SunTax Consulting – financial and business services startup founded by a reputable finance expert Yulia Frolova in May 2022, is currently focused on setting up, testing and optimizing its internal processes and procedures to make sure the company is well prepared for its first ever U.S. tax season.
Mrs. Frolova has been immersed in the financial services sector for over 15 years. Her experience is remarkably diverse, as it spans across multiple industries and functions. Throughout her career, Mrs. Frolova has been managing audit and assurance projects at one of the world’s largest financial consulting firms, implementing an ERP system in a renowned mining company, engaging in financial reporting and budgeting in the oil production enterprise and serving as a Head of financial control for the private investment fund.
“I consider myself fortunate enough to have been engaged in financial consulting from both the service provider and client perspectives. This experience has provided me with valuable insights into the distinct viewpoints and potential contradictions in these two roles. Now I can assert with confidence that four key factors play a crucial role in achieving overall business success and ensuring customer satisfaction. They are: efficient operational processes, a comprehensive and multi-faceted approach to each business case, adaptability, and a receptive and open attitude,” Mrs. Frolova elaborated.
Mrs. Frolova’s approach to business organization and management seems very consistent and profound. Before making the final decision to embark on her solo journey into the very dynamic and competitive U.S. financial services industry, Yulia went through a gradual preparatory process. She started with the thorough industry analysis with the view to identify market niches her company would be capable of serving. During this research phase, Yulia made a surprising observation: there was a significantly underserved yet highly marginal market segment within the tax advice and preparation industry. This is how the idea to concentrate on serving non-residents, dual-status residents, expatriates and the U.S. investors in foreign businesses was born.
“As we decided to professionally focus on international taxation, it was pretty logical to delve into the U.S. immigration statistics. We conducted an analysis of the publicly available historical immigration data published by the Department of Homeland Security. Our findings revealed a significant rise in annualized immigration inflows from the CIS countries in 2022, surpassing both the previous year and the 10-year average (69% and 16% respectively). This appeared to be a promising business opportunity for us,” Mrs. Frolova explained.
Born in Moldova, an Eastern European country, Yulia was exposed to a wonderful blend of cultures and languages from a young age. As a result, she is now fluent in Russian, Romanian, and Ukrainian languages, on top of her English proficiency. Recognizing the value of this linguistic diversity, she made it her company’s competitive advantage.
Today, approximately 70% of SunTax Consulting’s clients are recent immigrants from CIS and other Eastern European countries. Considering the overall complexity of the United States taxation, it is understandable that they prefer to discuss their tax-related matters in their native language.
While SunTax Consulting serves customers across the entire country as well as U.S. nationals living abroad, Yulia firmly believes that establishing a sustainable local customer base can greatly enhance the success of the business. That’s why she was highly deliberate in selecting the right location for her company.
“We have spent weeks gathering, analyzing and compiling demographic data published by the U.S. Census Bureau and U.S. Bureau of Labor Statistics together with IRS information on filing statuses and tax schedules filed by the American taxpayers, before making our final decision on the business location,” Mrs. Frolova shared.
Boca Raton, FL, with its median income per household significantly surpassing national and state averages, along with a considerable portion of the population having Russian and Ukrainian ancestries, appeared to be an ideal location.
Considering the seasonal nature of the tax preparation business, Yulia Frolova acknowledges the crucial importance of diversification in securing the business’s sustainability and expansion. However, Mrs. Frolova’s objectives extend beyond generating consistent revenue during off-season months. In her pursuit of business diversification, she has chosen to push the boundaries of the conventional services offered by similar businesses, and has adopted a unique approach.
Currently SunTax Consulting offers a diverse range of financial services, including financial modeling, comprehensive financial planning, scenario analysis, business valuation, due diligence, and more. By providing unique value in these areas, the company effectively distinguishes itself in the market.
It can already be said that the company has successfully introduced itself to the market as a reliable business partner, providing high-quality comprehensive services. However, Yulia does not plan to stop at what has been achieved, instead she has an ambitious plan to develop a new business direction.
“Yes, we are interested in exploring related business areas. However, I am not ready to disclose this information publicly at the moment. What I can assure is that through this expansion, we will be able to create even more value for our customers,” Mrs. Frolova stated.
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