Multi-jurisdictional payroll, accounting and other professional services

Olympic Air, a Greek international airline, was formed from the privatisation of the former national carrier, Olympic Airlines.

During the privatisation process the airline, which was initially a consultancy client of Eurofast Global, was seeking to engage a single service provider for supporting services, namely the provision of monthly payroll and accounting, for its branches in several cities in Europe, the Balkans and the Middle East.

Eurofast, having a longstanding co-operation with Euroglobal SEE Audit Ltd, and knowing the association to BKR, subsequently introduced and referred the client to Euroglobal to evaluate the possibilities of securing this engagement with its fellow BKR members.

The member firms approached by Euroglobal promptly provided the quotations that enabled Euroglobal to secure this multi-jurisdictional engagement.

The initial feedback from the client was very positive, highlighting the quick response time to provide a proposal for the scope of services and the related fees. Our BKR members worked hard to satisfy the many preliminary needs and requirements of the client.

The client has in the past year requested additional supporting professional services as well as seeking advice on various other related issues. The engagement has generated an estimated annual fee of €150,000 for the members of the association, excluding revenues earned from additional professional services.

Coordinated efforts by all BKR member firms, who offered a personalised approach, demonstrated the effectiveness of the association and proved to be valuable in securing this engagement.

Members of BKR were able to address the client’s international needs for professional services which resulted in an ongoing engagement that continues to run successfully.