They gained the ability to manage TP documentation internally.
Coperitas to help scaling
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Business Case
Coperitas for early adopters
Industry: Accounting | Revenue: 1 mln
A story of being the first and the best with the help of the Coperitas “Document Creator”. What is their story and how did this happen? You can read it down here!
About the Client
This story is about one of our tax and law firm clients. This client is an accounting firm based in Cyprus and is one of the first who wanted to jump on the opportunity of offering transfer pricing services in Cyprus. Due to their knowledge and being the early adopter in their country, there was a huge growth potential. Together with our team, we supported them in turning this opportunity into a scalable service offering.
The challenge of an empty sheet
When transfer pricing (TP) laws were introduced in Cyprus in 2022, the firm recognized a once in a life time opportunity to position itself as a pioneer in the market. The goal was clear: offer TP documentation services to clients before anyone else could.
First off, the most obvious question, where do we start? there was no working process yet, because transfer pricing was brand new. Only a couple of employees knew their way around the topic.
Second, The firm needed a software solution that could use their own local file template and roll out for all their clients. This was to make it easier to comply with the highly specific Cyprus TP requirements.
Lastly, they needed an solution that was easy to use so their junior staff could help in the TP documentation creation process.
The Goal is set
The main goal? Be the first, be the best. The firm aimed to be the first and main option in Cyprus when it came to TP documentation. Let’s take a closer look at what they set out to achieve:
Primary Objective: Build a centralized and user-friendly solution for creating and storing their clients TP documentation using their own local file template.
Secondary Objective: Equip junior staff with a clear guide to handle TP documentation.
Tertiary Objective: Keep everything cost-effective by making sure everything can be done internally, removing the need for external support.
Our Approach
They were incredibly open to exploring different ways to approach the problem, giving us their full trust right from the start. Knowing their priorities, we at Coperitas designed a tailored plan to address their needs in just two simple steps:
Step one: Transfer Pricing Documenter
Our team deployed the Coperitas Document Creator, which allowed the firm to use their existing local file template, ensuring compliance with Cyprus’s unique requirements. In this same module there was also a centralized database for all the documentation.
Step two: Training Session
In only a single two-hour, hands-on training session we trained their team to confidently use Coperitas independently, without further support. Regularly we organized feedback sessions to address any questions and fine-tune their workflows. To avoid future confusion and assist junior employees, we also provided an easy-to-understand manual. This enabled the growing team to continue learning and solving problems on their own.
The Results
We are proud to have helped the firm achieve its goals and make them a go-to solution for any transfer pricing issues in Cyprus. Here are the key outcomes:
- Independence: The firm gained the ability to manage TP documentation internally, completely removing the need of external consultants.
- Cost-Effectiveness: By utilizing Coperitas, they minimized costs while maintaining complete control over the process.
- Efficiency and ease: The centralized documentation system helped streamline their workflows, enabling junior staff to contribute confidently.
- Market Leadership: As early adopters, the firm took a position as leader in TP services in Cyprus, successfully gaining a upper hand on competitors.
Together with them, we at Coperitas successfully built a future-proof TP documentation process that supports both growth and quality.
This collaboration proved that no matter your TP knowledge or unique requirements, Coperitas adapts to support your success.
Do you have the same goals as this firm? Get in contact with us and discover how Coperitas can support your transfer pricing ambitions.
