EY completes scoop of KPMG's Dutch Caribbean member firm

01 February 2019 Consultancy.lat

Two weeks after announcing the company would continue as an independent entity, KPMG’s former member firm in the Dutch Caribbean has joined rival network EY.

With the deal, months of speculation and uncertainty come to an end for the former KPMG Dutch Caribbean firm. Rumours on the firm’s future first popped up last year after KPMG International revealed that it had revised its member firm strategy. The global accounting and consulting group concluded that it would be better off without a small group of mainly smaller players in its network. 

Local media ran a number of reports suggesting that KPMG Dutch Caribbean had not come through the global shift, casting doubt over the firm’s future. At the start of this year, the firm’s partner team announced that ties with KPMG International were indeed cut per the 1st of January 2019, and that the firm would continue as KDC Interim. While on several occasions reports leaked out that KPMG Dutch Caribbean was on the verge of joining EY, the trio of companies involved declined to comment.KPMG Dutch Caribbean joins rival EY

Now, two weeks later, the deal which was expected by many in the region has materialised. EY, which globally is larger than KPMG, has signed a conditional agreement to take over KDC Interim per the 1st of March, including the firm’s 50 employees in Aruba and Curaçao. “The former KPMG Dutch Caribbean practice has been one of our most respected and fierce competitors in the Dutch Caribbean for many years,” said EY Dutch Caribbean managing partner Bryan Irausquin to the Curaçao Chronicle. 

“It’s humbling and at the same time it fills us with pride knowing that this great group of professionals have decided to join our team. The KDC Interim team will be welcomed into our family with open arms and we are sure that we will learn a lot from each other as we continue forward as one.” 

EY’s Dutch Caribbean practice provides assurance, financial advisory and consulting services to clients across the island region, in Aruba, Curaçao, Sint Maarten, Bonaire, Sint Eustatius and Saba. EY Caribbean Assurance managing partner Erick Statius van Eps said: “We have a great opportunity ahead of us to strengthen our position in the Dutch Caribbean markets and deliver exceptional client service.” 

For KPMG, the move means that it has lost its presence in the region. In 2017, the accountancy and consultancy giant also lost four offices in Eastern Caribbean – Antigua, Barbuda, Saint Vincent and the Grenadines – to BDO, the number five accounting player globally. Meanwhile, competitor PwC saw its offices in the Dutch Caribbean switch to Grant Thornton, which now has around 160 staff in the region.

Related: The Caribbean is globe’s second largest tax haven, harboring $97 billion annually.

Argentinian software consultancy APG Consulting enters Bolivia

25 February 2019 Consultancy.lat

Argentinian professional services firm APG Consulting has expanded into Bolivia, growing its presence in Latin America to six countries. 

Founded in 2003, APG Consulting is a software consultancy that supports its clients with digitizing procurement and finance, and with document management. The firm’s Comfiar solution allows organizations to generate, send and store invoices in a robust and safe environment, while supporting procurement, finance and regulatory processes. APG Consulting’s AFM solution is a document management system (DMS) that helps companies with organizing, managing and securing documents in a standardized environment.

Across Latin America, APG Consulting currently over 1,000 customers, with Bolivia the next market targeted as part of the firm’s strategy to lift its client base to over 1,500 in the coming years. The expansion follows on previous forays into Colombia, Costa Rica, Ecuador and Peru. Headquartered in Buenos Aires, the IT consulting firm has around 80 employees. 

The move comes at a time when electronic invoicing is a major theme in Bolivia. In March of this year, the country’s National Tax Service (SIN – Servicio de Impuestos Nacionales) is implementing new regulation that advocates electronic invoicing. For companies, this means that they need to adopt e-invoicing of not already in place, and for those that currently do use the feature, changes may be required in system setup, processes, data management or governance. 

Argentinian software consultancy APG Consulting enters Bolivia

APG Consulting is aiming at implementing its Comfiar solution, which has been tailored to meet SIN’s requirements, at both private and public sector organizations in Bolivia. Meanwhile, companies that already have a system in place can tap the Argentinian-origin consultancy for software services and change management support. According to Matías Cherepinsky, commercial manager of APG Consulting, organizations must not only look at the technical side of electronic invoicing, but also keep the cultural side of change in mind. Employees in procurement and finance will need to adopt new ways of working, meaning that they need to receive training and coaching in order to successfully complete their new tasks.

According to Daniel Ayoroa, a legal manager at Agentax, electronic invoicing still is in its infancy in Bolivia. Organizations therefore are open to bringing in the expertise of experts that have an established track record gained abroad, where e-invoicing is more mature. He added that he believes the approach can lead to a major modernization of procurement and tax functions throughout the country.

Earlier this month, accounting and consulting firm BDO also entered the Bolivian market with the addition of KPI Auditores y Consultores to its global member firm network. In December last year, Tufiño Villegas, which has offices in La Paz, Santa Cruz and Cochabamba, joined Andersen Global’s international association.