Piotr Wyszogrodzki, managing partner of PwC Polska’s Audit Department, talks to the BPCC’s chief advisor Michael Dembinski about the future of the audit profession – in particular how technology is speeding up the process and the growing importance of ESG (environmental, social and governance) audits in determining the future value of a company

Agnieszka Kłos-Siddiqui, country manager of Provident Polska, talks to the BPCC’s Michael Dembinski about the challenges facing Poland’s consumer-finance sector in the aftermath of the pandemic, and how technology is affecting its development.

Tony Repa of consultancy CECA talks to the BPCC’s Michael Dembinski about the financial challenges facing Poland, in particular the risks and opportunities associated with the country’s attempts to shift gear from imitation to innovation mode.

In April 2019, the then Secretary of State for International Trade, Liam Fox, prefaced his government policy statement on FinTech with the following words: “The UK has long been at the forefront of financial services. However, in more recent times, the sector’s positive response to the fourth industrial revolution has truly set us apart. The perfect storm caused by growing technology demand, right-touch regulation, and customer empowerment in financial services, coupled with the sectors response to the financial crisis, has fuelled FinTech’s rapid growth in the UK and its expansion globally.”¹

The new reality has initiated a series of questions and considerations about its effects on the labour market. During the first months of the pandemic, losses in each industry could only be estimated. There were also opinions that banking will be one of the most severely affected sectors. Such forecasts were based on the potential difficulties in paying off loans and credits, as well as by sudden closure of many businesses, which could have contributed to the deterioration of the condition of financial institutions. However, it soon turned out that it was quite the opposite. The banking sector handled the crisis really well, and IT, which is on the rise, supported the industry in many aspects. The ever-closer collaboration between finance and IT has provided new solutions that will be present in the global market for good.

Much has been written about Gen Z, about their behaviours and habits, their preferences, and their worries, but it’s worth looking at this generation in the context of the accounting and finance profession. Who they are and what motivates them is fundamentally changing the workplace for one of history’s oldest professions? Our study into Gen Z attracted over 9,000 responses from more than 130 countries, and surveyed a wide spectrum of Gen Z: those studying and those in employment; those interested and uninterested in accountancy and finance; those in small/large corporates, those in practice, and those in the public/third/charity sector. Our findings vary by geography, sector, gender etc., but there are some quite distinct trends which I’ll try to draw out.

In the current reality of pandemic, expansion into foreign markets is a great opportunity for Polish firms to reach sales levels that have not been achieved on the domestic market. Often, companies have been forced to change the supply chain very quickly and flexibly in order to be able to continue core production, sometimes even to ensure the continuity of the company's operations or simply to fulfil a lucrative order.

Brexit has caused quite a stir in Polish-UK trade relations. Administrative barriers – which we could all forget about for the past 16 years – are back and causing real problems, increasing costs for businesses. Modern financial solutions for quick settlement and currency risk hedging are effective in protecting margins. In recent years, tens of thousands of importers and exporters from all over the world have already used them, including many companies from Poland.

An individual  running a business might want to consider transforming and incorporating their business – into, for example, a limited-liability company due to its growth. As a result, the entrepreneur's liability (especially regarding their assets) is reduced, and new venture-capital, funding, and enterprise-development opportunities appear. What exactly is the process of converting a sole proprietorship into a limited-liability company?

Flexible offices (flexspaces) are one of the most promising opportunities of the franchise world for the upcoming years. That’s the message from leading business investors as they look for stability and growth during the pandemic and over the next 18 months.

In April 2021, the Polish Parliament enacted a new amendment to the Poland’s anti-money-laundering law*.

The US Securities and Exchange Commission (SEC) has made Human Capital Reporting (HCR) mandatory for companies listed on the stock exchange and those wishing to be listed from 9 November 2020. Many, if not most, countries are expected to follow suit because HCR allows investors to compare companies more directly. The emerging trend is that investors and financial institutions around the globe will increasingly be requesting validated human capital data.

Many changes in e-commerce await taxpayers from 1 July 2021. The second half of the year will kick off with the introduction of changes in the EU’s VAT e-commerce package.

The introduction of the EU’s VAT e-commerce package brings major changes that will impact the operations of firms managing electronic interfaces (EI), including marketplaces, platforms, portals, or similar means. As of 1 July 2021, the role of electronic interfaces in terms of reporting, record-keeping and VAT duties has changed radically.

Having worked in Poland mainly as an auditor and adviser to foreign funds and companies for more than 25 years, I have observed fund managers, institutional investors and corporates reaping the rewards of the development of CEE capital markets.

The third of the BPCC’s Nice to Meet You series of business mixers was held in the Bristol Hotel, Warsaw, on the evening of 24 June 2021. Like the Wrocław and Poznań events held on the two previous Thursdays, the mixer once again attracted the maximum number of participants allowed by current sanitary regulations. Held in the patio outside the Bristol Hotel’s Moniuszko restaurant, the event was blessed by a dry interlude between a light shower and a heavy downpour. Once again, there was an overwhelming sense that people had come to enjoy the chance to meet up finally, to chat, to swap business cards, and to return to some semblance of normal life.

The second of the BPCC’s Nice to Meet You series of business mixers was held in Poznań’s Vastint Business Gardens on the evening of 17 June 2021. Like the Wrocław event held the week before, the mixer once again attracted the maximum number of participants allowed by current sanitary regulations, with a long reserve list of disappointed latecomers. Although the day had been hot, the evening sun dipped behind the behind the buildings, so mixer took place in the cool of the shade. Once again, there was an overwhelming sense that everyone was keen to enjoy the chance to meet up finally, to chat, to swap business cards, and to return to some semblance of normal life.

It’s been over nine months since the BPCC last held a live event in Wrocław. Since last September, Poland has experienced two waves of Covid-19. Now, as the pandemic subsides and the numbers of fully-vaccinated people continue to rise, it’s time to meet face to face at last.