RSM expands CEE presence with new member firm in Bulgaria

Global accounting and consulting network RSM has expanded its footprint in Central and Eastern Europe (CEE) with the addition of a new member firm in Bulgaria. 

Previously known as Balance-M, RSM Bulgaria is situated in the Bulgarian capital city and primary economic centre, Sofia. The company, founded in 1997 by the current Managing Partner Mariana Mihaylova who has 25 years of experience in professional services, provides audit, assurance, tax and consulting services to clients in Sofia and the region, including several clients in some of the country’s more established players in the energy, pension and insurance sectors. The firm’s full roster of clients spans, according to the company’s website, organisations in over fifteen industries. 

The professional services firm has a team of 21 professionals, of which four are certified public accountants, with two of them holding doctorate degrees (PhD) in Economics. All of the company’s employees have an academic degree (bachelor or masters) in one of the major business fields, including accounting, finance, law, management, business relations or computer technologies. 

Commenting on joining RSM’s network, Mihaylova, who is an active member of the Bulgarian Institute of the Certified Public Accountants (ICPA), said, “The business environment in Bulgaria is demonstrating significant growth across key industry sectors. We believe it is the ideal time for us to join the RSM network and are looking forward to leveraging the strength of the global brand to deliver additional services to our existing clients.” 

As part of RSM’s international network, Mihaylova expects to better serve Bulgarian clients with their international endeavours, and foreign RSM member firms with their local matters for doing business in Bulgaria. The new member firm will therefore collaborate closely with nearby member firms in Macedonia, Romania and Serbia to provide cross-border solutions for clients. “We are excited to collaborate with our neighbouring firms to drive additional growth of the RSM brand across the region,” she remarked.

For RSM, the push into Bulgaria aims at capitalising a growing economic opportunity for global companies. After a hard hit during the financial crisis and its aftermath, the Bulgarian economy returned to growth in 2010, and since even seen strong growth, reaching a GDP of over $152 billion. In par with the broader European picture, Bulgaria’s economy is forecasted to maintain a healthy growth in the coming years. 

“We are excited to embed our brand in Bulgaria’s growing economy. At RSM, our firms are passionate about delivering seamless (cross-border) client services to an extremely high level. With the addition of the member firm in Bulgaria, we look forward to providing more opportunities to help our clients achieve growth in the market,” said Jean Stephens, Chief Executive Officer of RSM International.

Bulgaria at the same time marks a special milestone for RSM, the sixth largest network of independent audit firms. The addition takes its global representation to more than 120 countries. Other recent expansions include adding a new member firm in Costa Rica and Canada. 

Meanwhile, in neighbouring Romania, Deloitte recently appointed former KPMG partner Dinu Bumbăcea as the Managing Partner of its Consulting arm.