UHY GLOBAL JANUARY 2020 CLIENT STORIES SECTOR TO SECTOR


ALONGSIDE THE UHY NETWORK’S LOCAL KNOWLEDGE AND GLOBAL REACH, SPECIALIST SECTOR KNOWLEDGE AND A COMMITMENT TO WORKING TOGETHER MEANS UHY MEMBER FIRMS ARE ABLE TO PROVIDE THE RIGHT SOLUTIONS FOR BROAD RANGE OF CLIENTS. Here, we look at how sector-specific expertise has enabled UHY member firms around the world help two very different international organisations with requirements that cross borders. Through their understanding of the renewables market, UHY member firms across Europe have helped Polish wind turbine company, Viatec, achieve ambitious international growth that is set to continue. Meanwhile, UHY member firms on both sides of the Atlantic are using specialist knowledge of the not-for-profit sector to support a leading HIV/AIDS charity founded by Elton John. VIATEC: WIND REVOLUTION Viatec is a business that is flourishing in the wake of Europe’s booming demand for sustainable energy. Based in Poznań, Poland, with operations in seven European nations, the company constructs and maintains wind turbines for onshore wind farms, offering a turnkey service that includes the on-site installation and servicing of tower sections, generators, blades and cabling works. The need to generate energy from wind has created a vibrant industry across much of Europe, enabled by friendly EU and local regulations. Countries such as Germany, Denmark and the UK have forged ahead in the design and construction of offshore and onshore wind farms, but until recently Poland lagged behind due a lack of necessary skills and infrastructure. Viatec was founded with a goal to lead wind energy generation efforts in Poland, but quickly realised that the domestic market alone would not be enough to meet its ambitious targets. Viatec financial director Olga Kaźmierska says, “The strategy of Viatec was to build competence and presence in foreign markets. And that meant there was a natural requirement for a professional accountancy firm with a wide EU network, alongside tax advisory competencies and a thorough understanding of high-growth SMEs.” Viatec partnered with UHY’s Polish member firm, UHY ECA, represented by partner Piotr Wozniak and his team. UHY ECA’s expertise and experience of helping other high-growth SMEs, combined with its central position in a highly connected network, has proven invaluable – and Viatec has been able to fulfil its ambition to quickly forge a presence in burgeoning wind turbine markets across Europe. “We know Piotr and UHY ECA have a good reputation for tailoring services for SMEs, as well as offering a range of services,” says Olga. “We have been recommended by UHY ECA to a number of UHY member firms. We can always count on a full exchange of information and detailed discussions between UHY ECA and local UHY member firms in each location to arrive at the final solution for Viatec.” Viatec’s partnership with UHY, alongside its own expertise and determination, has seen business operations spread quickly across the continent. Assisted by UHY ECA, Poland, and several other UHY member firms ‒ UHY BusinessCollegia LLC, Belarus; UHY TietoAkseli, Finland; UHY GVA, France; UHY LLC, Georgia; Govers Accountants/Consultants, the Netherlands; Revisorgruppen AS, Norway; UHY Fay & Co, Spain; and Winthers Revisionsbyrå AB, Sweden – the company has proven, without question, that a market for its products and services exists beyond Polish borders. “We know there will always be a thorough knowledge regarding accounting, audit, tax and business advisory, alongside a thorough understanding of the nature of SMEs and the flavour of a high-growth company. Importantly, there is also the ability to see and consider issues in perspective,” says Olga. “UHY has helped us achieve compliance – with regard to both customer requirements and local regulations – and has aided our ability to grow the business overseas. I would describe UHY as a trusted partner for high- growth companies like us.” Viatec’s pioneering attitude to international expansion is unlikely to end there. The company has had preliminary communications with other UHY member firms including UHY Audit CD S.r.l., Romania and UHY UZMAN Sworn in CPA and Independent Auditing Inc., Turkey, and is considering a move beyond Europe’s borders. UHY member firms remain on hand to help its integration into local markets around the world. “We rely on the quality and accuracy of the services UHY member firms provide when considering approaching new markets with our services,” says Olga. “We are encouraged to see the ongoing development of the UHY global network – the recent addition of an Iranian member firm, Hadi Hesab Tehran, for example – as we look forward to further expansion.” UHY IN THE ENERGY SECTOR From onshore wind and solar power to upstream oil and gas exploration, our member firms work with many leading players across the energy spectrum. With rising global demand for energy and growing environmental pressures, the sector is at the top of both corporate and government agendas. UHY member firms currently work with businesses involved at every stage of energy generation and distribution, helping them to maximise opportunities and comply with ever-greater regulatory challenges. UHY experts are able to draw on both technical understanding and extensive knowledge of the commercial factors affecting the energy and renewables sector in different geographies. Across the UHY network, member firms have helped clients in the sector develop projects for the construction of new power facilities and network infrastructure. They also work throughout the supply chain with owners and operators, exploration and production companies, contractors and subcontractors, and equipment manufacturers and suppliers. EJAF: STAR CHARITY The Elton John AIDS Foundation (EJAF), is one of the world’s foremost independent charities working to support people affected by, or at risk of, HIV or AIDS. The organisation is backed by many high-profile and internationally renowned patrons and trustees, from musicians like Sting and Annie Lennox, to tennis legend Billie Jean King. With operations in both the UK and the US, EJAF is the fourth largest philanthropic funder of global HIV grants. As of 2018, it has raised over USD 400 million to support HIV-related programmes across Africa, Asia, the Americas and Eastern Europe. In 2017, after seven years working with the same auditor, and following recognised good practice, EJAF’s UK arm undertook a review and tender process. Fiona Russell, global finance director at EJAF, says, “Having worked with the same auditor for several years, and despite getting a very good service, we felt it was time to see what other networks could offer. We invited several auditors, including the incumbent firm, to submit tenders. We focused on networks that offered experience with charity accounts and grant foundations and, due to the consolidation of our UK and US operations, we wanted to find an audit partner who could offer us a global service. We did not consider one of the Big Four networks.” UHY Hacker Young, London, UK, has considerable specialist expertise in working with charities and not-for-profit organisations. This, in combination with the UHY network’s global reach, enabled audit partners Subarna Banerjee and Daniel Hutson to provide the solution that EJAF needs, as Fiona Russell explains: “We were impressed by the fact that UHY Hacker Young was a larger firm with more experience in giving specialist advice about VAT, not-for-profit organisations and other queries, plus the fact that we could use the same network to build a relationship with UHY member firms in the US for the audit of EJAF there – which is something we acted on very quickly when Subarna put us in touch with Michael Burke, audit partner at UHY LLP, New York, US. The UHY team had the expertise and experience to help EJAF move forward and our trustees were immediately impressed by their enthusiasm.” Since their engagement in 2017, UHY Hacker Young in London and UHY LLP in New York, have successfully carried out audits of both EJAF UK and EJAF US. They have also supported EJAF UK through the government’s Making Tax Digital programme and they offered specialist VAT advice for an event which took place in France. Fiona says, “Working with Subarna and his team has made the year end audit efficient, smooth and straightforward. Despite the Board meeting date moving forward by a few weeks, both the US and the UK financial statements were ready in time for sign- off. Subarna, as our main contact, is always extremely helpful and responsive. We look forward to building on our already strong partnership which has a great cultural and commercial fit.” UHY IN THE NOT-FOR-PROFIT SECTOR UHY member firms have extensive experience of working with a wide range of not-for- profit organisations including charities, educational institutions and trade unions. We understand that the main focus of clients is on those who benefit from their services but also that they need to operate within tightly controlled finances subject to public scrutiny. With increased competition for grant funding and charitable giving and a greater burden of compliance, our member firms help ensure organisations are efficiently managed to deal with the challenges. UHY experts have considerable experience in helping not-for-profit organisations in areas such as annual submissions to charity regulators, fundraising and the establishment of trading ventures. Advice on governance issues relevant to the sector and compliance with legislation is also provided. In addition to budgeting, financial planning and audit services many clients in the sector benefit from management consultancy services provided by member firms to address specific issues such as recruitment and IT system review and implementation. You can read more on scrutiny and transparency in the not-for-profit sector in our feature ‘In Need of Charity’ in issue 8 of UHY Global.


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