For six years audit company Kudos Georgia, a full member of the Kudos International Network, has been committed to creating a better financial environment in Georgia through their exceptional financial services. The company’s goal is to become a universal powerhouse, and the go-to destination for companies seeking multi-faceted business opportunities by 2030.
Kudos Georgia provides a wide range of services: financial audit, tax review, investment banking, training, accounting, valuation, corporate restructuring and turnarounds, due diligence and International Financial Reporting Standards adoption.
Kudos Georgia is a newcomer to the Golden Brand awards. On this occasion we met Alexander Margishvili, Managing Partner and General Director of the company, to introduce Kudos to our readers.
Q. Kudos Georgia won the Golden Brand in the category of ‘favorite audit and accounting services’. What led the company to this recognition, in your opinion?
A. We are grateful to Golden Brand for this honor! I believe this recognition is a result of our continuous dedication to the success and prosperity of our customers. At Kudos Georgia, we are committed to being a loyal brand that always puts our customers’ best interests first. Our corporate goal is to be a strong and dependable foundation for businesses. We work tirelessly to create something valuable and unique every day, which brings us a sense of fulfillment and recognition.
In 2023 Kudos Georgia experienced a significant boost in revenue, a jump of more than 50%. Our customers are increasingly satisfied with the services we deliver. We now have over 55 employees, and we are positioning ourselves as a provider of high-quality services at an affordable price. One of our biggest achievements was the successful implementation of systematic quality assurance tools in two main departments: assurance services and accounting outsourcing. This has enabled us to maintain high standards of quality and minimize the risk of unforeseen issues for both our customers and Kudos Georgia itself. Although we faced some challenges in setting up our quality management system, we were able to overcome them successfully.
Last year we successfully undertook 437 projects and served 196 customers. Comparatively, in 2022, we had 325 projects with 144 customers. This reflects an annual growth rate of 35%, but if we consider the complexity of the projects and the associated increase in costs, the growth rate is over 50%.
Q. When and how was Kudos Georgia founded and how has it developed?
A. Four friends – Ana Osiqmishvili, Irakli Zhvania, Giorgi Balesiashvili, and Aleksandre Margishvili – founded the company in 2018, which moved into the active operational phase in 2019, after which we carried out several audit and accounting transactions, joined Kudos International, formed the initial customer base, project portfolio – and then the pandemic happened. Despite the lockdowns and the decrease in overall economic activity, Kudos managed to maintain the staff, enlarge portfolios, enhance quality systems and even add more professionals to the expert pool. Kudos emerged from the pandemic stronger and more experienced. In 2022, Kudos added management consulting, business plan preparation, and financial outsourcing directions. As of 2024, the two main products are still auditing and accounting.
Q. What are the services Kudos Georgia offers?
A. Kudos is a financial professional services firm that offers a wide range of services. One of our main directions is auditing and assurance services. As you know, I and II category firms in Georgia are required to conduct an annual financial audit and publish audit reports. In 2024, we will be conducting audits for more than 50 such companies.
Our second major line of service is accounting outsourcing. We handle the bookkeeping and accounting of companies, prepare and submit their tax declarations, and assist in correct resource planning and reporting.
At Kudos Georgia, there are also delivered statutory audit, valuation, business consulting, corporate development, and fundraising services.
Q. Kudos Georgia offered a very interesting service to the corporate market – Founder’s Representation. What is this service about and what led the company to introducing it?
A. We introduced Founder’s Representation services for those shareholders of Georgian companies not involved in the day-to-day affairs of the company. They either do not have sufficient time to grasp the nuances of profit & loss and cash flow, or cannot get a satisfactory answers from management about financial results of their firms.
For such clients, Kudos Georgia makes a general or detailed financial review of the company, provides them with information on the dynamics of revenues, expenses and income, presents various types of financial and management reports, based on which the shareholder gets an idea of the company’s performance and current condition.
Q. How accessible is your service across Georgia? Also, which region shows greater interest?
A. We receive the highest number of customers definitely from the capital city of Tbilisi. This year, we are expecting an increase in orders from the Kakheti, Adjara and Samegrelo – Zemo Svaneti regions. This is due to an interesting Growth Hubs (Consulting Centers) program managed by the Enterprise Georgia state agency, which is financed by the World Bank. Under the program, small and medium-sized enterprises from the aforementioned regions will receive 90% co-financing when using the services of Kudos Georgia. This is a very important initiative, and you can learn more about it at https://growthhub.gov.ge/ka.
Q. What determines the success of Kudos Georgia?
A. We are a stable service provider and a dynamic organization, always striving to improve our services and find innovative ways to increase customer satisfaction while making our business operations more efficient. Although not all of our ideas work out as planned, we easily adapt to new realities. Our flexibility and commitment to maintaining a high level of service have led to Kudos Georgia’s success.
Our goal is to provide a solid and reliable foundation for businesses in Georgia. To achieve this, we offer multifaceted support to Georgian companies, such as raising funds including from the European Commission, maintaining management systems, effective resource management, identifying errors and overspending, finding international partners and key markets, investment banking, and many other areas. Our vision is for Kudos Georgia to become a universally recognized organization and a go-to destination for businesses seeking multi-faceted business opportunities.
