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Grant Thornton’s Business Process Outsourcing (BPO) team serves the needs of rapidly growing mid-tier multinationals operating out of Ireland and other hubs through the provision of services across the full range of finance functions.
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Flexible People Solutions
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At Grant Thornton, we meet the challenges of our clients. Our Global payroll compliance service offering is tailored to meet all your payroll requirements through a single point of contact.
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Grant Thornton Financial Counselling (GTFC) comprises a team of highly qualified professionals who offer financial advice to individuals and corporates across a range of areas including savings, investments, pension planning, and inheritance and succession planning.
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Our services on Inheritance Planning mirror those on Succession Planning whereby the foundations of the plan are derived from meaningful conversations with those that wish to pass on or protect their asset base.
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Personal Tax Compliance & Planning
The Grant Thornton Personal Tax team helps clients remain compliant and up to date with all of their tax obligations whilst ensuring that they are solutions driven and manage their finances in the most tax efficient way possible.
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Succession Planning
We have extensive experience guiding our clients successfully through the succession process. This involves advice on both the qualitative and quantitative aspects of the process. While there is a business at the core of each succession plan we advise on, it is all predicated on understanding the people and their respective wishes.
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Employer Solutions
Attracting and retaining key talent, managing employment costs and ensuring compliance with complex tax rules presents one of the most serious challenges today for many businesses. You need to ensure that your business complies with increasingly complex tax legislation and can adapt to updated Revenue guidance in a cost-effective way and we are here to help.
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Financial Services Tax
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International Tax
We develop close relationships with clients in order to gain a deep understanding of their businesses to ensure they make the right operational decisions. The wrong decision on how a company sells into a new market or establishes a new subsidiary can have major tax implications.
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Tax Advisory
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The Irish real estate market has experienced considerable change in recent years. This has resulted in the emergence of a number of challenges for investors, but has also brought about significant opportunities. With this in mind, taxation is now more than ever one of the key factors for real estate investors when appraising investments, financing methods and development structuring.
Evolution of Statutory Reporting: Centralisation
07 Jun 2017As with evolution in the natural world, statutory reporting and the means by which it is delivered has continued to change. Changes in organisational structures and technology have resulted in the sometimes rapid change in process and delivery of statutory reporting.
It is possible to identify three key periods which impacted on statutory reporting: centralisation, standardisation and finally automation.
In this series of blogs we discuss how these changes came about, the individual characteristics of each and the impacts they have had. In the first of these blogs we will focus on centralisation.
Evolution of statutory reporting: Centralisation
Prior to the impact of centralised models, statutory reporting was seen as the preserve of in-country specialists and required detailed local knowledge and understanding. Organisations looked to decentralised delivery models, either with local own finance/third party specialists managing the process and delivery of statutory reporting. However with the growth of Shared Service Centre (SSC) delivery models and as functions began to migrate into these SSC’s, organisations began to see the benefits which accrue and it only became a matter of when, statutory compliance would come under this radar.
As organisations centralised ownership, responsibility and control of the statutory compliance process, benefits such as greater control of costs, monitoring of progress and pro-active identification of potential issues began to accrue.
Evolution of centralisation models
However as with evolution in the natural world, varying forms of models began to emerge as organisations looked to the best fit for their particular needs and future growth.
Some organisations looked to centralise as much activity as possible into regional or global centres, with a dedicated statutory team managing end to end compliance and related audit. This model subsequently evolved into the growth of Centres of Excellence (COE), as the central teams become experts in statutory reporting, the adoption of new standards such as IFRS and global owners of international compliance.
Other organisations looked to outsource the process of statutory reporting, while maintaining overall ownership and control. This model evolved into a single outsource provider, supporting in-house global statutory reporting process owners, through a centralised outsourced delivery and relationship model.
Finally other organisations developed hybrid models, comprising of elements of both the previous two models. Such models centralised certain activity, while outsourcing remaining activity to one provider, managed through a central relationship structure.
The impact of centralisation was to break the idea that statutory reporting could only be delivered through a decentralised in-country expert model. As centralised models evolve, changes still occur and differing sub-models continue to develop to meet the needs and requirements of changing organisations.
In our next two article’s, we will see how the drive to consistency and standardisation and now the growth of technology has further impacted on how organisations manage statutory reporting and compliance.
