Company Timeline

• In 2018, the Magic Finance program underwent three rounds of updates and improvements. On April 14, 2017, the corporate income tax rates were restructured into progressive levels, and tax forms were updated, effective from January 1, 2018, prompting the release of a new updated version of the program.
• Magic Consulting Audit LLC served as a sponsor for the 21st National Accounting Olympiad, contributing to the development of future skilled accountants and economists. The National Accounting Olympiad is organized annually by the Mongolian Institute of Certified Public Accountants. The 21st Olympiad was dedicated to Mongolian Honored Economist, the 5th President of MICPA, and Mongolia’s first certified accountant and auditor, Jigden Tsherengavaa.
• Magic Choice Financial Business Training Center celebrated the graduation of its 1,400th class. Since 2007, Magic Choice has continuously conducted comprehensive bookkeeping and accounting training for 11 years. On May 10, 2018, the 1,400th graduation ceremony was held under the guidance of teacher G. Yanjinsuren.
• Magic Choice Training Center launched a Marketing course. From April 2018, Social Media Marketing training was provided for anyone who wanted to effectively promote their products in the market, increase profits, and become a strong player in business.
• The Magic Group team celebrated International Children’s Day. On May 18, 2018, the team marked the day with joy and festive activities.

The Mongolian Institute of Certified Public Accountants annually consolidates and ranks financial statements of companies holding special licenses for audit operations; in 2016, we ranked 6th among 143 companies. On the MagicMonitoring ERP system, we introduced new subsystems for employee time tracking, productivity improvement, and customer service. The Orkhon branch obtained licenses to provide tax consulting and audit services. The training center held its 1300th class graduation and celebrated its 10th anniversary.

Magic Cloud LLC, the developer of Magic Finance financial software, successfully organized the first meeting of its software users. The Mongolian Institute of Certified Public Accountants (MICPA) selects the best annually among audit firms, and in 2016, Magic Consulting Audit LLC was recognized as an “Audit Company with Job Growth.”

When MICPA aggregated and ranked the financial statements of companies with audit licenses, Magic Consulting Audit LLC ranked 17th out of 137 companies in 2015. In accordance with Articles 9.2 and 9.3 of the Audit Law, tax advisory, financial and accounting consulting, and training services were consolidated under Magic Consulting Audit LLC, making it the first audit company to unify under the new law.

Opened the third “Zaisan” branch in Ulaanbaatar. Relocated the 3rd and 4th Khoroo branches to “Colorado Business Center” at Baruun Dörvön Zam. Obtained audit authorization for insurance companies (No. 5/57) from the Financial Regulatory Commission on December 14, 2016. The film “Namjil Il Tod” was produced in collaboration with the TINZ Association.

Began financial training programs for organizational management. Magic Cloud LLC implemented the “XAMT” system in its operations. Magic Capital NBFI LLC was established. Magic Group LLC was founded. Organized training for client organizations and internally in connection with the implementation of the Law on Promoting Economic Transparency. Opened a branch in Ömnögovi Province.

Magic Choice TMZ LLC was established and obtained a special license to provide tax advisory services. The branch in Khoroolol was set up with a 300 m² facility. Produced a comic/animated film “Namjil Became an Accountant.” Magic Choice LLC and Shidet Shiidel LLC jointly founded the software company Magic Cloud LLC. The corporate brand book was renewed. Awarded “Best Financial Training Center” at the 1000 Accountants’ Celebration.

Launched the website www.file.sanhuu.mn hosting finance-related files. Produced a comic/animated film “Namjil Became an Accountant.” In the sports competition organized by the Mongolian Institute of Certified Public Accountants (MICPA) for audit firms, the women’s basketball team won the bronze medal. Started the “Financial Statement Preparation Project” training aimed at preparing the financial statements of large companies with team coordination.

Celebrated the 5th anniversary of establishment. Produced a modern comic/animated film “Tsartsaa Namjil.” Relocated the 10th Khoroolol branch to the 3rd and 4th Khoroolol areas, expanding the service area to 200 m². Moved the UCI branch to Gandirs Tower, securing 123 m² of its own space.

Started a 7-day training course on tax law. Magic Consulting Audit LLC was established and received license No. 083/2010 from the Ministry of Finance to provide audit and assurance services.

Orkhon Province, Erdenet City. Started a 7-day training course for accountants. Uploaded video lessons on accounting, financial reporting, tax laws, IPSAS, and MoF regulations to the website www.tube.sanhuu.mn.

Opened the second branch in Darkhan-Uul Province, Erdenet City. Launched the website www.sanhuu.mn. The Magic Finance software received certification as it complied with the Ministry of Finance’s regulations on accounting and financial software control.