The world's sixth-largest accounting firm, BDO International, officially launched a local affiliate in Jamaica on Thursday.
BDO Jamaica, Chartered Accountants began operating on January 1 and will serve clients in Mandeville, Montego Bay and Ocho Rios.
Speaking at the ceremony at Le Meridien Jamaica Pegasus in Kingston, managing partner, Victor Markman, said the international company had grown by 14 per cent overall last year. In the U.S., BDO's growth rate was 38 per cent - more than twice that of the average firm.
Mr. Markman said the company will be working with clients to exploit the opportunities presented by the imminent Free Trade Area of the Americas (FTAA).
"Businesspersons in Jamaica have to look at the world as their market," declared Mr. Markman. He argued that when the FTAA comes into effect in 2005, "the market will grow from millions to a billion, possibly overnight".
Chief executive officer of BDO International, Cecil Fleming told Sunday Business that his company responded to a request from its local partners to form an alliance because it was seeking to expand its presence in the Caribbean. BDO International readily agreed, he said, particularly since both firms have "similar client bases and attitudes towards practice".
Although BDO handles large accounts, such as the Daimler-Chrysler merger, Mr. Fleming said its emphasis is on family businesses.
As such, it had established Family Business Centres in the United Kingdom and other countries, where entrepreneurs and BDO facilitators meet once per month to discuss problems and solutions.
"This expertise, we believe, will be of considerable assistance to Jamaica," said the BDO executive.
BDO, whose name derives from the initials of its founding partners, also has an Intranet, through which its affiliates worldwide can access and share information.
Guest speaker at the launch, Cabinet Secretary and head of the Civil Service, Dr. Carlton Davis, said he hoped the company would make a difference in the submission of quarterly and annual reports.
"Many Government entities are not particularly timely with their reports...they say the accounting firm is busy. While that may be an excuse, I think it has some basis, and I would hope that with this sort of affiliation, this problem can be addressed," he said.
Dr. Davis also said that legislation would be implemented soon, which will require more stringent reporting of the financial and general operations of companies.
BDO Jamaica's other partners are Ken Wilson and Ray McFarlane.
