Highlights: Throughout 2021/22
PrimeGlobal members continued to support and serve their clients by expanding service lines and unlocking the power of data. This was recognized with dozens of members winning prestigious awards and honors, achieving superior financial results, planning for long-term sustainable growth, and leveraging technology.
PrimeGlobal remained focused on anticipating member needs, providing solutions addressing the insights most important to member firms (Talent, Technology & Business Opportunities), and providing support during Covid and the war in Ukraine. Recruiting new firms and strengthening PrimeGlobal presence in new locations, boosted the global ranking and marked the highest member revenue ever recorded by the association.
•95% favorable member firm vote
evolving positioning and branding to “The Advisory & Accounting Association”
•Evolved the definition of PrimeGlobal membership to reflect the value of the advice firms provide to their clients
•Reached record firm revenue of nearly $4B USD with sound 12% growth, elevating PrimeGlobal to the 3rd largest association in the world
•Continued to globalize membership equality by establishing a consistent termination fee for any departing member firms
•Achieved 80% global member satisfaction
•Purposeful Diversity Equity and Inclusion (DEI) and Environmental Social Responsibility (ESR) awareness and roadmap education
•Awarded 2022/23 Association of the Year
•Increased member web users by nearly 30%
•Strengthened partnerships with strategic addition of Xero and 14 other significant alliances
•Strategy 2025 prepared for 2022/23 Association Management System (AMS) launch, capturing data to increase member engagement, modernize staff efficiency, and drive innovation and new opportunities
•Launched Ukraine Support Hub following member consultation
•Successful return to in-person events
•First female chair serving in the Latin American region
•Achieved 4/5 strategic theme targets
•Facilitated and tracked a record number of 600+ referrals
Growing environmental and social concerns inspired PrimeGlobal to launch insights and initiatives, educating members on DEI and ESR opportunities. PrimeGlobal recognized the importance of building a more environmentally sustainable and socially inclusive future and integrated these insights into Strategy 2025. Members share firm blueprints to achieve a more diverse, inclusive, and sustainable future and meeting agendas included these important topics.
PrimeGlobal is aiming to impact firms by equipping them with the expertise to help clients reduce environmental impact as governments move to net zero economies.
PrimeGlobal Insights is a dedicated web-based hub of resources that includes thought leadership, member initiatives, and event series, all focused on knowledge sharing and best practices. By embracing sustainability initiatives and following the UN Sustainable Development Goals (SDG)
PrimeGlobal is encouraging firms to explore new opportunities to impact positive sustainability efforts. This perfectly aligns with the purpose, values, vision, and mission of PrimeGlobal’s Strategy 2025.
Through the PrimeGlobal Planet initiative PrimeGlobal organized green events, lessening the environmental footprint as the return to in-person activities began. A positive impact is being made by supplying branded, refillable water bottles at events and embedding staff and board travel guidelines that encourage carbon offsetting to reduce the environmental consequence of activities.
The Local Community Support initiative partners PrimeGlobal with organizations that have benefited homeless shelters, veterans needing wheelchairs, and supported organizations that provide professional training and job placements for youth in underserved communities. These include Sudara, the Helping Hand Project, Dress for Success, Equoevento, Wine to Water, and Bombas. Ecosia is the preferred PrimeGlobal staff web search engine. Ecosia uses the ad revenue from searches to plant trees in vital areas.
The PrimeGlobal Commitment:
•Promote a diverse and inclusive association, advocating equity within the staff and firms, while fostering positive mental well-being
•Continue to positively impact the communities that host events with responsible, socially conscious, environmentally friendly activities
•Educate member firms on ESR responsibility with an on-going commitment to provide resources, events, and a public commitment to good corporate citizenship
PrimeGlobal has organized an ESR expert panel comprised of early adopting firms who operate with consideration for a wide range of stakeholders, valuing all perspectives. Meeting quarterly, these firms contribute knowledge and experience, structured to assist other member firms on the ESR journey.
Members are increasingly placing high importance on waste and plastic reduction. They are setting ambitious goals with accelerated timelines for achieving carbon neutrality as the call for more environmental-focused policies quickens.
As a center of excellence, PrimeGlobal is enriching member firms by facilitating connections, creating trusted relationships, promoting firm development, and providing business opportunities in this rapidly emerging area.
On Earth Day, PrimeGlobal staff highlighted the 13th UN goal. Taking immediate action to combat the impact of climate change, a team challenge was launched, gathering a week’s-worth of plastic and posting on Teams, sharing the impact and reducing plastic usage.
PrimeGlobal’s new strategic partner, Xero, participated in a panel discussion to provide practical help and introduced new climate impact services.
Strategic Alliance Partner, ACCA hosted an exclusive PrimeGlobal webinar, “Accounting for a Better World”, an initiative that works with stakeholders and partners around the world. ACCA curated a range of insights and resources to help accounting professionals in SMEs and SMPs navigate the sustainability journey. This was attended by 150+ members from more than 10 countries.
The IFRS Foundation’s International Sustainability Board has developed Disclosure Standards to provide a global baseline of disclosure requirements that can be used by jurisdictions on a standalone basis or incorporated into broader reporting frameworks.
Several PrimeGlobal firms now offer services to promote ESG reporting and make a positive impact on climate change while addressing growing concerns from key stakeholder groups, providing the firms with a critical competitive advantage.
HURST is the first independent accountancy firm in the UK to become part of the UN Global Compact network. HURST has implemented a series of ecofriendly measures over recent years, increasing the use of recycled and sustainably sourced products. They are also installing a charging point for electric vehicles at their UK HQ.
Member firm, PGBR helps clients build Environmental Social Governance (ESG) reports based on Brazilian legislation and global best practices. Specialists perform Enviormental Audits based on country regulations.
The Pinion Sustainability Team has developed a Key Performance Indicator Database, which catalogues and tracks 15,000+ global and national key performance indicators across hundreds of organizations. This measure is under increased scrutiny from the public and investors.
Berkowitz Pollack Brant developed an ESG service line recognizing that companies are seeking certified public accountants (CPAs) to examine the veracity and accuracy of the environmental protection, social responsibility, and governance efforts.
Buzzacott’s commitment to environmental sustainability is reflected in the way the office is designed, how they choose to communicate with the team, and through the procurement of energy saving appliances, continuing to lower the impact of direct emissions and seeking to understand the most material indirect emissions.
Eshuis-Impact Accounting received B Corp certification supporting the firm mantra “Make Business a Force for Good”. PrimeGlobal and Eshuis are developing an ESR book to share with member firms, providing access to practical ESR tools.
Many members desire education, thought leadership, expertise, and networking in the DEI area, founded with a desire for a more inclusive workplace that provides the same opportunities for the entire team.
A committee of PrimeGlobal staff and member firm volunteers was established with the goal being to infuse DEI conversations and insights into the very fabric of the association and firm strategies.
This effort culminated in a 5-part DEI series with an expert consultant hosting each 90-minute webinar and “Building a DEI Roadmap”.
PrimeGlobal has integrated DEI into the 15-year-old Women’s Leadership initiative at both the annual conference and the Special Interest Group webinars.
PrimeGlobal Employee wellbeing and mental health is a top priority for PrimeGlobal EMT and staff. This year, monthly “Eat, Drink and Chat” hours and “Coffee Breaks” gave the global team a chance to get to know each other in an informal environment, sharing playlists, playing games, and even having a Step Challenge.
Quarterly, the professionals each have a 1:1 with the CEO to discuss any concerns. As a global association of trusted business advisory and accounting firms, PrimeGlobal is collaborating and sharing these examples with member firms in various ways.
Monahans encourages its clients to invest in authentic ESG as the backbone of their businesses. They believe this ensures their clients mitigate the risk of losing valuable customers, staff, and investors.
AAFCPAs has formed a committee of diverse team members, to help create strategic accountability for results, provide governance and oversight on diversity efforts, and promote company-wide communication on progress. In 2020, the Committee was empowered to develop and drive the agenda for the firm’s DEI initiatives. Their efforts go beyond multicultural awareness and training and include specific actions and goals for sustainable and meaningful change.
Corporate Social Responsibility (CSR) is an integral part of the Carpenter Box culture. The firm’s own charity was established in 2009 and is run by Staff Trustees and one Partner. Together, they decide on donations and grants. The staff is empowered to suggest initiatives and see them through to fruition.
Celebrating two years of a new governance model, PrimeGlobal operates as one association, with a wide range of stakeholders. The Executive Management Team is guided by members whose voice is heard through Regional Councils, the Board, and an annual, independent third-party survey.
The Executive Management Team (EMT) led by the Chief Executive Officer, is responsible for formulating and delivering the Strategy and leading the association. The executive leadership is supported by a wider team of professionals who, uniquely, are located around the world.
Members of the EMT are listed on the website at: https://www.primeglobal.net/about-us/people/staff
The Board is an oversight body which approves the Strategy and annual budget and oversees Strategy delivery.
The Board is elected by Regional Councils.
Board members are listed on the website at: https://www.primeglobal.net/about-us/people/ primeglobal-board-of-directors
The Regional Councils, representing the diversity of the regions’ composition, provide advice and support to EMT and help shape PrimeGlobal’s future. Regional Councils are focused on helping create member value and represent the needs, suggestions, and perspectives of all members. They contribute to the development of strategy and plans by promoting engagement with members and ensuring the Strategy reflects relevancy to member challenges and opportunities.
Regional member firms elect Council members.
Regional Council members are listed on the website at: https://www.primeglobal.net/about-us/people/regional-councils
The annual survey is used to collect feedback to shape the Strategy and assess overall member satisfaction. It is sent to all stakeholders in member firms and is scrutinized by the association leadership, Regional Councils and Board. Plans are then developed to respond with appropriate insight and action.
In early 2021, PrimeGlobal Strategy 2025, a five-year plan, was completed after conducting the largest stakeholder consultation ever done, with 90%+ member firms providing input. It shapes how PrimeGlobal will secure a vibrant future for member firms by fulfilling the association purpose, vision, and mission, while remaining true to PrimeGlobal values.
One PrimeGlobal – PrimeGlobal will operate as one global association, delivering a globally consistent, relevant, and increasingly customized experience for member firms. PrimeGlobal thinks globally to ensure member firms have access to the best support and practices wherever they are, and to deliver services to the same high standard. PrimeGlobal will act regionally and nationally, to ensure services are relevant to unique markets.
Association activities are grouped in five strategic themes to leverage PrimeGlobal’s unique diversity and competitive position, providing member firms with value that is most relevant to them. •Connect Our Community
The Strategy defines the outcomes to achieve by 2025. PrimeGlobal remains focused on all themes each year of the Strategy, however, investment in key initiatives supporting themes is phased over the five years.
Performance for the year June 1, 2021 - May 31, 2022, is summarized in this report. The achievements and targets for 2021/22 have been aligned to the strategic themes to provide consistent comparatives as the second year of Strategy 2025 begins in 2022/23.
During year one of the five-year plan, significant progress was made. The foundation of the Strategy is the Association Management System (AMS), which is on schedule to both plan and budget. The priority of the AMS is to maximize connections,both in person, and virtually across all levels and professionals in member firms.
The AMS project officially launched in January 2022, with the selection of the vetted contractor. This initiated massive data transfer including membership information, detailed explanations of PrimeGlobal processes, event creation, Special Interest Groups, the Peer Request system, CPE administration, Alliance Partnership tracking, and related accounting processes.
The PrimeGlobal team have been trained on how to use the new system and are currently working on integrating the member experience and association value into the AMS with the existing PrimeGlobal website, such as submitting firm articles and news, event registration, and member search.
Over the first half of 2023 functionality will be transferred to the AMS to create the foundations that will be extended to provide more value. The longer term impact of the AMS for PrimeGlobal member firm value and both group and individual interaction, cannot be overstated. PrimeGlobal staff efficiency and data analysis will also be greatly improved. It will provide a foundation to deliver our strategy by enabling professionals to connect and share in ways relevant to them and their firms.
PrimeGlobal’s Executive Management Team (EMT) evaluates performance indicators that are developed by staff committees and agreed to by the entire global team. These indicators align to the strategic themes in Strategy 2025, which is supported by the Board, the Regional Councils and membership at large. The ambition is to ensure members connect and collaborate, thrive by attracting and retaining target clients, and deliver quality advice and services.
In 2021/22, despite the Private Equity influence on the accounting industry, catastrophic world events, the talent shortage, and the Great Resignation, measurable progress was made in delivering the roadmap.
18/19 19/20 20/21 21/22 22/23
Of particular note, is PrimeGlobal’s growth. By and large, member firm revenue grew exponentially by increasing service offerings and leveraging technology.
Defying global consolidation activity, recruitment efforts in all 4 regions, helped maintain 300+ member firms.
350
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300 18/19 19/20 20/21 21/22 22/23
EMT believes goals should be challenging but achievable, pushing the team to advance member engagement, pursue excellence, and deliver association growth. These goals were met and, in many cases surpassed, in 2021-22.
These targets challenge the organization to stay focused on the Strategic Themes:
•Connect Our Community •Share Our Practices •Focus On Our Quality •Deliver Long-Term Growth
•Build
The targets and achievements are shared on the following pages. PrimeGlobal’s strong identity and member firm-guided governance model are at the core of the strategy, thinking globally to ensure member firms have access to the best support and practices and to strengthen growth and deliver services to a high standard. The Key Performance Indicators, (KPIs) are used to measure progress, identify opportunities and drive success. PrimeGlobal’s Purpose, Values, Vision, and Mission help guide a collective commitment to promote growth, learning, collaboration, and business opportunities.
PrimeGlobal connects members in meaningful ways, by embracing new thinking, technology, and blended solutions, to capture high quality data providing insight and helping create and deliver value and strong connections. This year PrimeGlobal increased digital engagement with the website and across social media, raising the percentage of website users by firm exponentially. Event satisfaction remained at a high 80%.
Attendance at events was less than targeted, however, the number of online events was reduced in response to members expressing fatigue with this format.
During 2021/22, PrimeGlobal tracked a record level of referrals, introducing members to each other and satisfying firm clients. With consistent staff reminders, tenured members are showing communication improvement by including the PrimeGlobal team on independent outreach.
A strategic goal to increase collaboration and knowledge sharing, contributes to firm success. PrimeGlobal spotlights best practices during virtual events, in-person events, thought leadership, and expert member panels and webinars.
PrimeGlobal aims to share thought leadership, created by member firms, as a peer-to-peer valuable learning tool. Many firm insights are aligned to the PrimeGlobal insight themes; business opportunities, talent development and technology. This enables firms to find the information most relevant to their team and their client’s needs. Record numbers of thought leadership is being shared by members.
Member firm engagement with emerging issues has increased, through the quarterly newsletter, which promotes connections and events. It is being opened by an increasing range of professionals in the firms. Intentionally, PrimeGlobal promotes practice sharing to help firms find opportunities related to Environmental Social Responsibility (ESR) and Diversity Equity and Inclusion (DEI).
PrimeGlobal member firms are responsive locally and globally. They maintain high quality standards and expect other member firms to deliver high quality support to both the firm and the clients. The association monitors the firm and client satisfaction of referral business.
PrimeGlobal does not dictate the internal quality controls that member firms implement. PrimeGlobal does, however, expect member firms to comply with the association membership standards and with the governing/regulatory body requirements. PrimeGlobal firms hold themselves, and each other, accountable, to ensure that excellence is maintained.
The annual requirement for firms to confirm compliance with Bylaws and Standards is completed every January with 99% of firms providing positive confirmation in 2021/22. As quality standards are critically important to the value of the association, membership was terminated for firms which did not confirm compliance.
The Strategy considers overall progress against growth targets, the team’s capacity and development, recruitment success and change priorities. To safeguard long-term viability, PrimeGlobal has aligned its governance to reflect the desire to think globally and act regionally and nationally.
During 2021/22 PrimeGlobal firm revenue grew by 12%, a mix of organic growth and acquiring new members. Sixteen new member firms include three that are on the PrimeGlobal “World Top 20 Target List”. In addition, existing firms strengthened through acquisitions in target countries including Australia and the US. Quality standards were enforced leading to a small number of firms being expelled, and recruitment proved challenging, contributing to a target member gap.
Strategy 2025 builds reputation and influence, by positioning PrimeGlobal as a leading association of trusted, contemporary, and anticipatory independent firms which other member firms rely on to provide high quality advice.
The third, annual, independent member survey was completed in 2022 to obtain feedback to build on the Strategy and assess overall member satisfaction. An 80% satisfaction rate was achieved despite being unable to offer few in-person events during the year.
PrimeGlobal focused on providing extensive value through virtual events, opportunities to connect member firms and supporting business referrals. The impact was recognized when PrimeGlobal was awarded Association of the Year by the International Accounting Bulletin. PrimeGlobal advanced in the international rankings to become the third largest association globally.
2021/22 was the first year of the five-year Strategy, focused on building the foundation to deliver the PrimeGlobal vision. During 2022/23 PrimeGlobal will prioritize:
•Engaging members with the new Association Management System (AMS)
PrimeGlobal will champion this platform, encouraging members to showcase their skills and experiences, thus enabling members to connect, share, and collaborate.
•Supporting
PrimeGlobal will work with the new strategic partner
Xero, to advocate technology change across member firms, encouraging members to maximize the potential of cloud services.
•Promoting Environmental Social Responsibility (ESR) services, including ESG reporting
PrimeGlobal plans to launch ESR practical guidance, connect members to learn from early adopters, and provide additional support through the strategic partner Association of Chartered Certified Accountants (ACCA).
•Building on the position as The Association of Advisory and Accounting Firms
PrimeGlobal will recruit new members who complement the services offered by existing member firms and seek partnerships to expand services and value.