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Business Consulting
Our Consulting team guarantees quick turnarounds, lower partner-to-staff ratio than most and superior results delivered on a range of services.
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Business Risk Services
Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
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Corporate Finance
Our experienced Corporate Finance team has provided a range of transaction, valuation, deal advisory and restructuring services to clients for the past two decades.
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Digital Risk
Our Digital Risk team offer advisory and consulting solutions that give our clients peace of mind, clear value for money and an enhanced ability to react to cyber attacks.
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Digital Transformation
Our Digital Transformation team work with business leaders to deliver efficient digital strategies and operating models that provide new or enhanced capabilities.
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Forensic Accounting
Our Forensic and Investigation Services team have targeted solutions to solve difficult challenges - making the difference between finding the truth or being left in the dark.
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Objectives and Key Results (OKRs)
Objectives and Key Results (OKRs) is a goal setting framework that helps teams, individuals and organisations set and track measurable goals.
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People and Change Consulting
Our People & Change Consulting team help clients adapt to the changing nature of the workforce - how they attract, retain, engage, develop, deploy and lead their people.
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Restructuring
Grant Thornton is Ireland’s leading provider of insolvency and corporate recovery solutions.
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Outsourced Payroll
Our outsourced payroll teams become your dedicated payroll department, aiming to process your payroll in the most cost effective and compliant manner.
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Outsourcing
Grant Thornton's reliable and cost-effective outsourcing services help you streamline your business operations by taking care of your workload.
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Audit and Accounting Advisory
Our Audit and Accounting Advisory team takes the headache out of multi-jurisdictional audit compliance requirements as well as technical compliance with accounting standards and legislation for clients.
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Business Process Outsourcing
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
At Grant Thornton, our Financial Accounting and Advisory Services (FAAS) department have a dedicated team that help finance functions maximise efficiency.
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Global Compliance & Reporting Solutions
Our Global Compliance & Reporting Solutions service offering covers a full suite of compliance services including financial statement preparation and related filings, dual bookkeeping, direct and indirect tax, statistical returns and payroll.
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Global Payroll Solutions
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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Actuarial
Our Actuarial team provides a comprehensive range of services to our insurance clients. From regulatory support for compliance to delivering specialist expertise in insurance & reinsurance.
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Data Analytics
Our team helps to unlock the potential of data analytics within your organisation, allowing you to be more innovative, efficient and customer-centric than ever before.
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Digital and Fintech
Our FinTech team are experts in technology and financial services and have a long track record of helping companies achieve sustained advantage.
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Digital Risk
Our Digital Risk team offer advisory and consulting solutions that give our clients peace of mind, clear value for money and an enhanced ability to react to cyber attacks.
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Financial Services Audit
Our Financial Services Audit team offers expertise and knowledge along with a horizontal approach to solving clients’ problems and queries.
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Financial Services Consulting
We work closely with clients to understand their strategy and benchmark their performance against the very best international standards.
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Financial Services Tax
Grant Thornton Ireland has a team of over 100 tax professionals providing advice to a diverse range of clients in the Financial Services sector.
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FS Business Risk Services
Our FS Business Risk team have real experience of the financial services sector, through working within regulatory bodies or holding leadership positions in Risk, Compliance and Internal Audit functions.
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Grant Thornton Pensioneer Trustees Limited
The Grant Thornton Pensioneer Trustee service can offer business owners, directors and employees the opportunity to manage their own retirement choices with full transparency.
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Pension Audit
The Grant Thornton Pension Audit team has vast experience in managing schemes and preparing annual reports on them for clients.
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Prudential Risk
Our industry leading Prudential Risk team works with clients on a range of areas including regulatory reporting, regulatory authorisations, on-site investigations and data quality assurance.
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Quantitative Risk
Our Quantitative Risk team members bring a wide range of experience with many of them having backgrounds in banking, investment markets, regulation, professional practice, and academia.
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Sustainability desk
We recognise that businesses are operating at different levels of maturity when it comes to sustainability, and pride ourselves on working with our clients to develop bespoke solutions to their needs.
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Financial Accounting and Advisory Services (FAAS)
Our Financial Accounting and Advisory Services (FAAS) team designs and implements creative solutions for organisations expanding into new markets or undertaking functional financial transformations.
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Grant Thornton Financial Counselling
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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Inheritance Planning
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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Company Secretarial
Grant Thornton’s Company Secretarial team contains qualified Company Secretaries. Clients are assured that they will meet all of their obligations under the Companies Acts and other relevant legislation and regulations.
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Corporation Tax
Our Corporation Tax team is made up of more than 40 highly experienced senior partners and directors who work directly with a wide range of domestic, international, and financial services clients. We place a strong emphasis on direct service to clients and we pride ourselves on the close personal relationships we build and the deep understanding of their businesses we develop
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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
The Grant Thornton team is made up of experts who are fully up to date in terms of changing and evolving tax legislation. This is combined with industry expertise and an in-depth knowledge of the evolving financial services regulatory landscape.
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Global Mobility Services
Grant Thornton Ireland offer a different approach to managing global mobility. We have brought together specialists from our tax, global payroll, people and change and financial accounting teams across Ireland and Northern Ireland, while drawing on the knowledge and insights of our global network of over 143 offices of mobility professionals to provide you with a holistic approach to managing global mobility.
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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
The Grant Thornton Tax Advisory team blends commercial experience and knowledge with tax expertise to advise clients on the full range of transactions including sales, mergers, restructurings and succession planning.
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Tax Incentives
Our Tax Incentives team help clients access vital cash funding and tax incentives to enable them to achieve their growth ambition.
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Transfer Pricing
Our Transfer Pricing team has extensive experience across all industries. They can assist clients in overcoming challenges and deliver sector specific, sustainable solutions.
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VAT
Grant Thornton’s team of indirect tax specialists helps a range of clients across a variety of sectors including pharmaceuticals, financial services, construction and property and food to navigate these complexities.
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Real Estate Tax Advisory
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.
Global supply chains have become more sophisticated in recent years. This sophistication is due to supply chains becoming more digitised, adopting operational efficiencies and embarking on a culture towards leaner supply chains, combined with an increased cognisance for the necessary risk mitigation measures to increase overall supply chain security and performance. This can often make the purchase and movement of goods appear to be seamless to customers and consumers. This in turn, has led to a more demanding consumer base and has raised expectations of businesses in terms of delivery costs and lead times.
The reality however is that the globalisation of supply chains, while important for business competitiveness, has always had inherent risks and is susceptible to a greater number of disruptions and challenges. In recent years, there have been challenges to the supply chain industry in areas such as transport, personnel and consumer demands. In the transport sector, costs are increasing due to an older demographic and increasing fuel costs. In addition to this, it is becoming increasingly difficult to attract people into the industry. These factors, amongst others, can place financial and operational constraints on global supply chains. The outbreak of COVID-19 has highlighted these pre-existing fragilities and threatened to undermine the functionality of global supply chains.
This pandemic will undoubtedly act as a catalyst for businesses and organisations to review their current business operations and supply chain model to allow them to become more responsive and adaptable to future issues that pose a similar risk to their organisation’s success. Businesses are now facing new challenges to ensure that key products and materials are manufactured and transported to international customers and consumers. A significant increase in demand for food and pharmaceutical products, amongst others, combined with significant production and transport challenges, has placed further constraints and challenges on the industry.
China’s importance to international trade has also come into sharp focus in recent weeks. China is a primary producer in the technology, textiles, pharmaceutical and automotive sectors, amongst others. For businesses that are sourcing key components from the Chinese market, they may be experiencing significant disruptions to their own production and overall ability to meet consumer demands due to factory closures and delay to the manufacture of products. The Wuhan region in particular is considered a manufacturing hub within China with approximately 500 manufacturing facilities located there and the factory closures that were put in place is likely to have long-term impacts for a variety of industries.
As non-essential businesses such as the textile industry have temporarily shut their stores across the globe, there has been an increase in cancelled orders and laying off staff in textile production. The immediate closure of factories in Wuhan at the beginning of the year had a major impact on clothing retailers around the globe. Wuhan, is a centre for international textile production and is responsible for 37.6% of all global textile exports according to the World Trade Organisation (WTO). An example of the impact that these closures had is evident in the wedding industry. While wedding dress production plays a significant part in the overall textile production in China, a significant volume of materials and fabrics are also sourced from China. In this regard, while factories in Wuhan temporarily halted production, the reliance on China for key materials and fabrics also impacted other countries abilities to continue manufacturing wedding dresses.
While the virus originated in China, the pace at which it has spread across the globe is further impacting transport channels and ultimately the production and movement of goods. The Bangladesh garment sector for example, the second largest garment exporter after China, is at risk of collapsing. Since the introduction of social distancing and further restrictions across their primary markets, Europe and the U.S.A, approximately 4 million workers are at risk of job losses. While the societal impact is drastic, there are also long-term considerations for businesses that may struggle to recover from severe financial losses. The impact this could have on the wider clothing retail sector could change the way in which many businesses do business today.
In Europe, the impact of the spread of the virus is also being heavily felt within the manufacturing industry. Italy, which has been heavily impacted by the outbreak, has also had to limit its manufacturing in response to the virus. Automotive original equipment manufacturer (OEM) Fiat Chrystler, for example, staggered its factory shutdowns across its plants.
While there are many immediate challenges facing organisations, the long-term impact of the pandemic can be shaped by the actions businesses take now.
Map your supply chain:
Undertaking a comprehensive mapping exercise will allow businesses to identify their suppliers at all levels, including their supplier’s suppliers. In doing this, they will have detailed oversight of the key suppliers, logistics providers, transport channels and transport modes being utilised at all stages of their supply chain. In the event that there are further factory closures or knock-on effects and delays, having this detailed overview of their supply chain will allow businesses to make early, informed decisions to ensure their supply chain remains open and functional.
Multi sourcing rather than single sourcing:
For businesses that have historically sourced their key materials and products from one single supplier, they should now consider adapting to a multi-supplier approach. While it may often be simpler and more cost effective at the outset to source from a single supplier, in events and circumstances such as these, it leaves businesses vulnerable and effects their ability to remain competitive. With the potential for further factory closures, delays to lead times and overall supply chain disruption, businesses should consider identifying alternative suppliers in different geographical areas. In doing this, they will mitigate the risk of relying on one supplier within a particular region if a similar event is to occur in the future. It also allows the business to better prepare for the medium-long term impact of the pandemic. As a starting point, businesses should look at their suppliers in higher risk countries at the start of their fight against the outbreak in their region. This will allow businesses to identify if further factory closures or delays on re-opening will impact on future stock levels. In addition to this, it may also provide businesses with an insight into both regional and individual suppliers readiness to react to future issues.
Explore alternative inbound and outbound solutions:
Similar to single sourcing, many businesses use the same transport and logistics provider and utilise only one mode of transport when exporting or importing their products. The medium-long term impact of COVID-19 may require businesses to source components from different suppliers or utilise different modes to continue to service customers and consumers. Businesses should now begin to explore alternative modes of transport and transport providers before the impact is fully realised. This will allow them to act in a timely manner and make decisions when required. While the outbreak of this pandemic may be the catalyst that instigates this review, there are many benefits to undertaking this exercise, including potential operational efficiencies and financial optimisations. It provides organisations with opportunities to build relationships with new suppliers during this time so they have potential for increased options for uncertain times.
Enhance inventory capability:
While many businesses may have reduced their inventory capabilities in recent years in order to move towards a ‘just-in-time’ supply chain model and avoid associated inventory costs, it is unlikely they will have a sufficient level of ‘buffer’ stock to respond effectively to the potential shortages and delays caused by the spread of the virus. Businesses should now begin to assess their inventory and stock requirements to identify if they would have sufficient supplies that would allow them to service their key customers in the event of shortages and delays.
The timing of the outbreak in China coincided with the Chinese New Year, a time in which most organisations increase their inventory demand due to factory closures and reduced transport movements. In addition to this, many Irish organisations undertook stockpiling in preparation for a No Deal Brexit at the end of January. As a result, many will find themselves with additional stock levels to meet the initial customer and consumer demands. Businesses should however undertake detailed reporting of their current stock and inventory levels in order to understand the key risk regarding product shortages or overstocked / slow moving products. This will allow businesses to understand at an early stage where their risks lie and put in place plans to mitigate against these.
The outbreak of this pandemic has caused unprecedented challenges for many businesses operating within the supply chain. While the full impact is still unknown, businesses should take actions now to manage the medium to long-term impacts such as product shortages and outages to allow them to remain competitive in the months ahead. For many businesses, this will be a balancing act between mitigating risk while managing costs and ensuring that customer and consumer demands are met.