BrazilKreston enters Cambodia with admission of Cam Accounting & Tax Services
Cam Accounting & Tax Services, an accounting and consulting firm based in Cambodia, has joined the network of Kreston, the globe’s 12th largest accounting network in the world.
Established in 2016, Cam Accounting & Tax Services offers audit, accounting, tax and consulting services to a wide range of industry sectors, including pharmaceutical, insurance, shipping, textiles, construction, real estate and hospitality. Commenting on the decision to join Kreston, Managing Partner Keat Heng said, “We are very pleased to be a member of Kreston International. We strive to be a firm of excellence in Cambodia and we look forward to working with our global members, while providing services in line with Kreston’s values, quality and international standards.”
Founded in 1971, Kreston is currently the 12th largest accounting network in the world. The network has a team of more than 23,000 professionals, operating across 180 firms in 113 countries.
With the market entry into Cambodia, Kreston is the next large professional services firm to set up office in the country to tap into the growing economic opportunities Cambodia has to offer. In 2015 and 2016, Cambodia’s GDP grew by 7%, and for 2017 it is forecasted by the World Bank that growth will hit 7% to 8%. With multinational clients all over the world looking to expand into the country, professional services firms are either establishing a presence or ramping up their footprint in a bid to secure their share of the increasingly lucrative market.
Competition is heating up however. The quartet of the world’s largest accounting firms – Deloitte, EY, KMPG and PwC – are all active in the market. EY was the first to arrive in Cambodia in 1993, but left in 2000, only to return again nine years later as the economy continued to grow. KPMG is the longest serving of the quartet, being present since 1994, while PwC followed suit with an on the ground office one year later. The last piece of the ‘Big Four’ puzzle was marked in 2014, when Deloitte launched an office in Phnom Penh. Other top 10 players, including the likes of BDO, Baker Tilly, Grant Thornton and RSM, are all also active in Cambodia with member firms.
Similar to the majority of rivals, Cam Accounting & Tax Services is based in the capital city Phnom Penh. Jon Lisby, Kreston CEO, said: “We are delighted to welcome Cam to the network. The firm is ambitious, focused and has an exceptional record for quality. They are an excellent addition to our membership in the Asia Pacific region.”
Last month, Kreston held its annual conference it Cambodia. The event hosted the leadership team of the firm and over 100 representatives from members firms in 60 countries. Besides providing delegates an update of the firm’s strategy and performance and a business programme, they too engaged in several social events, including a grand tour of the Angkor Wat's famous Bayon and Ta Prohm temples. “It is excellent that so many of our members took the opportunity to travel to such a fascinating country as Cambodia and to enjoy our business and social programme. To network with Kreston colleagues at an event, such as our annual conference, is a great way to build trusted relationships, which in turn drives additional referral business.”
