Helping Canadian companies do international business
Praxity membership has enabled MNP to meet the needs of clients with operations around the world
“We are not required to work together; we choose to work together. This creates a different dynamic.”
Praxity membership: Member
Sector: Accountancy, Audit, Tax and Business Consultancy
Head office: Calgary
MNP is the largest accounting firm in Canada outside the ‘Big Four’. A home-grown Canadian firm, MNP serves mid-market clients across the country in the private, public and not-for-profit sectors. The firm’s success is largely down to its strong core values and commitment to inclusive and collaborative working. By joining Praxity, MNP has extended this approach well beyond Canada’s borders to help clients fully realize their global potential.
As a highly successful independent accountancy firm in Canada, MNP has an ever-increasing client base, many of whom have international operations or are planning to do cross-border trade. Meeting the global needs of these clients while ensuring the same high standards of service that they are accustomed to in Canada was critical. Praxity membership provided a way for MNP Partners to connect and develop relationships with specialists in other firms with a similar mindset, anywhere in the world.
Maruf Raza, Partner and National Director of Public Companies at MNP, says the driver was the explosion in mid-market companies doing business internationally, supported by investment in new digital technologies. He adds: “Typical mid-market clients, some private, some public, now have international needs. We had to learn how to serve these clients outside North America.”
The Praxity solution
As the world’s largest alliance of independent accounting and consulting firms, Praxity enables MNP Partners to make connections with advisors around the world to serve clients wherever they wish to operate and whichever sector. Member firms operate in 100 countries and offer access to a team of almost 52,000 experienced practitioners with expert knowledge in different areas of accountancy.
With such broad geographic and specialist expertise on tap, MNP Partners have been able to forge mutually beneficial relationships with professionals in other firms within the alliance, in different jurisdictions, to help clients overcome their international business challenges.
The outcome: the ultimate in flexibility
Membership of Praxity gives MNP advisors direct access to local market insights, strategic relationships and regulatory guidance. Importantly, the alliance enables MNP to offer a seamless client service engagement whether in Canada, the US or worldwide.
MNP CEO Jason Tuffs says the main benefit of joining the alliance is the ability to service clients with needs outside of Canada. He says: “All firms that are part of the alliance have a common mindset. We have developed strong relationships with Praxity firms internationally that allows us to help our clients irrespective of borders.”
Maruf adds that what makes Praxity special is the fact members can be selective over who they wish to work with and this drives up standards across the alliance. “It gives us the ultimate in flexibility,” he explains “We are not required to work together, we choose to work together. This creates a different dynamic.”
Benefits domestically and globally
The alliance effectively extends MNP’s reach and know-how. When a large agricultural firm approached MNP to provide accounting expertise across 14 countries, Partners at the Canadian firm searched the Praxity database to identify leading specialists in two Praxity participant firms – Mazars and BKD. Together, they developed a successful multi-firm solution.
“Within a week we were responding to the RFP (Request for Proposal),” Maruf says. “That’s the benefit of choosing to work with trusted professionals within the alliance. It enhances our service and demonstrates we are capable of serving clients with, or planning, international operations.”
Maruf reveals MNP’s clients increasingly utilize the support offered through the Praxity membership. While much of this business derives from supporting Canadian companies with international interests, a growing proportion comes from overseas companies opening operations in Canada. “Increasingly, we have clients that have international needs or international companies that have Canadian plans. Praxity positions us well to help support these globally minded companies."