The RSM consulting company reported a turnover of CZK 552 million. For the first time, technology consulting has become the key focus of Czech businesses.
RSM Group in the Czech Republic published its financial results for 2024. With a year-on-year growth of 7.2%, the Group reported a turnover of CZK 552 million. The main drivers of success for the Czech branch of the sixth-largest consulting network in the world have, for the first time, become IT services and technology consulting.
RSM’s results mark the current trend of domestic companies’ significantly increasing willingness to invest in technology, digitisation and cybersecurity. For example, in the case of ERP implementation, i.e. software for accounting, logistics and project and risk management, the company has experienced 40% growth. The Nugget SW and Avensio payroll software provided by RSM also had a very successful year. “Based on the most frequently requested services, we can confirm that successful Czech companies are finally starting to make large active investments in digitisation and data security. Therefore, 2024 was a fairly significant milestone for us. Despite the reliably steady growth in “traditional” consulting, such as in accounting, taxes and valuation consulting, these services were surpassed in both revenue and profit by technology consulting. This proves the correctness of the path we set out on in this area some 10 years ago. Back then, we were one of the first consulting firms to invest in IT and tech companies, both in the Czech Republic and within our European network,” says Monika Marečková, Managing Partner at RSM, who oversees the technology sector within the RSM’s European management team.
The vision of Czech companies is increasingly focused beyond the borders of the Czech Republic and Slovakia
Therefore, in RSM’s turnover, traditional consulting services for companies and entrepreneurs have been surpassed by IT and technology services. This is partly due to the weakened Czech M&A market, which, despite a 25% increase last year with 194 medium and large transactions, still represents only half the performance compared to the record year 2018. RSM itself was involved in 24 medium and large transactions, with one of the most significant being the sale of SOLIDSUN, a.s., a company specialising in photovoltaic installations, which was acquired by Pražská energetika, a.s.
“Based on our communication with medium and large companies in the Czech Republic, it is clear that the companies have global ambitions and are getting increasingly bolder in efforts to expand. What particularly pleases me is that they aren’t afraid to venture into countries with a more challenging business environment, greater competition, as well as growth potential, such as Germany, the United Kingdom and the United States. The days when Slovakia was predominantly first on the list of countries to expand to are over,” says Monika Marečková, praising the growing courage of domestic businesses. “You can find great companies in the Czech Republic, and it would be a shame if their vision ended at the borders. Fortunately, global ambitions are no longer an exception.”
Bureaucracy remains a problem
However, according to RSM, excessive bureaucracy remains the key domestic problem for medium and large businesses. Since the acquisition of Alfa Software in Klatovy, RSM has managed the payroll of 3,000 Czech companies with over 300,000 employees and is aware of the concerns of companies and their managers – in particular, in relation to the large number of legal regulations related to payroll and pension issues. Managing Partner Monika Marečková stated that businesses have handled the amendments included in the consolidation package surprisingly well, but the additional legislative changes approved at the end of 2024 are now causing frequent problems for businesses.
“The consolidation package was, in fact, a unique experience for Czech companies, as they were given sufficient time to prepare for the new laws. However, this is no longer the case. Companies have faced significant difficulties regarding the changes in the Insolvency Act, in the case of which they had only one month for implementation. Now the same is happening with the tax changes approved just before the end of the year,” concludes Marečková. Therefore, RSM, which offers the outsourcing of payroll and accounting in addition to the Avensio and Nugget SW payroll software, is planning to increase the training services offered to professionals in this field under the “Payroll Academy” brand.
