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Why Grant Thornton
Whether you’re growing in one market or many, looking to operate more effectively, managing risk and regulation, or realising stakeholder value, our firms can help.
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Culture and experience
Grant Thornton’s culture is one of our most valuable assets and has steered us in the right direction for more than 100 years.
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Global scale and capability
Beyond global scale, we embrace what makes each market unique, local understanding on a global scale.
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Join our network
In a world that wants more options for high quality services, we differentiate in the market to grow sustainably in today’s rapidly changing environment.
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Leadership governance and quality
Grant Thornton International Ltd acts as the coordinating entity for member firms in the network with a focus on areas such as strategy, risk, quality monitoring and brand.
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Africa
24 member firms supporting your business.
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Americas
31 member firms, covering 44 markets and over 20,000 people.
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Asia-Pacific
19 member firms with nearly 25,000 people to support you.
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Europe
53 member firms supporting your business.
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Middle East
8 member firms supporting your business.
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Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
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Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Forensic and investigation services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Mergers and acquisitions
We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer-term strategic goals.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery.
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Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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IFRS
At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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Global audit technology
Our global assurance technology platform provides the ability to conduct client acceptance, consultations and all assurance and other attestation engagements.
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
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Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Banking Holding banking to account: the real diversity and inclusion pictureWe explore how the banking sector can continue to attract, retain and nurture women to build a more diverse and inclusive future.
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Sustainability From voluntary to mandatory ESG: How banks can future-proof their operationsAs we move from voluntary ESG initiatives to mandatory legislation, we explore what the banking sector needs to prioritise.
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IFRS IFRS 9 - Audit of Expected Credit LossesGPPC releases The Auditor’s response to the risks of material misstatement posed by estimates of expected credit losses under IFRS 9
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growthiQ Steering your company to long-term successHistory has something important to tell us about the difficulties of steering a business to long-term success – through seismic shifts in technology, consumer demands and product development. With that in mind it’s unsurprising that over half the world’s largest companies in the early 1900s had shut their doors by the late 1990s. Some, however, have endured.
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International Financial Reporting Standards Implementation of IFRS 17 ‘Insurance Contracts’The auditor’s response to the risks of material misstatement arising from estimates made in applying IFRS 17 ‘Insurance Contracts’
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IFRS Get ready for IFRS 17After twenty years of development the IASB has published IFRS 17 ‘Insurance Contracts’, find out more.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Not for profit Mission: possible – putting impact at the heart of charityGlobal charitable continues to decline and charity leaders are increasingly looking at their own unique impact journey.
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Private equity ESG for private equityMost US private equity firms are taking steps, prompted by a combination of European examples, imminent regulation, limited partner expectations, and their own sense of what needs to be done.
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Access to finance Raise finance to invest in changePrepare your business to raise finance to invest in change.
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Private equity firms Private equity in the mid-market: reshaping strategies for 2021When the global COVID-19 pandemic stormed across the globe in early 2020, the private equity sector was hit hard but deals are coming back to the market.
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Mid-market businesses Getting ready for private equity investmentOur specialists explore how private equity firms are now working with their portfolios and how the mid-market can benefit from investment.
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Public sector Helping build the government of tomorrow, todayLearn about the Grant Thornton US public sector team.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Retail How retail is positioning for successCOVID-19 provided some hard lessons for the retail industry. It is time to turn those into sustainable and well executed growth strategies in 2021.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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Technology Mid-market tech companies lead the way on diversity and inclusionWe explore how the mid-market tech sector can continue to build and nurture a culture that’s increasingly more diverse and inclusive for women.
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Tax Eight tax approaches for global tech employeesCompanies need to understand the tax implications for each unique geography and country there employees reside in.
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Technology Responding to slowing growth: why the tech industry faces a more challenging outlook in 2022We spoke to tech experts about industry trends that could affect companies over the next 12 months and what their short-term strategic priorities should be.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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TMT TMT industry: Fully charged or on standby?Our research revealed five key trends that resonated with Technology, Media and Telecoms (TMT) industry leaders around the world. We asked a panel of our experts from UK, US, India Ireland and Germany, to give us their reaction to the findings.
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Cybersecurity One size fits nothingTechnology companies must adopt a new approach to digital risk: those that successfully develop a reputation for digital trust by demonstrating an unwavering commitment to cyber security and data privacy will be able to carve out a competitive advantage.
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Technology, media & telecommunications Why it’s time for a 5G reality checkFigures suggest the mobile sector is maturing. While data usage continues to soar, mobile revenues are expected to flatten out over the next few years.
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International business Mid-market businesses lifted by rising tide of optimismOptimism among global mid-market business leaders rose to 67% in the first half of this year and they are markedly more optimistic about their prospects with global optimism having increased by 8%.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Hotels COVID-19: Checking in with the hotel industry one year onCOVID-19 provided some hard lessons for the hotel sector. It is time to turn those into sustainable and well executed growth strategies.
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
- By topic
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Scanning the horizon: Mid-market sets sights on global trade growth
The latest International Business Report (IBR) data shows that mid-market businesses have high expectations for global trade.
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Mid-market businesses less optimistic, despite record numbers expecting increased profitability
A closer examination of the data offers some explanation of this apparent contradiction.
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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Women in business across the globe
Without a greater focus on the issue, women’s parity in senior management won’t be reached until 2053 at the current rate.
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Women in business: Regional picture
We saw an increase in the percentage of senior management roles held by women, on a global level, but there are some significant regional and country variations.
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Pathways to Parity: Leading the way
To push towards parity of senior management roles held by women, who leads within an organisation is vital.
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Generating real change with a long-term focus
The most successful strategy to achieve parity of women in senior management is one which stands alone, independent of an ESG strategy.
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People at the heart of great business
Businesses have started to put guidelines and incentives in place, focused on driving employees back to the office.
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Building a culture that champions diversity
Grant Thornton UAE has grown to have a team comprising more than 50 nationalities and this diverse staff has been key in building the inclusive culture of the firm.
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Focusing and developing a solid strategy around diversity, equity and inclusion
Grant Thornton Greece is pioneering a growing set of diversity, equity and inclusion (DE&I) initiatives that centre around three strategic pillars.
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Ten considerations for preparing TCFD climate-related financial disclosures
Insights for organisations preparing to implement the International Sustainability Standards Board (ISSB)’s Standards.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Transition Plan Taskforce publishes its final disclosure framework
As organisations in the private sector make commitments and plans to reach net zero, there's a growing need for stakeholders to be able to assess the credibility of their transition plans.
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Promoting ESG excellence through tax
ESG considerations have never been more important for an organisation’s long-term success, but how can tax be used to add value to an ESG agenda?
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The US mid-market
As mid-markets concerns about a possible global recession have receded, leaders’ expectations for increases in their profits are at an all-time high.
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Mid-market businesses lifted by rising tide of optimism
Optimism among global mid-market business leaders rose to 67% in the first half of this year and they are markedly more optimistic about their prospects with global optimism having increased by 8%.
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Appetite for investment grows among mid-market leaders
Mid-market business leaders plan to increase investment over the next 12 months, specifically in technology, research and development and staff.
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Scanning the horizon: Mid-market sets sights on global trade growth
The latest International Business Report (IBR) data shows that mid-market businesses have high expectations for global trade.
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IFRS Alerts
IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).
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Example Financial Statements
General guidance for preparers of financial statements that supports the commitment to high quality, consistent application of IFRS.
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Insights into IFRS 2
Insights into IFRS 2 summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
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IFRS 3
Mergers and acquisitions are becoming more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions.
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IFRS 8
Our ‘Insights into IFRS 8’ series considers some key implementation issues and includes interpretational guidance in certain problematic areas.
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IFRS 16
Are you ready for IFRS 16? This series of insights will help you prepare.
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IAS 36
Insights into IAS 36 provides assistance for preparers of financial statements and help where confusion has been seen in practice.
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IFRS 17
Explaining the key features of the Standard and providing insights into its application and impact.
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Pillar 2
Key updates and support for the global implementation of Pillar 2.
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Global expatriate tax guide
Growing businesses that send their greatest assets – their people – overseas to work can face certain tax burdens, our global guide highlights the common tax rates and issues.
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International indirect tax guide
Navigating the global VAT, GST and sales tax landscape.
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Global transfer pricing guide
Helping you easily find everything you need to know about the rules and regulations regarding transfer pricing and Country by Country reporting for every country you do business with.
Coupled with ongoing supply chain issues and skills and labour shortages, many tech companies are facing a more challenging outlook moving forward in 2022. But, as always, with a market as dynamic and innovative as tech, there are a lot of opportunities for companies to not only extend their competitive advantage but lay solid foundations for future value and growth.
We spoke to tech experts from across our member firms about how key trends could affect companies over the next 12 months and what their short-term strategic priorities should be.
The latest data from our ongoing IBR research programme highlights that 2022 looks set to be a year when many tech players transition from growth and increased activity to a focus on embedding, consolidating and optimising existing processes. We interviewed 475 senior mid-market executives from tech companies in 29 markets. Together they paint a picture of a sector much more concerned about resilience than in the previous two years. Record high barriers to growth, driven largely by macro factors, are driving the need for leaders to focus on the underlying strength of their operations.
Changing market conditions mean that the strategic priorities for tech companies in 2022 look quite different to those of 2020 and 2021. Common themes among the executives we spoke to were digital product and service development, strengthening supply chains, continuing to adjust to hybrid working and driving sustainable business practices.
Here are four of the biggest trends impacting the tech industry, and what actions companies need to consider.
Knock-on impact of inflation on profitability and access to capital
Rising inflation presents a clear challenge for the tech sector, and the global economy, over the next 12 months. There are elevated concerns about labour costs as well as energy costs in many markets. These higher costs are going to have to be passed on to consumers and many in the industry are anticipating record-high selling price increases or focussing on their profitability.
The principal risk here is the impact this will have on performance after two years of high growth. Other market dynamics are likely to compound this issue for many companies. Economic uncertainty is still a major concern for strategic planners and while the ongoing shortage of finance has eased from a peak in H1 2021, many executives still cited it as a business constraint moving into 2022.
What should tech businesses be doing?
“There is no doubt that inflation is starting to bite,” says Nick Watson, Partner and Global Head of Technology at Grant Thornton UK. “Whilst this may result in a short term flight out of riskier capital and a reduction in investment in some parts of the sector we continue to see active investment appetite for recurring revenue based technology and tech enabled services which appears here to stay. Managing capital will become a heavier priority for the “cash burning higher risk tech companies in 2022.”
“Given the rapid growth over last two years, there is the likelihood of a slowing growth rate and pressure on valuations,” says Steven Perkins, National Leader – Technology and Telecommunications, at Grant Thornton US. “Technology companies need to streamline operations to drive efficiency and effectiveness. Tax changes around the globe and mounting regulatory oversight will also drive restructuring.”
“For tech companies, 2021 saw all-time highs in terms of capital raising from PE/VC investors and also, global listings, both under direct route and SPACs,” adds Raja Lahiri, Partner at Grant Thornton Bharat. “In 2022, we are already seeing signs of valuations of tech companies moderating. I think mid-market tech companies should focus on profitability and unit economics and build a plan of sustainable revenue growth. We also expect more due diligence by investors and more regulatory tightening around listings. Companies should plan themselves around their readiness around business model, governance, business systems and processes and financial reporting.”
Internationalisation continues across sales, servicing and supply chains
Building on the momentum of the previous two years, many companies will continue to prioritise international growth. Around 60% of executives we spoke to are allocating more employee resources to this goal in 2022, despite the added complications of higher energy costs, transfer pricing, supply chains, compliance burdens and continued concerns about ongoing disruptions to transport infrastructure.
This is the highest percentage of any industry we monitor. In fact, 57% plan to sell their products and services in more countries in 2022, and 52% plan to use more non-domestic suppliers and outsourcers.
Much of this expansion relies on the ability of sales teams to create connections and deliver a robust pipeline of new clients. Interestingly, while many companies are confident in their ability to deliver services and products virtually, we are likely to see a significant return to face-to-face sales processes over 2022 across a range of sectors. This trend is likely to be apparent in the tech sector too. Particularly with regard to lead generation, the post-pandemic position for sales will be closer to what it was pre-pandemic than its current form.
What should tech businesses be doing?
Internationalisation presents a huge opportunity for tech companies, but also opens them up to several distinct risks, particularly around compliance. Companies need to make sure compliance keeps up with growth. This means ensuring tax positions are prepared for any jurisdictions they may enter, but also that governance processes are aligned to their international ambitions as well.
“Many mid-market tech businesses grow very fast,” says Nick, “which makes keeping up with the more rigorous compliance requirements expected of larger companies challenging. If not managed this can create significant risk, particularly if companies are expanding into markets with different compliance regimes.”
But within the international economy, local contexts are continuing to evolve and diverge. This creates even more complexity for companies. It is essential that companies factor this into their strategic planning. “There is a real trend towards the ‘balkanisation’ of regulations across all the domestic markets companies might want to expand into,” says Steven. “The key to successfully entering a new market is speed and agility and becoming bogged down in potentially costly compliance issues is not going to help.”
“Tech companies need to enhance their global risk and compliance management framework as they expand across the world,” adds Raja. “The global trends and risks and opportunities around digital tax, employee regulations as well as visa restrictions need to be carefully factored into strategic plans.”
Talent, culture and tax in the new world of work
For many companies and employees, one of the most significant impacts of the pandemic has been the widespread shift to hybrid working. The tech industry is used to high turnover, competition for talent and ongoing shortages of skills in emerging technologies. And the move to remote working could continue to aggravate these issues for some companies.
A remote workforce opens companies up to a world of talent, but also means that there are more options for employees looking to move on too. Balancing company cultures to create equivalence between in-office and remote working environments, formalising co-location rules and implementing the right infrastructure to create as much value as possible from hybrid working are likely to be priorities for tech companies in 2022.
What should tech businesses be doing?
“The biggest challenge to growth of tech companies is clearly talent and with remote and hybrid work becoming a norm, employee engagement and attrition are a big challenge,” says Raja. “In my view, talent retention, upskilling of digital talent and focus on culture should be a key strategic priority going forward. Tech companies need to expand their global talent base especially in countries with a deep tech talent pool and create centres of excellence in new areas like cloud, quantum computing, AI and cyber security.”
Understanding the potential tax implications of mixing remote, in-office and hybrid working is an immediate priority for any company looking to adopt these models. There could be an impact on a wide range of taxation, including corporate tax, transfer pricing, employment taxes and those relating to benefits.
“From a tax perspective, both international expansion plans and the impact of new hires are hot topics right now,” says Matt Stringer, Partner, Head of International Tax at Grant Thornton UK. “A workforce with greater international reach and increased mobility creates a more complex tax profile. Businesses are having to educate themselves quickly on things like permanent establishment risk, overseas employment taxes and social security requirements. I am personally working with numerous global businesses on their hybrid working plans, taking into account such international tax risks.”
The growing importance of ESG
Like most other industries, the tech sector will continue to critically examine its processes as part of the ongoing ascension of environmental, social and governance (ESG) factors to the top of the strategic agenda. When it comes to sustainability, increasing stakeholder pressure from customers, employees and investors, as well as continued changes to rules around ESG reporting, will require technology companies to take action across a number of areas, including climate change.
Diversity, equality and inclusion (DEI) as an aspect of effective governance is also taking centre stage and 2022 will see more companies setting themselves targets to make meaningful progress in this area.
ESG is increasingly not only being seen as an additional compliance piece, but also as something that is tied to value creation and future-proofing over the long-term. 50% of the executives we spoke to believe financial success and sustainability are equally important for their businesses, with 59% thinking the issue has become much more important during the pandemic.
What should tech businesses be doing?
“Companies need to think about how to position themselves in this space, and how aligned their ESG and broader commercial strategies are.” says Steven. “We are having lots of conversations around environmental taxes, emissions data and building out DEI plans in organisations. This is not just tied to governance and reporting but also as being part of a company’s competitive advantage, particularly with regards to access to capital. With the current pressure on capital markets in tech, those that can demonstrate good ESG performance may have an advantage.”
“ESG is one of the top agenda for boards so tech companies should enhance their ESG readiness, ESG reporting and embed ESG principles in all aspects of their operations,” says Raja. “ESG reporting is key for proper disclosure and transparency for investors and the wider stakeholder community.”
When we spoke to the executives, common barriers to better ESG performance included lack of clarity around new regulations, measurement frameworks and the skills and capabilities needed. Developing a clear strategic plan about how to overcome these challenges will be an important next step for many companies in 2022.
Effectively responding to the market conditions
In the tech industry, disruptions can occur at any moment and previously successful strategies can quickly become redundant. Despite this, some things will always be priorities for tech companies: agility, insights, expert partners and data-led strategy.
We are on hand to help you navigate the new world of work, manage risk, mitigate changes in the market and make sure you are well positioned to take advantage of new opportunities. Talk to one of our tech experts or your local Grant Thornton member firm today.