close

Why being part of an accounting group is so important for accountants


What exactly is a global accounting group, network or association?
 

You’ve heard the term, and you may have an idea what a global accounting group is, but if you don’t understand fully, or you still have questions, you’re in the right place!

Simply put, a global accounting group, network or accounting association is an independent professional services network whose main purpose is to help and support accountants, tax advisors, auditors and business consultants across the globe to share knowledge and build meaningful connections with each other to provide a better service to their clients, while enhancing their own firm reputation in the local market.

Is there a difference between an accounting association and a network?

They are very similar, and both broadly follow the same structure and have the same aim of supporting their members to enhance their businesses and better support their clients. The difference is largely a technicality, with the International Federation of Accountants (IFAC) considering the key features distinguishing a network to be the opportunity of use of a common brand name and common quality control policies and procedures. By working under a universal set of standards, you can rest assured that any clients you refer to another affiliate will experience the same level of service that you pride your own firm on.

What are the main benefits of joining an international accounting group or network?

The major benefit for accountants, tax advisors, auditors and business consultants of international accounting group membership is not simply the pooling and exchange of skills and knowledge that may not be on-hand within an individual firm, but on the wider-reaching opportunities for networking and to benefit from the understanding of how other firms have dealt with challenges around marketing their firm, management, compliance, digitalisation and more.

In an ever-changing world where the accountancy environment is becoming increasingly competitive, it’s fantastic for professional services firms to be able to partner with others, rather than stand alone. An international accounting group brings together independently owned accounting firms from across the globe who work together for the benefit of their clients. Consider your client base and those who do business internationally, then think of the benefits to them of having support from those areas. 

Being a member of an accounting group is an easy, yet effective, way to expand your corporate accounting knowledge and pass on the benefits of this to your clients. Accountancy groups are a platform for knowledge sharing, referral opportunities and increased international awareness. Some of the main benefits include:


Networking:
Develop long-lasting relationships with other member firms who can support and guide you and your clients.
Global Relationships: Strengthen your business connections and gain a new perspective, as well as benefiting from the experience of others in your industry.
Business Building: Assess new information and corporate marketing materials and generate referrals to help grow your business.
Credibility: Use the global brand as part of your firm logo and name for better branding and positioning, and to enhance your reputation against your competitors.

Could joining an international accounting group help take your firm to the next level?

Larger firms have traditionally dominated the accounting and advisory marketplace, but the advent of global accounting groups and associations has meant that firms of all sizes are better able to compete and serve their clients’ accounts, wherever in the world they might have business needs. Clients are no longer having to leave their trusted local accounting firms as they expand their reach – they can now be supported by local firms with offices across the world, as a result of becoming a member of an international accounting alliance.  


What makes MGI Worldwide with CPAAI special?

You will find around 50 international accounting groups and associations, but the level of service and support they offer varies greatly. MGI Worldwide is the world’s 11th largest international association and 17th largest global network. Big firms simply cannot match our personal touch. Clients are personally looked after by partners at our member firms, who have formed strong relationships based on loyalty, respect and shared financial experience.

MGI Worldwide has expanded our reach to over 100 countries, with almost 10,000 professionals from independent audit, accounting, tax and consulting firms. We’re small enough to retain the highest level of personal service, but large enough to be a major international accounting network capable of making a real difference to those offering accounting services worldwide.  

Our quality is assured and reflected through our full membership to the prestigious Forum of Firms, whose members – which include the Big4 – have committed to international quality standards.

How has membership benefitted existing firms?

Partners Giovanni Triunfo and Dario Galloni from our member firm, MGI De Leone - Triunfo - Galloni & Associati, based in Milan, Italy, recently spoke to us about how corporate membership has benefitted their firm and helped them to serve the international needs of their clients, recognising that “because today’s business is more truly global than ever, membership provides the opportunity for us to assist clients with their international needs.”

You can read their account of how membership benefitted them here or watch an accompanying video:

 

 

 

“Every time I reach out to [MGI Worldwide CPAAI] for any support, the speed at which the support comes and the quality of the support becomes a constant reminder that MGI Worldwide is the network to be in. The decision to join the Network will for ever remain one of my best for my practice.”

Felix Kimoli
MGI Alekim
Nairobi, Kenya



Would you like access to global resources whilst maintaining your independence? To find out more about how we can support your accounting services, or to become a member of our global accounting group, please fill out our membership enquiry form.