The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A Bahamian accounting firm is aiming to “ramp up” staffing levels through 25 per cent growth over the next year, as it eyes opportunities in the digital space.

Michele Thompson, Ernst & Young’s (EY) Bahamas managing partner, told Tribune Business in a recent interview that the company was already aiming to grow its workforce from “just over 60” to around 80 by year-end.

She added that EY was targeting Bahamians leaving colleges and universities, and those graduating from the University of the Bahamas (UoB), in a bid to develop a strong cadre of local talent.

“One of the things we’re very keen on is doing a lot of growth from the ground up,” Ms Thompson said, explaining that EY’s Bahamian affiliate had been able to use the firm’s international links to attract business.

While ‘assurance’ was a “staple service line”, she added that Value-Added Tax’s (VAT) introduction had created “an opportunity to do more” in the area of taxation, while advisory and transaction advisory presented further growth possibilities.

Dan Scott, managing partner for EY’s financial services group, which includes the Bahamas, told Tribune Business that the digital/technology field presented “leadership” opportunities for both the Bahamas and his firm.

In particular, he suggested that the Bahamas seek to attract “small campuses of technology firms”, while this nation’s relatively small size could allow it to become “a beacon of light” to others on e-government.

With cybersecurity, and technology’s constant evolution, presenting continual challenges for the private sector, Mr Scott said: “We think there is a significant opportunity in the Bahamas to jump ahead and think through this.

“Is there not the opportunity to think about attracting small campuses of technology firms to establish themselves here, and develop intellectual capacity and intellectual property?”

Mr Scott’s thoughts align closely with the Minnis administration’s plans, the Speech from the Throne having talked about creating ‘technology hubs’ - especially in Grand Bahama.

It is also eager on improving e-government, both in terms of different agencies communicating with each other and their interface with the private sector and public. The International Monetary Fund’s (IMF) recent Article IV statement identified this area as vital for the Bahamas to improve its ‘ease of doing business’.

“The reality is the world’s changing fast,” Mr Scott told Tribune Business. “I was talking to someone this morning who said that every 18 months, the world’s data doubles, and the ability to manage that doubles.

“The ability to manage it is doubling every 18 months, and the cost of doing it is getting cut in half every nine months. That’s the reality in which we work today.”

Noting the Government’s e-government intentions, Mr Scott said the Bahamas’ relatively small size could enable quick reforms and allow it to “become the beacon to other countries in the region and elsewhere” should it “jump in” and execute properly.

He praised the Bahamas as having “relatively good talent, and in abundance that we can access” compared to the remainder of the Caribbean. “When you look at places like the Bahamas, how do you access the right talent, nurture it, grow it and invest in it?” Mr Scott asked.

“We are really confident to grow our practice here. Some people say that’s a phenomenon, and I’m not sure others are doing the same thing, but we’re excited about it. I think we’re in an environment here that we understand, is friendly and has great talent.

“Quite a lot of the work executed here is not necessarily incorporated in the Bahamas. Michelle and her team have been on the road building a client network. That’s been the big growth engine.”