BDO ratifies its financial stability after announcing its total income at the end of its fiscal year, which ended on September 30, 2017, which takes into account the commissions received. In total, the firm registered 8.1 billion dollars / 7.4 billion euros, which represents a year-on-year growth of 8%, taking into account changes in exchange rates.
BDO's continued growth is the result of a clear ambitious strategy. The key to this success lies in the customer-focused commitment, backed by an unwavering merger and consolidation program designed to fill any gaps and improve the market impact of all firms that make up the BDO network.
As a result, BDO expanded globally, surpassing the figure of 158 countries in which it had a presence in 2016, reaching four new markets, which means presence in 162 countries in response to customer's localization needs. Similarly, the number of employees worldwide increased by 9.04%, with 73,854 people working in 1,500 BDO offices around the world. In Colombia, the payroll registered an increase of 8% with respect to the previous year.
With regard to the excellent results of BDO, Keith Farlinger, global CEO of the firm, said: "I am very proud in my new position, seeing the success with which BDO has adapted in such a competitive market, consolidating as the leader in the middle market with our approach of providing exceptional service to customers.
Worldwide, BDO continues its consolidation process through the acquisition of key players such as cybersecurity companies.
"In this era of acceleration, we will continue investing in technology, together with our commercial partners, which undoubtedly is turning BDO into a digital organization where the use of data offers vision and value to our clients.
"In the future, I foresee a change in our service approach, in which we will continue to have the same lines, offering them differently: the operating models of each service line will be aligned with our customer-centric approach - and our focus on advice".
Reasons why BDO has grown:
Digital transformation: BDO understands that the real value comes from helping our customers through innovation and change: In 2017, BDO has increased its digital transformation activities by adopting automation of robotic processes, and blockchain and bot technologies. In the same way, the organization consolidated its alliances with Microsoft and Xero, strengthening its audit tool for the future.
Clients involved: BDO has invested in the digitization of its services in order to benefit its customers. The infrastructure and resources available to all BDO firms include a range of customer participation platforms and world-class methodologies, enabling consistent service delivery globally.
Mergers and new companies activity: BDO welcomed new companies in Antigua & Barbuda, Dominica, Granada and Samoa, as well as replacing the Aruba firm. Revenues in the region grew by 5.1%, where BDO India stood out for its aggressive growth strategy, managing to increase its partner plant from 20 to 67 in the last 18 months.
For the region of the Americas, the increase in revenue year-on-year was 9.6%, highlighting the movements of the Eastern Caribbean firms as a result of the merger of the BDO firm with the previous practice of KPMG.
In conclusion, Keith Farlinger states: "I am excited about the opportunity that BDO has in the global market, we have the right approach, the right customer base and the right people to deliver on our promises, we know how to manage the risk in our business and the process begins with offering quality, in everything we do.
*HSBNoticias is one of the leading Colombian local radio and news television station based in Bogota.