IAB Press Interview: PrimeGlobal Asia Pacific Region Reports Triple-Digit Growth
PrimeGlobal NewsNovember 9, 2021
In an interview with the International Accounting Bulletin, PrimeGlobal CEO, Stephen Heathcote, looks back on the association's remarkable growth in the Asia Pacific region over recent years, which has culminated in a combined annual firm revenue increase of 247% in the year 2020-21.
This year the Asia Pacific region experienced great success in recruitment of new firms across all subregions. PrimeGlobal staff spent time listening to firms’ needs to customise the value approach to what leading new firms are looking for.
For example, in China firms require audit support to audit state-owned enterprises, which have investments globally. We connect the Asia Pacific firms to the right firms across regions.
PrimeGlobal also developed regionally relevant webinars, including webinars in Mandarin and other local languages.
The staff also worked hard to make personal introductions between Asia Pacific firms and other firms around the world, which has helped with mutual understanding and business opportunities.
Recruitment efforts were particularly focused on Greater China and ASEAN this year. These two subregions are particularly dynamic due to a growing middle class looking for new products and services.
The Regional Comprehensive Economic Partnership (RCEP) will open up trade – 15 Asia-Pacific nations are part of this, and PrimeGlobal firms are ready to provide support and collaboration.
More opportunities for business are on the way. Eleven members of the Trans-Pacific Partnership trade bloc have agreed to open accession talks with the UK, leading to new opportunities.
As part of PrimeGlobal’s Strategy 2025, developing partnerships to extend service and reach has been one of the key initiatives, leading to organic growth of member firms.
In 2020-21, PrimeGlobal partnered with a number of key organisations, including ACCA, to provide more relevant coverage and training opportunities. PrimeGlobal also partnered with IFAC to promote high standards across the region.
PrimeGlobal Asia Pacific firms have hosted webinars to create more understanding globally of doing business in the region – for example, webinars around IPO in Hong Kong presented to international colleagues.
Many firms experienced difficulties as many global software packages are not customised to meet Chinese firms’ needs, and efficiency is therefore a challenge. PrimeGlobal focused on sharing practices to help firms consider ways they can work together to overcome this.
Firms have developed cloud analytics and real-time reporting packages that are relevant to the region and address complex legislation in markets such as China. For example, PrimeGlobal Chinese member firm SJGrand developed software for payroll in China and shared experiences with other members.
PrimeGlobal put a spotlight on innovation of its member firms and help them share knowledge and insights, leading to more organic growth within PrimeGlobal firms.
PrimeGlobal continues to anticipate changes and look for opportunities for member firms and enable firms to work together. For example, this event with PrimeGlobal UK firm Hurst and Australian firm Hall Chadwick is a key example of collaboration.
By working as one and showing the relevance of a global association to Asia Pacific firms, PrimeGlobal enhanced its value proposition and attracted several modern and forward-looking firms.
Many of the incoming firms shared that they recognised the modern strategic outlook and added value offered by PrimeGlobal and wanted to become a part of the incredible growth and sharing our member firms are widely known for.
- Aggregated member firm revenue growth of 247% for the year ended 31 May 2021;
- Growth across all service lines, with remarkable growth in advisory services at 14%;
- Staff growth in PrimeGlobal member firms is at 113%, while number of partners grew by 72%;
- Number of offices and locations grew by 44%.