Finaudit (My Business Corporation)

The company was established on the basis of ZAO Finaudit, formed in 1997. He specializes in accounting and tax outsourcing services for medium and large businesses.

As of 2022, it consists of 5 branches (Moscow, St. Petersburg, Volgograd, Elista, Krasnodar). The geography of presence also includes Kazakhstan and Uzbekistan. The company has 90 employees.

Finaudit serves more than 100 organizations. Among them are the cosmetics manufacturer Natura Siberica, the Sinteza group of production and construction enterprises, one of the largest suppliers of pulp and paper products Baltic Pulp, the Ural poultry complex (Indyushkin brand), the Chaika network of medical clinics, etc.

2022: Internet accounting "My business" acquired control in "Finaudit "

The online accounting service "My Business" acquired control in the company "Finaudit," which provides accounting services for medium and large businesses in Russia and in the EAEU countries. On June 14, TAdviser was told about this by the participants in the transaction. The remaining shares in the company are distributed among co-owners-individuals.

Finaudit in the My Business group will provide services under the My Business Corporation brand from July 1, 2022. Thus, My Business, which historically focused on SMB clients, will now cover the segment and large corporate customers.

Founder and CEO of My Business Sergei Panov says that My Business is interested in a long-term partnership with a team of professionals who have been engaged in accounting outsourcing for many years, which has achieved significant results in attracting and servicing clients.

They are trusted by customers, trusted by the market, and together we want to build the largest outsourcer in this segment, "Sergei Panov told TAdviser.

In Finaudit, in association with My Business, they see the possibility of large-scale growth: "we have big joint plans."

In the photo from right to left: the founder and general director of My Business Sergei Panov, co-owners of Finaudit Natalya Petrova and Anastasia Shcherbinina, member of the board of directors of My Business Konstantin Kardyshev

The following service options are available to medium and large customers:

• comprehensive accounting and tax outsourcing - when "My Business Corporation" is fully responsible for all accounting in a medium and large business company;
• outsourcing of accounting and tax accounting areas;
• outsourcing the function of the chief accountant with the transfer of responsibility to the side of "My business Corporation";
• as an additional service - outsourcing financial and management accounting.

All service options can be provided both on the client's IT infrastructure and on the My Business Corporation IT infrastructure.

Additional services also include:

• accounting automation, integration of the accounting system with other IT solutions;
• joint work with the customer's standard accounting department with outsourcing of non-core, routine or scalable areas: advance reports, tax accounting, foreign economic activity;
• implementation and adjustment of management accounting and management reporting;
• preparation of reports for lending to banks, participation in tenders, government contracts.

Unlike services for SMB clients "My business," there will be no ready-made tariff plans for large businesses. The cost of accounting services is calculated individually after the meeting, questionnaire and analysis of the accounting base. The total amount depends on the volume of document flow, the taxation system, the transferred functions, the number of employees (in terms of payroll and personnel workflow) and other factors (Skolkovo residency, FEZ, etc.).

Finaudit says that all its employees will use the internal infrastructure of My Business to provide outsourcing services.

Development in the segment of large business is a continuation of our strategy, - said Sergei Panov, general director of My Business. - We concentrate on providing clients with turnkey accounting services and have gained quite a lot of experience in organizing business processes, automation and robotization in this area. Our internal product BRMS "My Business," which we have long used to serve our clients in small business, has all the qualities necessary to organize work in SSC or in outsourcing large business. We expect that its implementation will improve the quality of service and reduce costs at Finaudit, and for customers it will allow you to track the implementation of all tasks in calculating salaries, payments and calculating taxes.

According to the database of legal entities Kontur.Focus, "the revenue of the group" My Business "at the end of 2021 amounted to about 1 billion rubles. Finaudit's turnover for the same period was about 48.7 million rubles, and the company reached this figure after several years of annual revenue at the level of 3-4 million rubles.

The high dynamics of 2021 in the company is explained by TAdviser by the fact that in the same year Finaudit changed its owners: in fact, Natalia Petrova and Anastasia Shcherbinina became them. Both of them now remain co-owners and are key executives at Finaudit. Natalia Petrova is responsible for the commercial part, and Anastasia Shcherbinina - for the back-office part.

Before Finaudit, Natalya Petrova and Anastasia Shcherbinina worked for a long time in one of the largest Russian accounting outsourcing providers. Natalya Petrova, in a conversation with TAdviser, noted that the personal contacts developed during this period, as well as the strengthening of the Finaudit team, made it possible to increase the client base and significantly increase revenue. According to her, the current turnover indicator is already about 10 million rubles a month, and according to the results of all 2022, the company expects to receive revenue of about 120 million rubles.

The key members of the management block at Finaudit are also called Olga Lantratova, Elena Dadonova, Irina Zudina and Alyona Manjieva. In the database "Kontur. Focus" it is indicated that the director of the company is Alexandra Kolesnichenko, but Finaudit reported that after all structural transformations this position will be taken by Olga Lantratova.

According to the NeoAnalytics research center, the Russian accounting services market in 2020 amounted to 243.4 billion rubles. At that time, there were more than 30 thousand accounting firms in Russia, the services of which were used by more than 1 million companies^[1] in^[2]. GL Group Consulting gave estimates for the 1 half of 2021: the volume of the Russian accounting services outsourcing market (including accounting services, accounting (financial) audit and tax consulting) decreased by 8% and amounted to about 107.1 billion rubles according to experts^[3]

Finaudit notes that by the end of 2022, accounting outsourcing is expected to grow in a large segment of Russian business, but there will probably be a decrease in outsourcing as a whole due to the departure of a large number of foreign companies.

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