If you don’t have a good tool, you have to make one
Needless to say that in this day and age, in addition to having world-class knowledge, it’s extremely important to maximise the implementation of such knowledge, i.e. to work efficiently. Technological advances are helping a lot: just be smart and know how to make use of all the possibilities! First, however, you need to create those possibilities.
Borovaja recalls that in 2013, when she started as head of the Accounting Department, accountants had to enter bank transactions into the program manually because there was no other option. This led to the company thinking: might it be possible to spend the accountant’s valuable time not on cumbersome manual work, but on client interaction?
Borovaja explains: “We didn’t want to reinvent the wheel. That wasn’t Plan A. But there was no suitable accounting software on the market, so we decided to develop something ourselves. After all, no one knows better than our accountants what a good tool should include. Fortunately, we had a development team on hand, so we came up with the software that best met our needs and those of our clients, and that was also nice to look at.
Since 2018, we’ve been working with Acclouding, our cloud-based accounting software, which we now use to do the accounting for more than 90% of our clients. It helps us save a significant amount of time on accounting and ensure that we’re working efficiently and transparently. Clients can also access their data on Acclouding at any time, anywhere in the world – all they need is a device with an internet connection.”
Since 2018, accountants have been using Acclouding software developed on the initiative of Grant Thornton Baltic. This has made their work quicker and easier.
Based on the satisfaction surveys conducted by Grant Thornton Baltic, it can be said that clients are very satisfied with the work of the company’s accountants and that they don’t keep this to themselves. “A really high proportion of our new clients come to us on recommendation,” Borovaja reveals. “The way I see it, if you put the client’s satisfaction first, not your own profits, you’ll do well, and your clients will stay with you for years and recommend you to their friends and acquaintances. Employee satisfaction is also very important because it’s reflected in client service.”
She predicts that the number of organisations outsourcing accounting and payroll services will increase further in the future. “The uncertain economic situation is making companies cautious, and in order to mitigate risks it’s smart to outsource support services rather than keep people on the payroll for every support area. Another argument in favour of outsourcing is the Estonian labour market. It’s very difficult to find good employees, so using a service provider is easier. The rules are also becoming more and more complex, and entrepreneurs can’t keep on top of everything themselves. All in all, we’ve seen over time that no matter what kind of crisis we’re in, it has brought us more clients.”
The accountants at Grant Thornton Baltic have many long-standing clients, so partner and Head of Accounting Anastasia Borovaja
is able to say with satisfaction: “Our door only opens one way!”
Going forward, Grant Thornton Baltic will place greater focus on clients with more complex needs in accounting. Borovaja explains: “For companies that want to grow and therefore need advice, our team is a great asset. We can give them exactly what they need. Servicing crypto companies is also becoming an increasingly important sideline. The emphasis is on quality, efficiency and people – they’re most important!” Such plans require efforts on behalf of the team to retain existing staff and recruit new employees. “We want people to stay with us for a long time, so it’s our job to provide them with an interesting future and the opportunity to grow,” says Borovaja.
Grant Thornton Baltic has been awarded a quality badge by the Estonian Assembly of Accountants. Pictured from left: Margus Tammeraja, Chairman of the Management Board of the Estonian Assembly of Accountants; Anastasia Borovaja, Head of Accounting at Grant Thornton Baltic; and Gaily Kuusik, client experience specialist.