Kim Young-sik
Samil Managing Partner |
This is the second in a series highlighting the strategies of Korea's leading accounting firms ahead of the full-fledged introduction of the International Financial Reporting Standards in 2011. ― ED.
By Kim Tae-gyu
Staff Reporter
An accounting company plans to export its services to neighboring countries based on brisk research and development (R&D). This sounds strange because accounting companies typically neither do research nor cross national borders.
When it comes to Samil PricewaterhouseCoopers (PWC), however, things are different. The country's top accounting outfit by any measure has conducted research vehemently as well as tapping into foreign markets in full swing.
``We do not want to be stuck in a dog-eat-dog competition in the overstuffed local market. We are turning our eyes to overseas markets where we can find much bigger opportunities,'' Samil Managing Partner Kim Young-sik told The Korea Times in a recent interview.
``Toward that end, Samil has channeled funds and energy into research. Such efforts are bearing fruits as we have come up with a host of services or products with global competitiveness.''
Samil's research culture pivots around in-house ventures similar to those of Google, the world's No. 1 Internet search engine operator famous for encouraging engineers to work on innovative ideas instead of daily routines.
When Samil employees get a business idea with great potential, they can suggest it to the company. When they get approval, they are allowed to focus on it full-time together with like-minded fellows.
Under the scheme, Samil has developed a flurry of seed products in such lucrative segments as optimal asset allocation, operation cost reduction, sustainable business solutions and green financing.
Such a research culture, unique among accounting companies, helped Samil not only stay ahead of the pack in the domestic competition but also make forays into the global markets.
Samil already chalks up a substantial amount of revenue in offshore markets. The Seoul-based company earned around 30 billion won overseas in the fiscal year 2008, which spans from April 2007 to March 2008.
The amount rose at a double-digit pace despite the global financial crisis to 34 billion won this year. Samil estimates its global turnover to reach the 40 billion won milestone during the fiscal year 2010.
In particular, Samil has fixed its eyes on Japan on the back of its unparalleled knowledge of the International Financial Reporting Standards (IFRS).
``As far as the IFRS is concerned, Korea is one of the leading countries in the world. In line with the government regulations obliging its introduction by 2011, a majority of firms are ready for the principle-based accounting formats,'' Kim said.
``We have the expertise in enabling corporations to brace for the IFRS by providing one-stop services from the analysis of the situations to the embedding of whole systems. As Japan is scheduled to adopt the IFRS later than us, we would be able to export our services to the country.''
Indeed, Samil has demonstrated its edge in the IFRS services in Japan where a set of corporations turned to Samil in employing the IFRS. More than 10 employees of Samil are currently based there for further ventures.
New Core Values
Despite the successes in the domestic market and in global initiatives, Kim said that Samil would not rest on its past laurels. Instead, it looks to continue to stay ahead of the curve through fresh maneuvers.
``Over the past four decades since its foundation in 1971, Samil has maintained its leadership in the Korean market. Now we are thinking of our company's sustainability over the next centennial,'' Kim said.
``We are jockeying to eventually evolve into the most respected and trusted company in the global scene through providing unrivaled services and taking full responsibilities as a corporate citizen.''
Under such a mindset, Samil plans to change its corporate integration next month for the first time since its launch.
Its main motto would be to achieve ``Super Excellence.'' To reach its goal, Samil is poised to present three goals: Client Value Creation, Creativity & Challenge and Teamwork & Integrity.
Presently, Samil employs around 3,800 people, the largest accounting services organization in Korea. More than 70 percent of their employees are certified public accountants. Its annual sales are in the neighborhood of 400 billion won, double that of their closest rival.
voc200@koreatimes.co.kr
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