Concept and Benefits of 1-stop-shop Service Providers
János Girászin, Partner, Niveus Consulting Group (left) and Lajos Bagdi, Partner, Niveus Consulting Group
For the purposes of this article, one-stop-shops are firms that can provide their clients with accounting, tax, legal and related services within one organization without requiring the client to contact multiple service providers.
Although the history of the one-stop-shop dates back to the first part of the 20th century, it took some time for financial services companies to implement the concept. In the past decades, though, it has become more common as both service providers and clients realized the benefits of the idea.
The Big4 firms were probably the first to switch to a full-scope financial advisory company, including not only traditional accounting and audit services but also advisory and legal teams. In recent years, smaller (even boutique) firms also offer accounting, tax, and legal services at the same place, allowing their customers to benefit from a more client-focused and flexible approach that might not be available at large multinational service providers.
Benefits of 1-stops
There are several advantages to one-stop-shops. Possibly the most significant is the ease of communication. One-stop-shops may provide the client with a single point of contact for all the requested services, whether registering a new company or setting up a tax-efficient structure. While the one-stop shop internally manages communications between the various service lines involved, valuable time is saved for the client.
Furthermore, one-stop-shop service providers may provide a “package deal” when negotiating the fees as they can streamline their processes to become more efficient than different organizations of various sizes, corporate cultures, professional standards, etc.
Streamlined processes can not only reduce the costs of services but also have a positive effect on deadlines as well. When all the parties involved in the procedure are part of the same organization, they can quickly settle any issues. Should the accountant disagree with the tax advisor, they can discuss it internally. The client might well become aware of any problems only after they have already been solved.
Last but not least, the technical knowledge is highly concentrated in an organization operating as a one-stop-shop; as a result, the clients can be served in the most professional way.
Niveus as a 1-stop-shop
The dedicated team of Niveus Consulting Group is constantly working to provide all of the above benefits and more. Although Niveus started operations 14 years ago as a small boutique advisory firm, we now employ more than 40 professionals and have over 400 clients. In the past decade, we have gradually extended our services to cover accounting and payroll, tax advisory, transfer pricing, M&A advisory and legal services.
To be a true one-stop-shop, Niveus is part of DFK International, an association of independent audit, accounting, tax and legal service providers present in more than 90 countries across the world. Thanks to this membership, we are able to provide our clients with one-stop-shop services for cross-border challenges as well.
This article was first published in the Budapest Business Journal print issue of February 25, 2022.
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