For more than 20 years, Privredni Savetnik – Revizija DOO have provided various services related to audit, accountancy, transfer pricing, taxation, appraisals, due diligence, business plans and other consulting services.

As our member in Serbia providing a full range of accountancy services, Marko Rajovic answered our Spotlight questions.

In your opinion, what is the future for your profession?
It is our opinion that audit is not a thing of the past or unprofitability. We have acquired and audit software and we apply it in our work. The number of audit subjects is increasing over the last few years and thus we are facing an increased interest and offers for cooperation by domestic audit subjects. Coronavirus pandemic has conditioned us to conduct online audits followed by fewer visits to our clients. Thus, we have adjusted our engagement to such conditions (working from home and similar). In addition to audit services, we also generate significant revenues from tax consulting services and we think that the share of these revenues in total revenues will continue to grow in the coming period. We do not provide accounting services but on client’s request we do provide consulting services regarding the application of the new IFRS. In 2021 we have provided to our clients’ services related to the implementation and application of IFRS 9 – Financial services, IAS 16 – Leasing, IAS 19 – Employee benefits etc. Having all this in mind, we strongly believe that share of such revenues in our total revenues will only continue to grow in the future.

What is your growth strategy?
We plan to improve our core business (audit services), to improve the efficiency and quality of our services because we have the necessary audit software to do so and thus to meet our client’s demands in the future. Another segment of our business is consulting services related to tax issues. When providing transfer pricing services for example, we use databases from several providers in order to conduct market research so that our service could be on the highest possible level for our client. Due to frequent changes in Serbian legislation, especially regarding taxation, we provide a large number of opinions and interpretations related to the application of domestic taxation regulations. For this reason, we plan to increase our engagement in acquiring new clients for audit, transfer pricing and other tax services. Our staff has both knowledge and experience and are capable to respond to most requests imposed on us by our clients regarding business and tax consulting services on both domestic and international market.

Where do you see your firm 5 years from now?
We already have a very good reputation on the domestic market and we are very well recognized primarily by domestic clients. In the future period, we expect to establish cooperation with a larger number of foreign clients, primarily from the region, to improve our knowledge and skills in order to be recognized among foreign partners for the quality of our services and to continue to follow trends of regional integration in order for these plans to be realized.

What is your biggest challenge?
Our biggest challenge is to follow the processes of integration in the region and beyond, primarily in the EU, and inclusion in world trends, so as not to stay out of the main integration processes.

What percentage of your work is international?
Currently, this is at the level of 2-3% observed in terms of the share of income from foreign countries in our total income. We plan to increase this share to 10% or more in the future.

What business advisory services do you offer?
We provide tax consulting, accounting and industrial-business advisory services (appraisals, statutory changes, foundation, due diligence and similar). Currently, these activities belong to the group of irregular or occasional jobs for our company, but if in the future these activities would be contracted on a regular basis, we would plan to form a special department that would deal only with the provision of these services.

What was your main driver for being part of BOKS International?
Expecting an increase in the number of foreign partners, as well as increased interest in investing in Serbia in the future in order to achieve cooperation with them through the network (BOKS).

Where do you see BOKS International 5 years from now?
We see it among the top 10 networks. It is our wish to grow together with the Network.

How would you describe your typical client?
Our clients are primarily struggling to increase their participation in the domestic market, to cope better with frequent changes in regulations and regulative and to get involved in international business flows.

Tell us about a recent international assignment
Last such project was Erasmus+ EU programme for education, training, youth and sport from 2019.

How do you target clients who are looking for international services?
We advertise ourselves through our webpage and through printed media – published by our founder and one of the domestic business journal. This is why seeking (targeting) of foreign partners was primary reason for us to join BOKS International family.

Do you specialise in a particular sector or service?
Besides audit services, we have specialized in the composition of transfer pricing reports, and application of IFRS 9, IAS 16, IAS 19. Serbian Tax Administration requires the submission of transfer pricing reports for taxpayers on an annual level. Such liability does not exist in many EU countries.