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As 2024 draws to a close, we take pride in reflecting on a transformative year for SMAR. This year marked several significant milestones. SMAR opened two new offices in the USA and Cyprus,marking a year of major achievements.And the remarkable growth of our Polish office, both in team size and project volume. It was a year of challenges, achievements, and confident strides forward.
Looking ahead to 2025, we have ambitious plans and exciting development goals. With optimism and strategic vision, we are committed to advancing our objectives. Before moving forward, we would like to share our journey, from its origins to our current standing as an international success.
Belarus: Where It All Began
Our story began in Belarus in 2018 with the establishment of SMAR Outsourcing Solutions. The company was founded by Maryia Lemiaza and Olga Kosmina, seasoned professionals with extensive experience at Grant Thornton, one of the world’s leading consulting firms.
From the outset, we were determined to introduce international standards to financial outsourcing and offer services of a strategic caliber.
Within just two years, SMAR became profitable, and today we manage over 100 projects in Belarus. During this time, we earned ISO 9001 certification, joined the Global Payroll Outsourcing Company network, and achieved PCAOB accreditation (The Public Company Accounting Oversight Board) in the USA.
Poland: A New Chapter
In 2021, we took a significant step by opening our office in Poland — SMAR POLAND. This was a challenging yet rewarding stage in our development.
The opening coincided with Maryia’s second pregnancy, and as a humorous parallel, our Belarusian office was launched during her first pregnancy. Colleagues joked that each new office marked a new addition to Maryia’s family!
Adapting to new regulations and a different jurisdiction wasn’t easy, but we quickly established a strong presence in the Polish market. Over three years, our team grew to 18 members, and in 2023, SMAR ranked among Europe’s Top 10 accounting and financial firms. Our revenue grew from 216,000 PLN in 2021 to 1,182,000 PLN in 2023, reflecting our success in this new market.
The USA: A Bold Challenge
In 2024, we expanded into the United States with the opening of SMAR GLOBAL GROUP. Unlike Poland, where the transition was somewhat eased by a Russian-speaking community and clients relocating from Belarus, the American market presented unique challenges.
Despite this, within just six months, we reached the breakeven point. Today, our US office operates with a growing team and long-term clients, establishing a strong foothold for future expansion.
Cyprus: A Strategic Move
The launch of our Cyprus office — SMAR CYPRUS LIMITED — was a logical step in our growth. Recognizing Cyprus’s appeal as a business destination, we aimed to better serve our clients with local operations.
The Cyprus office was established in July 2024 through the collaborative efforts of three partners: two local leaders named Maria and our own Maryia Lemiaza. This partnership combined complementary expertise and allowed us to secure long-term agreements just four months after obtaining our IPAC license.
A Vision for the Future
Our primary goal is to be a trusted partner for companies requiring accounting services across multiple jurisdictions. We aim to provide clients with confidence and compliance in every country where they operate.
Our approach to growth is guided by key principles:
- Quality Services: We prioritize strengthening our standards with each step, rather than chasing rapid expansion.
- Responsibility: Outsourcing is a partnership. Success is only achievable when both parties share values and work towards common objectives.
- Innovation: We continuously implement new technologies, train our team, and optimize processes, including project management and automation.
- Efficiency: Beyond solving clients’ challenges, we focus on optimizing their business processes to enhance overall performance.
In 2025, we plan to open an office in Kazakhstan, launch an outsourcing school, and pursue other large-scale projects. Our aim is to remain a company that grows while maintaining a personalized approach for every client.
Concluding the Year with Optimism
2024 was a year of transformation and accomplishments for SMAR. We are deeply grateful to our team, clients, and partners for their trust and support. We believe that even greater success lies ahead, and together, we will continue building a resilient, strategically sound future. Thank you for being part of our journey!
