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.
Put cash management and forecasting at the centre of your resilience plan, optimising your agility and helping you react to rapid change.
The COVID-19 pandemic has triggered deep and rapid disruption to businesses worldwide. Regardless of size, sector or region, falls in demand, supply and productivity are impacting liquidity, and many companies are worried about being able to meet their outgoings. The situation is changing fast and businesses need to be agile. Already in this crisis, many businesses have shown their inventiveness and ability to react quickly.
While countries are taking different approaches to handle the pandemic, working with businesses in times of stress and uncertainty, we see that cash flow management should be at the forefront of resilience planning.
Start forecasting cash flow in the short- to medium-term
The ability to continually assess and adapt is made possible through Short Term Cash Flow (STCF) forecasts. Now more than ever, forecasting can help the finance team and the board manage liquidity over the coming days, weeks and months. This can help you spot approaching pinch points and cash shortfalls, giving you the insight to make the right operational decisions.
An STCF forecast helps you identify what improvements you can make to cash control. It helps inform what actions to take reflecting the economic environment. Short-term forecasting will also help you develop other tools such as early warning dashboards, and it can determine the right trigger points for decision-making to provide enough time to implement action. It will also inform your scenario planning and help you anticipate mitigating measures if the business experiences a sudden fall in demand. The minimum expectation for most companies is a forecast of between 12 to 14 weeks; it is advisable to span a full quarter to cover significant payments such as VAT, corporation tax and rent.
Use forecasts in your communications with stakeholders
Forecasting is also an indispensable tool in your communications with lenders and partners. Banks considering extending finance to your business will not be able to support all businesses to the same level simultaneously. Having a clear plan, supported by reliable financial forecasts, will provide comfort to all stakeholders, improving your chances of accessing the necessary funding.
Producing an STCF can be a new challenge for some, and requires a different sort of modelling from that which businesses might be more familiar with in normal times. Weekly forecasts need trends and variations you'd ignore in a monthly model and weekends rarely match month ends, so it will be increasingly hard to reconcile your weekly forecast to the same period of your monthly forecast.
There’s always a balance between the value to be drawn from forecasts and the work that goes into them. Weekly projections are likely to provide the best insight for the work involved. Daily forecasts can involve a lot of extra work without improving foresight. But if daily liquidity is a worry, you can overlay an additional page that does the first two weeks on a daily basis. Establishing a template and method enables you to roll forward and repeat the exercise over the following weeks – right up until the end of the year.
Identify where to retain cash in the business
Through frequently reviewing and updating your forecasts, you should be in a position to spot where the risks of financial failure lie as well as the opportunities to generate cash more quickly.
Establishing effective methods of cash collection and adjusting terms of payment to both suppliers and customers are critical to minimise the financial impact. Quick implementations and reactions are needed across key areas such as online sales, inventory management, distribution formats and servicing the vulnerable safely. Clearly, during a crisis, the desire to work quickly is understandable – and sometimes necessary. But take the time to examine what impact your actions will have in the medium- to long-term.
There is a range of actions you can take. Where your customers and debtors are concerned, introduce more efficient billing and collecting processes. You can also negotiate with customers for them to pay early or upfront by offering them a discount or other concessions.
With regards to your debtors, negotiate payment deferral with landlords and banks where possible. Many governments at this time are proactively supporting businesses and introducing concessions into their tax collecting system. You should fully explore what tax concessions are available to your business, and investigate any available government grants or other support.
Taking as much direct and indirect cost out of business to protect cash flow is advisable, but only if doing so allows you to continue at an efficient and profitable level. You can move idle cash from other areas of the business into your capital account, or draw down on availability in your banking facilities
Strong cash forecasting allows you to assess your priorities. Make sure that your key suppliers and customers are ring-fenced and that both are supported through this crisis. The most prudent advice amid this uncertainty is to simplify your business where it makes sense to do so. By concentrating on fewer core, profitable outputs, you may end up with a slightly different business, but with a healthier bottom line and a more secure customer base.
For more information about strengthening your cash position speak to a local Grant Thornton adviser.