Over the past year Nexia BT was certainly in the limelight, given that two of its clients were politically exposed persons. Many may have questioned who is this Nexia and what is Nexia BT? This portal thought to examine the growth of Nexia BT and what it represents. It seems that today Nexia BT has more than 500 clients and employs more than 120 professionals, making it the largest second tier accountancy firm in Malta.
The scenario depicted by the media was that Nexia was a non-entity in Malta up to 2013 and suddenly, as if by magic, on 8 March 2013 Nexia BT came into being. Is it the case?
What is Nexia International?
Nexia International is a worldwide network of auditing, accounting and advisory firms, which was established around 1971. Nexia International has one of the longest traditions among the chains of auditors and advisory firms all over the world. Currently, it offers its services in 334 offices in 92 countries.
The members of Nexia International share their experience and expertise through associated companies of this International network. This allows the members to use their expertise while providing services to their clients on appropriate national markets. Furthermore, Nexia International assists clients in identifying projects which add value and increase capital. Nexia conducts a thorough evaluation of the impact of internal and external factors this also includes short or long-term changes due to trends, mapping out new growth strategies and portfolio mix options.
Nexia firms are focused on supporting local companies as they grow through the Nexia network. Nexia International is governed by a Council in which all Member firms are represented. The Council elects the Nexia Board of Directors. Nexia International is structured into four regions: Asia Pacific; Europe, Middle East & Africa; North & Central America; and South America.
Nexia has a substantial presence in the world’s major financial and economic centre, ranging from globally listed entities and International subsidiaries to owner-managed businesses and high-net-worth individuals.
This strategy raises the level of certainty among members and encourages greater communication and interaction between the member firms. Furthermore, Nexia encourages referral business flows across the network and supports collaborations, Nexia encourages greater knowledge by sharing opportunities and strategic objectives.
In Malta Nexia International is represented by Nexia BT. Nexia BT was founded by Brian Tonna who started out as a sole practitioner in 1992. It now employs over 120 people, the majority of whom were employed over the past 10 years.
Nexia BT’s growth was mainly due to the fact that it introduced the concept of a one-stop shop process and assisted clients to grow their business activities by contributing and sharing business skills. Clients who were served by Nexia BT, who were sole traders grew together with Nexia to become small and medium enterprises. The philosophy of Nexia BT was perfectly in line with that of Nexia International to this extent.
Indeed, Nexia BT is an active member firm of Nexia International with Participation in various international conferences. Nexia BT is hosting the 2018 edition, which is the third of such conferences.
Most important Nexia BT spearheaded the development of the business advisory group set up within Nexia International, hosting the first every business advisory group conference in Malta. It was instrumental to the development of advisory services within Nexia International, with such advisory services now at par with tax services and audit in terms of importance at International level.
Nexia BT was the winner of the 2014 Top Entrepreneur of the Year as well as Corporate Financier of the year. Apart from the professional side there is also the corporate social responsibility side of Nexia BT. Indeed, Nexia BT is an active supporter of charitable organisations, with active participation at events organized by the President of Malta. It also supports education events in Malta such as the upcoming VAT and the EU conference in October 2017.
Nexia BT has one of the highest staff retention rates on the island within the sector. Indeed, staff turnover is relatively low. This is no coincidence, as in the business philosophy they operate staff is at the core. Nexia BT’s strength lies in its technically competent and professional staff with experience across a varied range of industry sectors. The firm’s mission is to deliver solutions to its clients through a high-calibre customised service reflected in the professional work approach and ethics of its staff and driven by its ethos ‘Closer to you’.
Nexia BT also forms part of the Forum of Firms. As an independent association of international networks of firms that perform transnational audits. The objective of the Forum of Firms is to promote consistent and high-quality standards of financial reporting and auditing practices worldwide. Members of this Forum are committed to observe policies and methodologies with respect to transnational audits that are practicable on international standards and on auditing as well as conform to the established Codes of Ethics.
Over the years Nexia BT was fundamental in attracting business to Malta as it constantly participates in promotional events. It was indeed crucial in the promotion of Medical Tourism in Malta which has created a new economic niche for Malta.
The interaction and professional relationship with clients combined with a trained and motivated staff together with a strong promotional campaign led to Nexia BT being the firm it is today, a professional firm that boasts of its high-quality services, a firm that has a proud story to tell.