Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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.
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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.
Mergers and acquisitions
Globalisation and company growth ambitions are driving an increase in M&A activity worldwide. 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.
Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery
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.
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. 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.
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.
Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
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.
Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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.
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.
Innovation and investment incentives
Dynamic businesses must continually innovate to maintain competitiveness, evolve and grow. Valuable tax reliefs are available to support innovative activities, irrespective of your tax profile.
Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
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
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.
Outsourcing Changes to the Outsourcing legislation, specifically when offshoringSignificant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work. The increased digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services.
Asset management Inflation and tax planningThe recent onset of rapid inflation is an unwelcome development that is having a widespread impact on US businesses and tax planning.
Technological innovation is transforming how businesses plan and invest. Evidence shows that European businesses fare well on investing in technology compared to peers around the world. With competition intense, firms must balance thorough due diligence with staying ahead of the curve in order to invest successfully. This infographic highlights the technology investment in the European Union [ 1832 kb ].
We know that technology will change the way we live and work forever. But our familiarity with that knowledge does not dampen its power. According to Luis Pastor, Global Head of Blockchain at Grant Thornton Spain, “Technology is a source of growth. It opens up business opportunities. It can facilitate better relationships with customers, improve supply chain and production, and act as an enabler of market disruption.”
European businesses recognise that investment in technology and investment in future growth are synonymous. But they are not the only ones.
The world’s two largest economies are going head-to-head in the competition for tech supremacy. For every Apple and Google based in the US, a Tencent or Weibo emerges from China. According to recent news articles the former chair of Google’s parent company, Alphabet, thinks China could overtake America when it comes to AI by 2025.[i]
Europe faring well against global peers
Against this backdrop, data from the Grant Thornton International Business Report suggests that European businesses are keeping pace in the technology stakes. Net 42% of EU firms plan to increase investment in technology over the next 12 months in Q1 2018. This is up from net 38% in the previous quarter. The figure is identical to businesses in Asia Pacific, and ahead of counterparts in Latin America (37%).
These are encouraging signs. Yes, the proportion of firms in North America planning to boost investment in technology is some way higher at net 62%. But country comparisons reveal a more even contest. Ireland (net 66%) outstrips the US (net 63%), for example. And the UK (net 50%) currently pips China (net 49%) for investment intentions.
The types of technology available, and their applications, are vast. But one of the fastest growing areas of opportunity for businesses lies in Blockchain. Wayne Pisani, head of financial services at Grant Thornton Malta, explains that Blockchain’s power can be most effective when firms are “using multiple processes that you want to simplify.”
We see Blockchain being used to make significant efficiency improvements to invoicing processes. Or, to bring together multiple supply chain parties’ data in a digital platform that offers a way to track and verify activity.
Technology could revolutionise tax
Elsewhere, technology helps tax functions operate more smoothly. As Andrew Burman, Partner at Grant Thornton says, “tax authorities expect a greater amount of information in more detail, with less time and in some cases, even real-time. Investment in automation and AI may be the only feasible way to respond with the speed and accuracy required.”
If tax functions become more automated, it can free up individuals previously in those roles to play a more central role in advising on and influencing business strategy.
Understand technology – and the rules – properly
From Blockchain to AI to the cloud to smartphones, technology is disrupting how we do businesses. But the same rules of business investment still apply. It is important to spend time understanding how individual areas of technology work, what their applications are, and the benefits it could create for your firm.
As with other investments outside the realm of technology, have specific objectives and growth targets in mind.
Additionally, new European regulation is an important consideration. General Data Protection Regulation (GDPR), the European Union’s new data law, comes into effect this May. Businesses must ensure customer data privacy complies with the new rules.
This regulation will affect social media platforms, cloud computing, geolocation services and other technologies your business may use. It will also affect companies that use technology platforms, such as Amazon, to sell and distribute their products and services. Customers of these companies will expect assurances on data security.
Our research shows that businesses around the world, not just in Europe, see the importance of investing in new technologies. European firms, therefore, must strike a fine balance. Avoid a gold rush mentality and invest without proper planning. But don’t fall back from the pack and lose out to competitors.