News about business, accounting and taxes in Russia

Interview with Olga Lee, Accounting Consultant

Dear Olga, tell us about yourself and your career path.

Hi! My name is Olga Lee. I graduated from the Moscow Mining University with a degree in enrichment engineering (mineral processing). Then I received a second higher education at the Plekhanov Academy, majoring in Economics (Accounting, Analysis and audit) as I was interested in systematisation of bookkeeping different businesses. After that, I worked as an accountant in various companies in Moscow.

What are you responsible for at LowLands?

I have been employed as an accounting consultant at LowLands for 7 years. Our team helps foreign companies organising business in Russia by advising and assisting in the legal and financial field. Our clients receive full support with taxation and administrative authorities, representing a detailed financial report of the company's activities.

Could you think of an interesting client you worked for at LowLands?

We have been servicing an agro-business company from the Netherlands since their entrance to the Russian market in 2012. LowLands supported the company with the Russian accounting optimization in order to make it more functional in communication with clients. As a result, all business processes went smoothly and fast which allowed for a company's development and growth. Besides that, we won several court cases against an unscrupulous client and government body together with the company.

What is the most difficult in your job in your opinion?

As for me, the biggest challenge is different mentality and cultural code. Our clients are from various countries and have their own ethical, knowledge, labour and law background that we have to take into account. It makes our job challenging though interesting.

I believe tolerance towards different cultures and confessions is our strongest advantage. Also, it is very important to build trustworthy and open relationships between outsourcing companies and a client.

Which challenges do you face in 2023 in accounting in Russia?

We had to face an unprecedented situation in terms of sanctions last year. LowLands’ team was struggling with bank transactions a lot, thanks to our broad experience with various banks we could offer swift solutions to our foreign clients. Some companies made a difficult decision to exit from the Russian market or switch to a dormant mode. LowLands’ team takes care of these operations as well helping our clients and their Russian employees. We help companies be compliant with the Russian labour law and make sure all parties are satisfied with the outcome.

I think sometimes we act as cross-cultural mediators, and our job is much broader than just bookkeeping.

Dear Olga, thank you for an inspiring interview!