By Ian Lavis on behalf of Praxity Global Alliance
Praxity rising star in Finland – Tuokko – is celebrating a remarkable 50-year journey from one-man audit office to international audit, tax and advisory business.
Founded in 1971 by auditor Yrjö Tuokko in the attic of his family home, the firm now employs 60 people and is one of the largest family-owned audit, tax and advisory companies in Finland.
Throughout Tuokko’s history, the term “to serve” has guided its operations. Developing long-term partnerships with customers has been crucial to the success of the business, together with the management’s strong belief in the value of international collaboration. Indeed, a significant amount of the firm’s new business over the past decade is a direct result of joining Praxity Global Alliance in 2009.
Joining Praxity has enabled Tuokko to share expertise and get support from member firms worldwide to service clients with specific needs in different jurisdictions.
Marketing Coordinator Ninni Kontturi, explains: “We have a lot of companies asking how to do things in different countries, such as Britain, Germany, the Nordic countries or Estonia, and Praxity member firms provide support and answers to our clients’ questions.”
Praxity membership has been “very beneficial” for Tuokko’s auditing, tax, M&A and outsourcing business, especially in terms of fulfilling the firm’s growth strategy.
Ninni adds: “In the outsourcing and tax departments we have a lot of international customers that come through Praxity. Most of these clients are from Europe where we have formed a relationship with someone – it’s a form of networking.”
The starting point for these relationships is often the conferences that Praxity organises annually and which are keenly attended by Tuokko representatives. “The global conference is good for us,” Ninni explains. “If one person goes, they share the knowledge, information and contacts within the company and with our customers.
Tuokko professionals also benefit more and more from Praxity’s business and tax guides. Produced in association with the International Bureau of Fiscal Documentation (IBFD), these guides provide data and guidance on business investment, individual and corporate rates and regulations, and information on socio-demographics, culture and distinctive business characteristics in more than 100 countries. “They are very useful, especially when needed for quick information on how companies should operate in different countries”, Ninni says.
She admits Praxity’s resources are so extensive that Tuokko employees are only just discovering some of them, adding: “Now we know more about the resources, we aim to use them more to benefit our clients.”
Tuokko has come a long way since its inception. Key developments include:
- Initial growth as an audit specialist for different kinds of national organisations and especially companies in the transport industry;
- Expanding via overseas collaboration when international audit chains were introduced in Finland in the 1980s;
- Setting up an audit team specialising in bankruptcy inspections just before the recession of the 90s – leading to new business;
- Opening a subsidiary in Tallinn in 1992 to serve Finnish companies with operations in Estonia;
- Continuing to grow through international collaboration and by offering a larger range of services, including auditing, outsourcing services, tax advisory, M&A, internal auditing, insolvency services, group reporting and CFO services.
Having built a solid platform over the past decades, Tuokko is looking forward with confidence, guided by a strong, passionate team and strong core values of expertise, customer service, reliability and team spirit.