Small firm thinks big

Brian Tonna has come a long way since he started off as an independent practitioner in 1992, providing accounting services to small firms.

After opening its second office at the Tower Business Centre in Swatar last month to complement the company's operation in Marsascala, Brian Tonna & Co., the independent accounting firm, is now preparing to host the European tax conference of Nexia International in Malta in February.

Nexia International is one of the world's leading 10 networks of independent accounting and consulting firms.

Mr Tonna grew his firm to eventually incorporate audit and consultancy departments and the workforce expanded in tandem.

"I have always believed that accounting is not just about understanding numbers but about understanding individuals and their business, and offering consultancy to them as if their firms were my own," Mr Tonna told The Times Business in an interview.

"I also work very closely with my staff and value their contribution greatly. We try to meet up socially often and organise team-building events regularly."

Mr Tonna said the major milestones in his career included the appointment of his two partners - audit partner Manuel Castagna and tax and international contact partner Karl Cini - the firm's membership of Nexia International, and the opening of the elegant premises in the Swatar business district.

Brian Tonna & Co.'s client base ranges from local and foreign owner-managed businesses to medium-sized listed companies. Mr Tonna said the firm's mission was to provide clients with a high- standard, personalised service. The professional and technical staff, currently numbering around 30, also helped clients maintain a competitive edge.

The firm's portfolio of services is diverse and includes audit and assurance services including statutory audits, due diligence and internal audit; business advisory services including legal services and consultations on valuations, feasibility studies, mergers and acquisitions; company formation, fiduciary services, company secretarial and local and international tax planning; and back office services.

International tax advisory has become a hugely competitive business among the local professional services sector. Mr Tonna said efficiency and speed gave his firm a competitive advantage.

"We provide an efficient service, targeted at our clients' queries," Mr Tonna explained. "Our speed in delivering responses and carrying out assignments is an aspect that gives Malta and our firm, in particular, that competitive advantage. Additional international business is acquired from a number of sectors, mainly those of an international trade nature. As we are increasing our human resource and technical capacity, we also aim to attract more financial services business over the coming year."

The Nexia name is an added advantage. In 2005, the firm secured membership of SC International, a then top 20 international network which merged with Nexia International in August 2007.

With a global fee income of over $2.2 billion, it has 520 offices in 105 countries.

"We were the first members to apply and be accepted as members of Nexia International," Mr Tonna recalls. "Our membership has given us a passport to expand our services to foreign clients, as well as providing our local clients with international support.

"Nexia International is committed to global quality standards as fundamental to its role as a leading network of independent firms advising international mid-market companies.

"Besides an initial peer screening, we underwent a full quality control review by Nexia International's technical team. Nexia recently appointed an international audit specialist to further enhance its quality control programme and ensure audit quality throughout the network."

Membership of the network gives the firm access to technical and human resources, besides a source of contacts that is beneficial not only to clients but also to the firm's quest to expand its services internationally.

"Besides access to detailed local knowledge in various jurisdictions our team also benefits from the learning of individual cultures and customs, building together long- lasting professional relationships," Mr Tonna added.

Nexia International organises three tax conferences every year: two in Europe and a world conference. The firm has selected the venue for the upcoming conference and is busy crafting a cultural programme that will show delegates the best Malta has to offer from 7,000 years of history.

Mr Tonna said transfer pricing was a major topic at the last meeting and he expects discussions at the Malta event to proceed with further issues on the matter, which is gaining considerable interest because of its burdensome requirements.

The recent international VAT amendments which will come into force gradually over the next five years from next January 1 should also come under the spotlight.

Around 65 tax professionals from all over Europe and neighbouring countries are expected to attend, including senior managers and some managing partners.

"We hope that by showing Malta's unique characteristics and convincing them of the island's true potential in the financial services industry we will attract more inward investment to our shores," Mr Tonna said.