
What business advisory services do you offer?
– Due diligence reviews
– Company restructuring
– Transaction advisory
– Company incorporations and related corporate services
– Company valuations
– Advisory for certified foreign investments
– Preparation of transfer pricing documentation
– Outsourcing services
What was your main driver for being part of BOKS International?
Growth on a local level while maintaining an international profile. Better business development via inward and outward referrals. Improving the quality of service by maintaining the high standards of the Alliance.
Where do you see BOKS International 5 years from now?
Within the top 20 alliances of consultancy firms with a significant presence in more than 120 jurisdictions worldwide.
How would you describe your typical client?
Our typical client is a Bulgarian subsidiary of a multinational corporation – usually in the IT, pharmaceutical, marketing, financial or production sectors.
Tell us about a recent international assignment
Rex Consulting has been contacted recently by a large Belgian holding company, requesting assistance for establishing a Bulgarian subsidiary and providing a full range of legal, accountancy, tax compliance and payroll services. After the initial client screening process, our team provided the corporate services needed for establishing the BG entity, plus all ongoing support with the efficiency and flexibility that matched the client’s expectations. The BG subsidiary of our Belgian client continues using our accountancy and tax consultancy services on a monthly subscription basis.
How do you target clients who are looking for international services?
The policy of Rex Consulting is that we do not advertise our services – in that sense, we do not target clients. Because of our long-established international contacts, new clients always approach us via referrals.
Do you specialise in a particular sector or service?
No, we do not specialise in any particular sector or service. Our clients work in all economic sectors, so we offer our services to the whole spectrum of businesses.
