<img src="/uploads/155_A7911_2_832c4873fe.jpg" alt="155A7911 (2).jpg"> The consulting company SavvY has been contributing to the financial success of businesses in both Georgian and international markets for ten years. Its portfolio includes more than 100 projects and long-term collaborations with global organizations. In an interview with Forbes Georgia, Mariam Koyava, the founder and managing partner of SavvY, discusses the company's development path, international expansion, and future plans.Mariam, you were very young when SavvY was founded. Did you already have the knowledge and experience in this field that helped you turn it into a successful business? I have a degree in finance. Before founding my own company, I began my career at the age of 21 as an auditor at an international auditing firm — a stage that proved to be a defining milestone in my professional journey. The experience and practical skills I gained there helped me in my future development very much. Afterwards, I moved to the banking sector. During this period, I was deeply engaged in delivering professional services, whether in auditing, consulting, or banking. Eventually, I realized that consulting was the field of my interest and decided to establish my own company. SavvY entered the Georgian market ten years ago, in November 2015.What were the first steps like? What challenges did you face? When we started this business, one of the main obstacles was a lack of experience. Initially, potential clients were skeptical, since SavvY was a new company and had no implemented projects to gain trust. Convincing them that we could deliver on our promises without a concrete example was very difficult. The second major obstacle stemmed from the prevailing perception of the consulting sector at that time and its damaged reputation. Unlike a product, a service is much harder to sell, as people often find it difficult to imagine exactly what they will receive. Therefore, clearly demonstrating the value of our services was a major challenge. The third major challenge was defining our target segment and identifying who our clients should be. Many well-intentioned peers advised me to start with smaller firms, since we were new to the market and I was quite young to gain the trust of large corporations. However, my perspective on consulting was different: when a company faces a particular problem, finding a solution doesn’t really depend on its size. A consultant devotes the same time and commitment, whether it’s a small enterprise or a large corporation. At the same time, smaller companies typically have limited financial resources. I believed that if we positioned ourselves solely as a firm serving small businesses, we would remain confined to that segment. Therefore, from the outset, establishing partnerships with large, reputable organizations was both our goal and our greatest challenge. These collaborations would allow us to build a strong market presence and position SavvY as a trusted provider of high-quality consulting services.How did you manage to earn trust? How long did it take to achieve that? Our first major client was PSP, a company of unimaginable scale for a startup consulting firm. They commissioned us to transform the entire holding’s financial reporting in accordance with international standards. On one hand, it was an enormous responsibility; on the other, successfully completing this project had the potential to significantly strengthen trust in SavvY. It is also interesting, how we won the project. Surprisingly, it happened through training. When we realized there were many barriers to establishing ourselves in the market, we decided to demonstrate our team’s expertise in a different way. We organized professional training sessions, which proved to be extremely valuable. To date, I have personally trained nearly 21,000 professionals in the field. A representative of PSP attended one of these training sessions and told me that he had come to learn more about our company, our expertise, and what we could offer the market. He was impressed by SavvY’s professionalism and team expertise and mentioned that PSP’s financial director wanted to schedule a meeting with us. I can confidently say that this moment marked a turning point, presenting a real opportunity for one of Georgia’s largest companies to become our client. The history of PSP and SavvY's collaboration was a success achieved through hard work and dedication. During this project, we did not engage in any marketing for an entire year, not only because no one knew what SavvY was, but also because our priority was to focus on delivering quality work.What was the outcome of this partnership for SavvY itself? After completing the project successfully, SavvY began attracting interest from other major companies and organizations. This interest grew so quickly that, by 2018, we had already won a major USAID tender: a nationwide project to raise awareness of international financial reporting standards across Georgia. I highlight this project because, at the time, USAID would not have entrusted such an important initiative to a startup without confidence in us. Over time, the company’s visibility and credibility continued to grow, likely because we consistently fulfilled our promises to partners — and often exceeded their expectations.In a market with increasing competition, what makes SavvY’s services stand out? First of all, I’d like to highlight that today’s SavvY is very different from the company that first entered the market. We started with just two areas of focus, but now we offer a wide range of services. Before discussing specific directions, I’d like to share SavvY’s vision of the goals our services are designed to address. We have just two key objectives. The first is financial optimization, which involves developing stronger financial strategies, raising capital efficiently, facilitating quality investments, and establishing an appropriate financial structure. In simple terms, we excel at understanding where, from whom, why, for what, and how funds can be raised. The second objective is growth in income. Every service we provide should either strengthen an organization’s financial structure or increase its revenue. This principle guides the expansion of SavvY’s services. When a partner evaluates the impact of collaborating with us, the results should be clear and measurable. Consequently, our services include financial management, support in strategic financial decision-making for companies, business planning, technical and economic studies, and assistance in international trade, which involves helping clients find strategic partners for export. We also provide business and asset valuation, among other services. These are the services that consistently help investors, businesspeople, and top management make strategic decisions. I should also note that our strategy is not to offer as many services as possible. We prefer to be a boutique consulting firm that truly masters what it does and does it at the highest level.The company has been actively present in the Uzbek market. Recently, several projects were announced. Why this country? In general, what does the map of SavvY’s service exports look like? Working in different markets has always been interesting for us. SavvY is one of the best examples of how services can be exported from Georgia. As you noted, we have already established a strong presence in Uzbekistan, but we are also active in countries such as the United Kingdom, Sri Lanka, Israel, the United States, and others. Geographic diversification provides both the company and its team with significant opportunities for growth and exposure to new business practices. Returning to Uzbekistan, we never enter a market without holding a substantial portfolio there. Our exploration of this market began three years ago. Central Asia is particularly interesting due to its large economy, geographic and cultural proximity to Georgia, and rapid economic growth. When an economy grows quickly, consultants play a significant role in almost every sector. In Uzbekistan, we have already completed numerous projects in both the private and public sectors. Notably, SavvY also assists Saudi Arabian companies entering the Uzbek market, leveraging experience gained from projects in Saudi Arabia. This market is particularly promising and interesting for us. We are assisting the government of Uzbekistan in developing its strategy for attracting foreign direct investment — a project of great scale and responsibility. In addition, we collaborate with international organizations on initiatives aimed at enhancing the business skills of women entrepreneurs. I would also like to emphasize that SavvY is engaged in projects that are not only professionally significant but also emotionally meaningful. We hope to further expand our portfolio in this market. From the very beginning, SavvY’s strategy has been to enter both developed and emerging markets. At this stage, our priority is to establish a strong presence across the Middle East, the Caucasus, and Asia.Which sectors show the highest demand for consulting services? How do the markets differ in this regard? First of all, I’d like to emphasize that we’re not limited to any specific sector and can support any activities backed by international financial institutions. In terms of geography, demand in the Caucasus and Central Asia is particularly strong in the real estate sector, in its broadest sense. Tourism, logistics, and manufacturing — especially light industry — are also very active. Demand from the agricultural sector is steadily increasing, and the technology sector continues to show great potential. These are the key industries where SavvY’s clients are most active today.As you mentioned, SavvY is a boutique consulting firm. When handling large projects, does the team have sufficient resources? Yes, we cannot employ thousands of people, but it should be noted that we do not offer operational services such as outsourced accounting. In that case, we would be a completely different type of organization. Our boutique approach is reflected in how we select clients and, accordingly, projects. For us, the focus is not on the number of projects, but on their complexity and the impact our involvement can have. Moreover, given the complexity of our projects, we are always open to strategic partnerships. If collaborating with a partner can achieve greater results, we never hesitate. The most important thing is reaching the goals we have set. For example, over the past two years, we have worked closely with the international consulting firm Moore Global, providing the market with Floating CFO services. Why this collaboration? Because Moore has an excellent outsourced accounting team, while we have strong financial analysts. By combining the strengths of these two teams, we deliver faster and better results for our clients. We have had similar collaborations in the past with banks and international donor organizations. We have successfully partnered with Bank of Georgia and TBC Bank, and have been repeat contractors for USAID. In short, we have worked on a wide range of projects with nearly every major donor and international financial institution in the region.For projects of such scale, the team plays a critical role. Who is behind SavvY? In our business, the team must be full of champions. Our services are created by the minds of people; they are not products that can be made once and sold repeatedly. For this reason, the team is extremely important to SavvY. The company’s department heads and partners fully share SavvY’s vision; they are hardworking, exceptional, and courageous. We are committed to out-of-the-box thinking and make equally exceptional decisions. A few years ago, when we began considering geographical expansion, it seemed impossible to many. Yet, thanks to our strong and outstanding team, we were able to achieve it. Every successful step the company takes is the result of the entire team’s effort.Finally, what are SavvY’s plans for the future? We plan to put even greater effort into exporting our services, aiming to establish a full presence in multiple markets. At the same time, implementing large-scale projects is very important to us. For example, the consulting centers project in Georgia, which we began working on in 2019, is now being successfully implemented by the agency “Produce in Georgia”. We hope to undertake similar large-scale projects in other countries as well.&nbsp;<a href="https://forbes.ge/rchevebis-eqsportiori1/">To view the full interview, please follow the link</a>

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Exporter of Advices

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<img src="/uploads/EUROUZ_369eb1a604.jpg" alt="EUROUZ.jpg">SavvY Strengthens Its Strategic Presence in UzbekistanWe are pleased to announce that SavvY has officially joined EUROUZ - the Europe-Uzbekistan Association for Economic Cooperation - which serves as Europe’s Chamber of Commerce for Uzbekistan.EUROUZ plays a pivotal role in facilitating dialogue and partnership between European and Uzbek businesses, investors, and policy institutions. It provides a platform for knowledge sharing, policy advocacy, and the promotion of trade and investment across various sectors.Through this network, SavvY gains access to an international community of European chambers and business associations, supporting collaboration, market development, and investment initiatives on a global scale.&nbsp;

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SavvY joins EuroUz – Europe’s Chamber of Commerce for Uzbekistan

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The International Financial Reporting Standards (IFRS) represent a globally recognized framework for preparing and presenting financial statements. Their purpose is to ensure consistency, transparency and comparability of financial reporting across countries. However, for small and medium-sized enterprises (SMEs), the application of full <a href="https://wesavvy.co.uk/services/ifrs-transition-and-implementation">IFRS</a> can be challenging due to its technical complexity and high compliance costs.To address this challenge, the IFRS for SMEs standard was developed by the International Accounting Standards Board (IASB). It provides a simplified, yet internationally consistent, reporting structure designed specifically for smaller entities that do not have public accountability. IFRS for SMEs keeps the main ideas of full IFRS but removes parts that are not relevant for smaller businesses, making reporting simpler and requiring fewer disclosures.<h2 style="text-align:justify;">IFRS Adoption in Georgia and Uzbekistan</h2>In Georgia, the adoption of IFRS standards became a legal requirement following the implementation of the Law of Accounting, Reporting, and Auditing. The law, enforced by the Service for Accounting, Reporting and Auditing Supervision (SARAS), established a clear classification of entities by size and introduced mandatory reporting under IFRS or IFRS for SMEs. This reform aimed to align Georgia’s accounting practices with international standards, enhance the credibility of <a href="https://wesavvy.co.uk/services/financial-reporting">financial reporting</a> and improve access to foreign investment.Similarly, Uzbekistan has also undertaken significant reforms in this area. Since January 2021, IFRS standards have become mandatory for commercial banks, insurance organisations, large taxpayers and state-owned enterprises. Other businesses may adopt IFRS voluntarily, while SMEs remain under national accounting standards. This transition reflects Uzbekistan’s broader effort to harmonise its financial reporting with international practices and strengthen transparency for investors.<h2 style="text-align:justify;">Key Benefits of IFRS for SMEs</h2>1. Simplified compliance with international standardsIFRS for SMEs provides a simplified reporting system that meets international expectations without the technical complexity of full IFRS. It simplifies recognition and measurement principles, reduces disclosure requirements and offers a logical structure that can be applied by smaller accounting teams. Despite being simplified, it ensures that financial statements remain consistent with global norms, which is vital for companies engaged in cross-border trade or seeking international financing.2. Improved transparency and comparabilityFinancial statements prepared under IFRS for SMEs are more transparent and comparable, both domestically and internationally. This enhances stakeholders’ ability to assess a company’s performance and financial position objectively. For investors, lenders and regulators, transparent reporting reduces risk and builds confidence in the enterprise’s governance. For SMEs in emerging markets like Georgia, such credibility can significantly improve access to investment and partnership opportunities.3. Efficiency and reduced administrative burdenCompared to full IFRS, the SME framework reduces compliance costs and administrative pressure. Smaller businesses often lack dedicated financial departments and the IFRS for SMEs allows them to meet reporting requirements without overextending their resources. This practical balance between simplicity and international alignment makes it an essential tool for sustainable business growth.<h2 style="text-align:justify;">Challenges in Adoption for SMEs</h2>Despite its advantages, the transition to IFRS for SMEs presents several challenges, particularly in developing and transitional economies.1. Limited expertise in IFRS applicationMany SMEs lack in-house professionals with IFRS knowledge. Accountants previously trained under national standards must acquire new competencies, often requiring substantial investment in education and training. These challenges are not unique to Georgia. Uzbekistan is facing similar barriers during its IFRS adoption process, particularly in SMEs, where accountants traditionally rely on national standards. Limited training resources and the need for large-scale capacity building remain key issues, prompting the government to introduce multi-year transition plans and targeted professional education initiatives.2. Insufficient local-language materialsInitially, most IFRS documentation was available only in English. This language barrier created obstacles for practitioners in non-English-speaking countries. Access to translated and contextually adapted learning materials became a critical requirement for effective implementation.3. Transition from national standardsAdopting IFRS for SMEs involves significant procedural and conceptual changes. Companies must revise their accounting policies, adapt internal systems and ensure that staff understand new reporting principles. The transition process requires not only technical training but also a change in mindset toward international best practices.<h2 style="text-align:justify;">SavvY and SARAS Initiative</h2>To address these challenges, the IFRS for SME Capacity Building Project was initiated by the Ministry of Finance of Georgia’s Service of Accounting, Reporting, and Auditing Supervision (SARAS), with the support of the United States Agency for International Development (USAID) through the Governing for Growth (G4G) program. The implementing organization of this national reform initiative was SavvY.The project was designed to build professional capacity, ensure access to learning materials in Georgian and prepare the business sector for full compliance with the new legal requirements on accounting and financial reporting.Key project outcomes included:<ul><li>Creation of an IFRS trainer network: A pool of 88 qualified IFRS trainers was established - 30 English-speaking and 58 Georgian-speaking. This network became the foundation for long-term training delivery in Georgia.</li><li>Development of interactive training modules: Comprehensive and user-friendly training materials were designed, including a syllabus and 35 modules covering all IFRS for SMEs topics.</li><li>Translation of IFRS for SMEs materials: Over 2,500 pages of IFRS for SMEs content were translated into Georgian, ensuring accessibility for all accounting professionals.</li><li>Training of accounting professionals: 100 accountants completed intensive training programs based on the newly developed materials, enhancing their ability to apply IFRS principles in practice.</li></ul>SavvY, in collaboration with international experts such as Mike Wells, coordinated multiple stakeholders, ensuring that global expertise was effectively transferred to the local context. The project also established a Review Committee to oversee the quality and accuracy of the translated materials, maintaining alignment with international standards.In addition, the initiative created the IFRS Training Network - an open platform connecting trainers and practitioners nationwide. This network facilitates continuous knowledge exchange, sharing of new updates from IASB and coordination of future training sessions.<h2 style="text-align:justify;">Impact and Practical Lessons</h2>The IFRS for SME Capacity Building Project has had a long-lasting influence on Georgia’s financial reporting environment and professional development ecosystem.1. Strengthened professional capacityThe project significantly increased the number of qualified IFRS professionals in Georgia. Companies now have greater access to skilled accountants capable of producing internationally comparable financial reports. This has improved the overall quality and credibility of financial data across the SME sector.2. Sustainable access to knowledge resourcesThe translation of 35 IFRS for SMEs modules into Georgian created an enduring knowledge base. These materials remain publicly available on the SARAS website, serving as official resources for trainers, accountants and students. The availability of these tools continues to facilitate professional growth and ongoing education in financial reporting.3. Development of a sustainable training networkThe 88 trained IFRS instructors form a permanent infrastructure for continuous capacity building. Many trainers have since developed new educational programs and consulting services, ensuring that IFRS knowledge continues to spread and evolve within Georgia’s accounting community.The project also supported the private training and consulting market by creating new business opportunities for professionals offering IFRS-related services. This multiplier effect contributes to the country’s overall economic development by strengthening institutional competence and promoting transparency in financial reporting.<h2 style="text-align:justify;">Building a Sustainable Future for Financial Reporting in Georgia</h2>The implementation of IFRS for SMEs marks a significant milestone in aligning Georgia’s financial reporting system with International Financial Reporting Standards (IFRS). By simplifying compliance while ensuring global credibility, it enables SMEs to produce reliable financial statements that meet investor and regulator expectations.Its successful adoption relies on education, professional capacity and institutional cooperation. The partnership between SavvY, SARAS and USAID’s G4G Project proved to be an effective model for building national expertise in IFRS.Through targeted training, translation of IFRS materials and a strong professional network, Georgian companies have gained the tools to transition efficiently to IFRS for SMEs, improving transparency and strengthening their competitiveness in the global market.

What is IFRS for SMEs

What is IFRS for SMEs and why it matters for companies

The pharmaceutical sector is a highly regulated and complex industry. Companies operate in multiple regions, manage large networks of pharmacies, import medicines from international manufacturers and deal with a high volume of transactions every day. Proper financial reporting is essential for transparency, trust and compliance. International Financial Reporting Standards (<a href="https://wesavvy.co.uk/services/ifrs-transition-and-implementation">IFRS</a>) provide a framework that helps pharmaceutical companies maintain accuracy and reliability in financial reporting while meeting global expectations.Implementing IFRS is not only a regulatory requirement but also a strategic step. Financial statements prepared under IFRS are easier to compare internationally, which helps attract investors and improve business reputation. However, adopting <a href="https://wesavvy.co.uk/portfolio/ifrs-implementation-in-pharmaceutical-company">IFRS in the pharmaceutical sector</a> comes with unique challenges due to the complexity of operations and multiple revenue channels.<h2 style="text-align:justify;">Challenges in IFRS Implementation for the Pharmaceutical Sector</h2>Property, Plant and Equipment (PPE)Pharmaceutical companies often own numerous assets, including pharmacies, warehouses and laboratories. Recording and valuing these assets accurately is essential. IFRS requires proper depreciation, impairment testing and clear documentation. Mismanagement of PPE can lead to inaccurate <a href="https://wesavvy.co.uk/services/financial-reporting">financial reporting</a>, reduced transparency and audit issues.Inventory ManagementManaging inventories in a pharmaceutical company is highly complex. Products are imported from various international manufacturers and distributed through multiple channels. IFRS requires accurate tracking of inventory costs, expiration dates, and batch numbers. Misreporting can affect revenue calculations, tax compliance, and regulatory reporting. Maintaining clear, real-time data is crucial to avoid discrepancies and financial errors.Revenue RecognitionRevenue recognition is another key challenge. Pharmaceutical companies often sell through retail outlets, hospitals and online platforms. Loyalty programs, discounts and product returns add extra layers of complexity. IFRS sets strict rules about when revenue should be recognized, based on control transfer to the customer. Mistakes in this area can result in inaccurate profits and lower investor confidence.Regulatory and Audit PressureLocal tax regulations, audit requirements and market expectations add further pressure. Companies need to ensure that IFRS adoption aligns with local rules and satisfies auditors. Failure to comply can affect credibility, investor trust and operational stability.<h2 style="text-align:justify;">Best Practices for Successful IFRS Implementation</h2>Documenting Processes and Data FlowBefore implementing IFRS, companies should map all accounting processes, data flows and reporting structures. Documenting every step helps identify gaps, standardize procedures and reduce errors. This approach ensures that all teams are aligned and understand how to maintain IFRS compliance.Training and Staff InvolvementEmployees must be trained in IFRS standards. Finance teams, auditors and operational staff should understand how to record transactions, value assets and manage revenue recognition according to international standards. Continuous training creates a culture of accountability and ensures that reporting is accurate.Leveraging TechnologyAdvanced accounting and inventory management systems can simplify IFRS adoption. Automation reduces errors and speeds up data processing. Companies can use digital tools to track assets, manage stock and calculate revenues. Technology also provides real-time insights for decision-making and planning.Expert SupportMany pharmaceutical companies partner with professional firms to assist with IFRS implementation. These experts provide diagnostics, design implementation roadmaps and monitor compliance. External support ensures that companies follow international standards and can manage complex accounting challenges effectively.<h2 style="text-align:justify;">Case Example: Successful IFRS Adoption</h2>Consider a major pharmacy chain operating in Georgia with hundreds of outlets and millions of customers. This company imports medicines from over a hundred international manufacturers. Managing such a business requires accurate financial reporting to maintain trust among investors, partners and regulatory authorities.By implementing IFRS with professional guidance, the company tackled critical areas: PPE valuation, inventory tracking and revenue recognition. Standardized processes were introduced, and staff received training on international accounting practices. Inventory management systems were upgraded and reporting procedures were aligned with IFRS requirements.The results were clear. Financial statements became more accurate and transparent, audits were smoother and investor confidence increased. The company achieved global comparability, which helped when negotiating with international partners and planning for future expansion.<h2 style="text-align:justify;">Lessons Learned from IFRS Implementation</h2>The implementation of International Financial Reporting Standards (IFRS) in the pharmaceutical sector offers many valuable lessons for companies aiming to improve financial reporting and operational efficiency. One of the most important takeaways is that a structured approach is essential. Conducting thorough diagnostics of existing financial processes, mapping all relevant workflows and developing a step-by-step implementation plan ensures that IFRS adoption is effective and minimizes disruption to daily operations. Without this structured foundation, companies risk incomplete adoption or misalignment with international standards.Another key lesson is the importance of focusing on critical areas. Property, Plant and Equipment (PPE), inventory management, and revenue recognition are typically the most complex and high-impact aspects of pharmaceutical accounting. Ensuring accuracy in these areas significantly enhances the credibility of financial statements and supports sound decision-making. Companies must pay special attention to valuation methods, tracking inventory movements and recognizing revenue correctly across multiple sales channels and imported products.Technology and automation are also vital components of successful IFRS implementation. Modern accounting systems allow companies to manage large volumes of transactions efficiently, reduce human errors and provide real-time data for management reporting. Automating repetitive processes not only increases operational efficiency but also strengthens internal controls and audit readiness.In addition, ongoing monitoring and review are critical for maintaining compliance. Regular audits, internal reviews and continuous assessment of financial processes help identify and resolve discrepancies quickly, ensuring that the company remains aligned with IFRS standards over time. This proactive approach prevents compliance issues from escalating and enhances the company’s reputation among investors and regulators.Finally, staff engagement and training are crucial for integrating IFRS into the company culture. Employees at all levels need to understand the principles, requirements and benefits of IFRS adoption. When staff are actively involved, IFRS becomes an integral part of daily operations rather than a separate compliance task. Proper training ensures consistency in reporting, builds confidence in financial data and supports a culture of transparency and accountability throughout the organization.Broader ImpactAdopting IFRS has benefits beyond individual companies. Pharmaceutical businesses that implement international standards improve transparency, trust and operational efficiency across the sector. Investors, partners and regulatory bodies gain confidence in reporting accuracy, which strengthens relationships and supports growth. Companies are better prepared for mergers, expansions, or entering new markets because their financial systems meet global standards.In addition, IFRS adoption enhances long-term sustainability. Companies can plan strategically, manage risks effectively and maintain consistent reporting practices. Global comparability is especially valuable in attracting international investment or benchmarking performance against global competitors.<h2 style="text-align:justify;">IFRS as a Strategic Advantage</h2>Implementing International Financial Reporting Standards (IFRS) in the pharmaceutical sector is challenging but highly rewarding. Companies must carefully manage Property, Plant, and Equipment (PPE), inventories, and revenue recognition while ensuring full compliance with both local regulations and international standards. Achieving this requires a structured approach that combines detailed process documentation, employee training, effective use of technology and expert advisory support. Each element plays a critical role in ensuring that financial data is accurate, timely and transparent.Beyond compliance, IFRS adoption brings strategic benefits. Accurate and standardized financial reporting allows management teams to make informed decisions based on reliable data. Operational efficiency improves as processes are streamlined, redundancies are eliminated and internal controls are strengthened. Employees gain a clear understanding of accounting practices and reporting requirements, creating a culture of accountability and financial discipline.For investors, partners, and regulators, IFRS compliance demonstrates credibility and trustworthiness. Transparent reporting reassures stakeholders that the company operates according to internationally recognized practices. This increased confidence can help attract investment, support partnerships and open opportunities for international expansion.Moreover, companies that adopt IFRS are better equipped to handle future challenges. They can respond effectively to market fluctuations, regulatory changes and business growth opportunities. Global comparability enables benchmarking against industry leaders and facilitates entry into new markets. In the long term, IFRS adoption strengthens financial stability, ensures sustainable growth and positions pharmaceutical companies as reliable, future-oriented organizations in an increasingly competitive global landscape.&nbsp;

IFRS

IFRS Implementation in the Pharmaceutical Sector: Challenges and Solutions

In the last few years, Georgia has made big progress in improving the quality of its financial reporting. The country decided to follow International Financial Reporting Standards (<a href="https://wesavvy.co.uk/services/ifrs-transition-and-implementation">IFRS</a>), which are used all over the world to make financial information more transparent and comparable.When the new Law on Accounting, Reporting and Auditing was introduced, many companies had to change the way they prepared their financial statements. This was not an easy task. Accountants and auditors needed new knowledge, new materials, and new skills to understand and apply IFRS correctly.That is why <a href="https://wesavvy.co.uk/">SavvY</a>, in partnership with the Service for Accounting, Reporting and Auditing Supervision (SARAS) under the Ministry of Finance of Georgia, and supported by the USAID Governing for Growth (G4G) project, started a large national initiative to make IFRS training available to everyone in Georgia.<h2 style="text-align:justify;">Legal Background and the Need for Training</h2>According to the new law, many Georgian companies must prepare their financial statements under IFRS. This was an important step for the country’s integration into international markets and to increase the trust of investors and partners.However, following IFRS in practice required much more than just knowing the rules. Companies needed trained specialists who could apply these standards in real business situations. The goal of the project was to help Georgian professionals learn IFRS in a practical, easy-to-understand way, and make this knowledge available across the country.<h2 style="text-align:justify;">Challenges in IFRS Training Implementation</h2>Creating a full IFRS training program in Georgia came with several serious challenges:1. Not enough qualified trainersAt the start, there were only a few people in Georgia who had enough knowledge and teaching experience to train others in IFRS.2. Materials only in EnglishMost IFRS materials were available only in English, so many accountants found it difficult to study. The project had to translate and adapt complex professional content into clear Georgian language.3. The need for interactive learningTraditional lectures were not enough. The program needed to include examples, exercises, and real-life situations to help participants truly understand how to use IFRS in their daily work.<h2 style="text-align:justify;">SavvY’s Role and Partnership with SARAS</h2>To solve these problems, SavvY worked closely with SARAS and international experts to design a multi-stage capacity-building program. The idea was to train local trainers first, who could then train hundreds of accountants across the country.1. Step-by-step program with international expertsTogether with well-known IFRS specialist Mike Wells and other experts, SavvY created a learning plan that covered all key areas of IFRS and IFRS for SMEs.2. Engaging local professionalsSavvY built a strong cooperation network.<ul><li>A Review Committee of Georgian experts was formed to carefully check the quality of the translations.</li><li>The IFRS Training Network was created to connect trainers, share opportunities, and exchange knowledge about new developments in the field.</li></ul>3. Translation and creation of materialsOne of the most important results was the translation of 35 IFRS for SMEs modules into Georgian – more than 2,500 pages of new training materials. These resources were written in clear, professional language and included real business examples, case studies, and exercises.<h2 style="text-align:justify;">Training Georgia’s First IFRS Trainers</h2>Thanks to the program, 88 new IFRS trainers were trained – 30 English-speaking and 58 Georgian-speaking professionals. They became the first group in Georgia able to teach IFRS to others.These trainers later delivered courses and workshops to accountants, finance managers, and auditors in different regions. The IFRS Training Network allowed them to stay in touch, share new ideas, and continue improving their teaching skills.For many of them, this project also opened new professional opportunities – some trainers started offering IFRS-related consulting and training services independently.<h2 style="text-align:justify;">Impact of the Project</h2>The IFRS Capacity Building Project had a big and long-term impact on Georgia’s business and financial sector.1. A strong group of local expertsThanks to the project, there is now a solid group of trained IFRS professionals who can continue teaching others and supporting companies during their transition to IFRS.2. Free and public materialsAll translated and designed materials were made publicly available on the SARAS website, so anyone can use them – accountants, trainers, or students. These resources are still used today.3. More transparency and professionalismCompanies now prepare their financial statements according to international rules, which improves trust, transparency, and the country’s business reputation.4. Ongoing knowledge sharingThe community of trainers and professionals created during the project continues to support each other and share new updates about <a href="https://wesavvy.co.uk/services/financial-reporting">financial reporting</a>.<h2 style="text-align:justify;">Lessons Learned and Future Potential</h2>The collaboration between SavvY, SARAS, and USAID G4G showed that big reforms are possible when there is good teamwork, planning, and focus on long-term results.Some key lessons from the project include:<ul><li>Cooperation matters: Bringing together government, private sector, and international experts creates the best results.</li><li>Localization is key: Translating and adapting materials into the Georgian language made training accessible to everyone.</li><li>Sustainability is essential: By training trainers and making materials public, the project created a system that continues to work even years after completion.</li></ul>This approach can serve as a model for other countries that want to build local capacity for IFRS or other international standards.<h2 style="text-align:justify;">Building a Transparent Future</h2>The IFRS Capacity Building Project was more than a training initiative – it was a transformation in how Georgia understands and applies financial reporting.Through the partnership between SavvY, SARAS, and USAID G4G, IFRS training became accessible, localized, and sustainable. The result is not only better compliance with international standards but also stronger transparency and professional growth in Georgia’s financial sector.Today, the project stands as a great example of how education, cooperation and innovation can build a stronger foundation for the country’s business environment - and a more transparent financial future.

 IFRS Training

Behind the Scenes: How SavvY and SARAS Made IFRS Training Accessible in Georgia

The pharmaceutical industry is one of the most complex sectors in the business world. Companies operate in multiple regions, import products from many international manufacturers and manage hundreds of retail outlets. These operations involve a high volume of transactions and complicated supply chains. Managing finances in such an environment is challenging, especially when adopting <a href="https://wesavvy.co.uk/services/ifrs-transition-and-implementation">International Financial Reporting Standards</a> (IFRS). Proper financial reporting is essential for transparency, compliance and operational efficiency. In Georgia and globally, pharmaceutical companies face specific challenges when aligning with IFRS and this is where SavvY provides structured support.<h2 style="text-align:justify;">IFRS in the Pharmaceutical Sector: Challenges and Specifics</h2><a href="https://wesavvy.co.uk/portfolio/ifrs-implementation-in-pharmaceutical-company">Implementing IFRS in the pharmaceutical industry</a> is not a simple task. Companies must deal with complex networks of pharmacies and distributors, large numbers of transactions and products coming from multiple international sources. This complexity makes it difficult to maintain accurate records and ensure proper financial reporting.One of the main challenges is the valuation of Property, Plant and Equipment (PPE). Pharmaceutical companies often own multiple facilities, warehouses and stores. Each asset must be properly recorded and depreciated according to IFRS standards. Another key challenge is managing inventories. With thousands of products moving daily, accurate tracking and valuation of inventory is critical. Finally, revenue recognition is particularly complex. Companies must consider multiple sales channels, loyalty programs and returns policies while making sure the timing of revenue recognition meets IFRS requirements.The pharmaceutical sector also faces regulatory and market pressures. Investors and partners demand transparency and comparability with international companies. In addition, improper <a href="https://wesavvy.co.uk/services/financial-reporting">financial reporting</a> can lead to audit issues and loss of confidence in the company. Therefore, adopting IFRS is not just a technical requirement, but a strategic decision that affects long-term business sustainability.<h2 style="text-align:justify;">Overview of the Pharmaceutical Business Environment</h2>In Georgia, the pharmaceutical market is growing rapidly. Local companies compete with global manufacturers and operate in a highly regulated environment. Retail chains, small pharmacies and distributors form a complex network that requires careful <a href="https://wesavvy.co.uk/services/financial-management">financial management</a>. Companies often import products from multiple countries, adding layers of customs, logistics and taxation complexity. Globally, the pharmaceutical industry faces similar challenges, with additional pressures from international investors and regulatory authorities.The combination of high transaction volumes, multi-source imports and numerous retail outlets makes financial reporting a challenging task. Companies must ensure that every transaction is recorded accurately and that financial statements comply with international standards. Failing to do so can affect business decisions, reduce transparency and lower investor confidence.<h2 style="text-align:justify;">SavvY’s Role in Supporting IFRS Transition</h2>SavvY provides specialized support for pharmaceutical companies adopting International Financial Reporting Standards. Their approach is comprehensive and practical. First, SavvY conducts a full diagnostics of IFRS readiness. This includes analyzing current accounting systems, internal processes and data flow. The goal is to identify gaps and areas needing improvement. Companies gain a clear understanding of where they stand in terms of IFRS compliance.After diagnostics, SavvY develops a tailored implementation roadmap. This plan aligns with the company’s operational activities and financial processes. It covers updates to accounting systems, staff training, process improvements and reporting procedures. The roadmap ensures that companies can transition to IFRS without disrupting daily operations.Finally, SavvY offers continuous compliance monitoring and audit support. This ensures that companies maintain proper IFRS alignment over time. Regular audits and ongoing support help prevent errors, maintain transparency, and ensure sustainability. This approach gives companies confidence that their financial reporting is accurate and reliable.<h2 style="text-align:justify;">Case Example: PSP’s IFRS Journey</h2>One of the most notable examples of SavvY’s work is with PSP, a leading pharmacy chain in Georgia. PSP operates 220 pharmacies across the country and serves 2 million customers every month. Their products come from over 100 of the world’s leading pharmaceutical manufacturers. Managing such a large network requires careful financial control and accurate reporting.In 2017, PSP partnered with SavvY to implement IFRS. The services included full diagnostics, IFRS implementation and audit support. The main focus areas were Property, Plant, and Equipment, Inventories, and Revenue recognition. These areas were critical due to PSP’s extensive retail network and the high volume of imported products.With SavvY’s support, PSP successfully implemented IFRS. Reporting accuracy improved significantly and financial statements became more transparent. Operational efficiency increased because staff had clear processes and guidelines. Audits were smoother and investors and partners gained more confidence in PSP’s financial reporting. PSP now has a system that allows comparison with international standards and supports strategic decision-making.<h2 style="text-align:justify;">Results and Broader Impact</h2>Adopting IFRS had multiple benefits for PSP and other pharmaceutical companies. First, it streamlined financial reporting and decision-making processes. Managers could make informed choices based on accurate and timely data. Transparent reporting also strengthened relationships with investors, partners, and regulatory bodies.Second, the adoption of IFRS increased trust and confidence. Investors and business partners can rely on standardized financial statements that follow international guidelines. This enhances credibility and supports long-term business growth.Third, IFRS adoption helped ensure financial sustainability. With a standardized approach to recording assets, inventory, and revenue, companies can plan strategically for future growth. Global comparability also becomes possible, which is important for companies looking to expand or attract international investors.SavvY’s work not only benefits individual companies but also improves the pharmaceutical industry as a whole. By helping companies adopt IFRS, SavvY contributes to greater transparency, stronger governance, and more reliable financial reporting across the sector.<h2 style="text-align:justify;">Achieving Compliance and Efficiency with SavvY</h2>Adopting International Financial Reporting Standards (IFRS) is essential for pharmaceutical companies operating in complex business environments. Challenges such as asset valuation, inventory management, and revenue recognition require professional expertise and structured support. SavvY provides end-to-end assistance, from diagnostics and implementation to ongoing compliance monitoring and audit support, ensuring that companies can meet international standards effectively and reliably.The case of PSP clearly demonstrates the value of this support. With SavvY’s guidance, PSP improved reporting accuracy, transparency, and operational efficiency. Financial processes were aligned with international standards, enabling better decision-making and stronger investor confidence. Staff were trained to follow clear procedures, and audit processes became smoother and more predictable. This created a culture of accountability and trust within the organization, making compliance a natural part of daily operations rather than a separate task.In addition, SavvY’s support helps pharmaceutical companies maintain long-term sustainability. By standardizing reporting processes and aligning them with global best practices, companies can better plan for growth, manage risks, and attract international investment. The structured approach provided by SavvY ensures that companies are prepared not only for audits but also for future challenges, including expansions, mergers, or increased regulatory scrutiny.In conclusion, SavvY enables pharmaceutical companies to transform their financial reporting systems completely. By moving from diagnosis to full implementation, companies can achieve compliance, operational efficiency and long-term sustainability. With SavvY’s expertise, pharmaceutical organizations are not only compliant with IFRS but are also equipped to compete successfully on a global scale, ensuring transparency, trust and reliable financial management for years to come.

 IFRS Adoption in Pharma Companies with SavvY

From Diagnosis to Implementation: How SavvY Helps Pharmaceutical Companies Adopt IFRS Successfully

&nbsp;<img src="/uploads/54869489108_7fe79c774f_o_9f94e2dad2.jpg" alt="ITIF 2025">&nbsp; SavvY took part in the International Trade and Investment Forum (ITIF 2025) held in Armenia from October 16–18.- The forum gathered international delegates and representatives from various business sectors seeking to expand their trade and investment activities globally.- During the visit, SavvY actively participated in the business forum, B2B matchmaking sessions, and on-site visits to several local manufacturing facilities.- The purpose of the participation was to enhance SavvY’s regional and international presence, foster new partnerships, and explore cooperation opportunities that contribute to sustainable business&nbsp;growth.

ITIF 2025

SavvY at ITIF 2025

<img src="/uploads/Sales_Association_f1f6d0afc0.jpg" alt="Sales Association">Last week, SavvY attended the business forum “Georgia – Uzbekistan: The Silk Road”, organized by the Sales Association.- The event brought together Georgian companies interested in exploring opportunities in the Uzbek market and showcasing their products and services.- SavvY had the opportunity to interact with many of these companies, exchange ideas, and share insights on market entry and business development&nbsp;in&nbsp;Uzbekistan.

Sales Association

SavvY at the Georgia-Uzbekistan Business Forum

<img src="/uploads/ICTWEEK_Uzbekistan_d2def93104.jpg" alt="ICTWEEK Uzbekistan">&nbsp;SavvY’s representative attended the ICTWEEK Uzbekistan 2025, which gathered representatives of the public and private sectors, international investors, and technology companies to explore the country’s rapidly evolving digital landscape.- The program included major events such as the Startup &amp; Venture Summit, the Offshore Outsourcing Conference, the Web Summit Spotlight, and many more - each showcasing Uzbekistan’s growing role in innovation, venture development, and IT exports.- The event offered an excellent opportunity to learn more about the latest developments in the sector and exchange insights with industry professionals.

ICTWEEK Uzbekistan

ICTWEEK Uzbekistan 2025

<img src="/uploads/Whats_App_Image_2025_10_02_at_11_59_47_0a30e5e9df.webp" alt="Financial Management Q&amp;A: Key Business Concepts">&nbsp;Financial Management Q&amp;A: Key Concepts Every Business Should KnowEvery day, executives make decisions that affect a company’s future. Behind these choices is financial management, the practice of using money wisely to stay stable, manage risks and support growth. It links working capital, financial reporting and financial asset management, giving leaders a clear view of the company’s health. In this Q&amp;A, we explore the key concepts executives use to make smarter financial decisions.What is financial management and why is it important for businesses?<a href="https://wesavvy.co.uk/services/financial-management">Financial management</a> is the strategic process of handling a company’s finances to achieve its goals. It includes budgeting, forecasting, monitoring cash flow and making smart investment decisions. By applying smart money concepts, businesses can maximize resources and minimize waste. Proper financial management also builds trust with investors, improves operational efficiency and reduces financial uncertainty. In today’s competitive market, businesses that invest in strong financial management systems are better positioned to adapt, innovate and succeed.What is working capital and why does it matter?<a href="https://wesavvy.co.uk/media/what-is-working-capital">Working capital</a> represents the difference between a company’s current assets and current liabilities. In simple terms, it shows how much liquidity a business has to cover&nbsp; immediate debts. Understanding the working capital meaning is crucial for businesses, as it shows their ability to meet short-term obligations and maintain effective operations.&nbsp;Positive working capital means a business can pay bills, manage daily operations and invest in growth. Negative working capital, on the other hand, signals potential liquidity challenges.&nbsp;How does financial reporting support better decision-making?<a href="https://wesavvy.co.uk/services/financial-reporting">Financial reporting&nbsp;</a>provides accurate data about a company’s revenues, expenses, assets and liabilities. This information helps leaders analyze performance, trends and evaluate profitability. Transparent reporting builds confidence among stakeholders and investors, as they can see the real picture of the business. It also supports regulatory compliance and reduces the risk of errors or fraud. From a management perspective, financial reporting enables better decision-making by highlighting which areas of the business are thriving and which need improvement. In short, it transforms raw financial data into actionable insights.What role does a finance manager play in financial management?A finance manager is central to a company’s financial management strategy. They oversee budgeting, forecasting and investment planning, while also ensuring compliance with financial regulations. Finance managers monitor cash flow, assess risks and recommend ways to improve efficiency. Their role also involves evaluating new opportunities and ensuring that resources are allocated wisely. By applying smart money concepts, finance managers help businesses avoid unnecessary costs while boosting profitability. They act as a bridge between leadership and operations, translating financial data into clear strategies that drive growth and stability.What are smart money concepts in financial management?Smart money concepts refer to strategies that optimize financial decisions and reduce waste. For businesses, this could mean cutting unnecessary expenses, reinvesting profits wisely and managing debt responsibly. It also involves diversifying investments and ensuring that capital is used where it generates the most value. In financial management, smart money concepts can help companies maintain healthy working capital, improve cash flow and prepare for unexpected challenges. By applying these principles consistently, organizations can strengthen resilience, support growth and create long-term financial stability.How can companies strengthen their financial risk management?Financial risk management focuses on identifying, assessing and minimizing risks that could harm a company’s financial stability. These risks may include market fluctuations, credit defaults, currency changes or operational disruptions. Companies can strengthen their financial risk management by diversifying revenue sources, maintaining cash reserves and using insurance where appropriate. Strong internal controls and regular financial audits also reduce exposure to fraud or mismanagement. Additionally, scenario planning and forecasting allow businesses to prepare for uncertainties. Effective financial management ensures that risks are not just minimized but also turned into opportunities for smarter decision-making.What is financial asset management and how does it benefit businesses?Financial asset management involves strategically overseeing a company’s investments, such as stocks, bonds, real estate or other financial instruments. The goal is to maximize returns while managing risk effectively. For businesses, asset management ensures that financial resources are allocated where they can generate sustainable value. It also helps maintain liquidity and supports long-term planning. By aligning investment strategies with overall business objectives, companies can balance growth with security. A strong financial asset management approach is part of broader financial management, giving businesses the ability to expand, innovate and protect their future.How does financial management impact business growth?Financial management directly influences a company’s ability to expand and scale. By maintaining balanced working capital, businesses can fund new projects, hire talent and explore market opportunities without putting financial stability at risk. Effective budgeting and financial reporting help management evaluate which growth strategies are sustainable and which may carry too much risk. Strong financial management also ensures that external funding, whether through investors or loans, is used strategically.&nbsp;Why is cash flow management a key part of financial management?Cash flow management is one of the most critical elements of financial management because it ensures a company has enough liquidity to meet obligations. Even profitable businesses can struggle if cash inflows and outflows are not balanced. Monitoring cash flow helps leaders anticipate shortages, avoid unnecessary borrowing and seize opportunities for reinvestment. When aligned with smart money concepts, cash flow management allows businesses to stabilize operations while funding innovation.How does technology improve financial management today?Modern tools and digital platforms have transformed financial management. Automated financial reporting, data analytics and AI-driven forecasting make it easier to understand business performance in real time. Technology also supports stronger financial risk management by predicting market changes and alerting managers to potential threats. For financial asset management, digital solutions allow businesses to track investments with greater precision. Overall, technology makes financial management more efficient, accurate and strategic, supporting companies to compete in fast-changing markets.

Financial Management Q&A: Key Business Concepts

<img src="/uploads/Savv_Y_and_the_National_Agency_for_Perspective_Projects_NAPP_of_the_Republic_of_Uzbekistan_have_signed_a_Memorandum_of_Understanding_2568132631.jpg" alt="SavvY and the National Agency for Perspective Projects (NAPP) of the Republic of Uzbekistan have signed a Memorandum of Understanding..jpg">SavvY has entered into a Memorandum of Understanding (MoU) with the National Agency for Perspective Projects (NAPP) of the Republic of Uzbekistan, marking a new stage of cooperation in strengthening financial transparency and international integration. The agreement outlines joint efforts in several key areas: - Supporting the transition of local companies to IFRS standards. - Aligning Uzbekistan’s accounting legislation with international best practices. - Integrating corporate reporting on the <a href="http://Openinfo.uz">Openinfo.uz</a> platform. - Assisting insurance companies in the implementation of IFRS 17. As an international consulting partner, SavvY continues to actively support strategic initiatives in Uzbekistan and across the region, while fostering global partnerships that promote sustainable economic development.

SavvY and the National Agency for Perspective Projects (NAPP) of the Republic of Uzbekistan have signed a Memorandum of Understanding..jpg

SavvY Signs MoU with Uzbekistan’s NAPP

<figure class="image"><img src="/uploads/2025_09_03_Am_Cham_Ambassador_s_Residence_147_1_41dc526fb5.webp" alt="SavvY has joined AmCham Uzbekistan"></figure>SavvY has joined AmCham Uzbekistan and participated in the Chamber’s most popular annual event - the Welcome New Members Reception, held at the U.S. Ambassador’s Residence in Tashkent.This signature event brings together new members and the wider business community, fostering meaningful connections and collaboration.

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