Financial reporting and accounting advisory services
You trust your external auditor to deliver not only a high-quality, independent audit of your financial statements but to provide a range of support, including assessing material risks, evaluating internal controls and raising awareness around new and amended accounting standards.
Accounting Standards for Private Enterprises
Get the clear financial picture you need with the accounting standards team at Grant Thornton LLP. Our experts have extensive experience with private enterprises of all sizes in all industries, an in-depth knowledge of today’s accounting standards, and are directly involved in the standard-setting process.
International Financial Reporting Standards
Whether you are already using IFRS or considering a transition to this global framework, Grant Thornton LLP’s accounting standards team is here to help.
Accounting Standards for Not-for-Profit Organizations
From small, community organizations to large, national charities, you can count on Grant Thornton LLP’s accounting standards team for in-depth knowledge and trusted advice.
Public Sector Accounting Standards
Working for a public-sector organization comes with a unique set of requirements for accounting and financial reporting. Grant Thornton LLP’s accounting standards team has the practical, public-sector experience and in-depth knowledge you need.
Tax planning and compliance
Whether you are a private or public organization, your goal is to manage the critical aspects of tax compliance, and achieve the most effective results. At Grant Thornton, we focus on delivering relevant advice, and providing an integrated planning approach to help you fulfill compliance obligations.
Research & development, government incentives
Are you developing innovative processes or products, undertaking experimentation or solving technological problems? If so, you may qualify to claim SR&ED tax credits. This Canadian federal government initiative is designed to encourage and support innovation in Canada. Our R&D professionals are a highly-trained, diverse team of practitioners that are engineers, scientists and specialized accountants.
Keeping track of changes and developments in GST/HST, Quebec sales tax and other provincial sales taxes across Canada, can be a full-time job. The consequences for failing to adequately manage your organization’s sales tax obligations can be significant - from assessments, to forgone recoveries and cash flow implications, to customer or reputational risk.
Global mobility services
In today’s competitive and global marketplace, your employee mobility strategy is a critical factor for success. International opportunities are key to attracting top talent and instilling a global mindset across your organization. Your people truly are your most valuable asset, and as your expatriate workforce continues to grow, a seamless global mobility program is essential to achieving your overall business goals.
US corporate tax
The United States has a very complex and regulated tax environment, that may undergo significant changes. Cross-border tax issues could become even more challenging for Canadian businesses looking for growth and prosperity in the biggest economy in the world.
US personal tax
Whether your business is only beginning to sell to US customers, or US customers represent the core of your business, anticipating and dealing knowledgeably with the US tax environment is critical to your bottom line. Our full-service US corporate tax group can help in all tax aspects of doing business in the US. Given high US corporate tax rates, don't be surprised by a US tax liability only to find out that there were planning opportunities available to reduce it.
While there is great opportunity for businesses looking to expand globally, organizations are under increasing tax scrutiny. Regardless of your company’s size and level of international involvement—whether you’re working abroad, investing, buying and selling, borrowing or manufacturing—doing business beyond Canada’s borders comes with its fair share of tax risks.
Transfer pricing is a complex area of corporate taxation that is concerned with the intra-group pricing of goods, services, intangibles, and financial instruments. Transfer pricing has become a critical governance issue for companies, tax authorities and policy makers, and represents a principal risk area for multinationals.
Succession & estate planning
Like many private business owners today, you’ve spent your career building and running your business successfully. Now you’re faced with deciding on a successor—a successor who may or may not want your direct involvement and share your vision.
Tax Reporting & Advisory
The financial and tax reporting obligations of public markets and global tax authorities take significant resources and investment to manage. This requires calculating global tax provision estimates under US GAAP, IFRS, and other frameworks, and reconciling this reporting with tax compliance obligations.
Our transactions group takes a client-centric, integrated approach, focused on helping you make and implement the best financial strategies. We offer meaningful, actionable and holistic advice to allow you to create value, manage risks and seize opportunities. It’s what we do best: help great organizations like yours grow and thrive.
We bring a wide range of services to both individuals and businesses – including shareholders, executives, directors, lenders, creditors and other advisors who are dealing with a corporation experiencing financial challenges.
Market-driven expertise in investigation, dispute resolution and digital forensics
Viruses. Phishing. Malware infections. Malpractice by employees. Espionage. Data ransom and theft. Fraud. Cybercrime is now a leading risk to all businesses.
Running a business is challenging and you need advice you can rely on at anytime you need it. Our team dives deep into your issues, looking holistically at your organization to understand your people, processes, and systems needs at the root of your pain points. The intersection of these three things is critical to develop the solutions you need today.
Updates for creditors, limited partners, investors and shareholders.
Builders And Developers
Every real estate project starts with a vision. We help builders and developers solidify that vision, transform it into reality, and create value.
Rental Property Owners And Occupiers
In today’s economic climate, it’s more important than ever to have a strong advisory partner on your side.
Real Estate Service Providers
Your company plays a key role in the success of landlords, investors and owners, but who is doing the same for you?
There’s no business quite like mining. It’s volatile, risky and complex – but the potential pay-off is huge. You’re not afraid of a challenge: the key is finding the right balance between risk and reward. Whether you’re a junior prospector, a senior producer, or somewhere in between, we’ll work with you to explore, discover and extract value at every stage of the mining process.
Oil & gas
The oil and gas industry is facing many complex challenges, beyond the price of oil. These include environmental issues, access to markets, growing competition from alternative energy sources and international markets, and a rapidly changing regulatory landscape, to name but a few.
To say the pace of business has accelerated in recent years is quite an understatement. As cloud technologies, mobile devices, robotic process automation and artificial intelligence (AI) permeate virtually every market, longstanding businesses and industries—from automotive to real estate—are seeing new opportunities and challenges emerge at exponentially faster rates. And it’s becoming increasingly difficult to respond in stride.
While it’s true we now have faster access to information, we’re also drowning in it. Traditional organizational structures and processes simply aren’t designed to keep pace with the technology-driven economy of the future—and as a result, more organizations are finding it difficult to make sense of, and swiftly act upon, all the data at our fingertips.
To thrive in this new era, businesses have to adapt—and that means finding new ways to enhance organizational agility. Earlier this year, Grant Thornton sat down with senior executives from public companies to talk about what it takes to become an agile organization in the 21st century—and how organizations can use agility to mitigate potential risks and seize new opportunities.
The conversation focused on how factors like organizational culture, an understanding of customer needs and embracing unique ways to use technology play into the notion of agility—and how businesses can strengthen their existing structures in these areas to move forward in the face of change.
Crafting a culture of change
Virtually every member of our panel agreed that organizational agility—and the ability to embrace change rather than fear it—starts with a shift in culture. A change of this proportion requires courage—and a willingness to invest heavily in people as well as new technologies, tools and processes, all without immediate payoff. In short, it requires leaders with an agile mindset—and an ability to set the right organizational tone.
These types of leaders are not only willing and able to accept that change is perpetual, but can also anticipate it and roll with the punches when it occurs. They’re constantly on top of changing economic factors—and attempt to predict how these shifts may affect their supply chains, customers and competitors.
While they inarguably set the tone for their organizations, they don’t support a traditional top-down leadership structure. Rather, they participate in a shared model of leadership—one that focuses on empowering others, investing in new technology or implementing new processes. Lastly, they’re not afraid of disrupting themselves—they’re willing to do away with old processes, business models or products in the name of moving the business forward. Often, this means mastering the art of “failing fast”—if a new experiment doesn’t work, an agile leader can pivot swiftly into something that does.
Agile leaders also strive to hire and develop agile employees—those who possess an open mindset and a willingness to adapt in the face of change. Successful agile organizations are structured to react quickly to changes in their environment, so they often rely on teamwork. In this context, teams frequently work on group projects—to develop products or services, for instance—where the goals are short-term and members work toward them in “sprints”. Because of this, agile workers must be both self-driven and able to work collaboratively.
Taking the technological leap
Given the rapid pace of technological advancements in recent years—and the fact that this pace is only expected to accelerate—our roundtable participants all agreed that if your organization is striving to become more agile, you can’t afford to fall behind on the technology front. That means investing in appropriate tools and platforms now, and building future technology investments into your business plan. You may also want to anticipate how technology may change existing jobs within your organization and determine what training and educational opportunities will be needed to modernize the skillsets of your existing workforce.
This doesn’t mean investing in technology for technology’s sake. Every investment should contribute to moving your business forward—and allow you to be more flexible in the future. One prime example is investing in technology that helps make existing data more accessible. In this context, it might make sense to explore the value-added benefits of specific emerging technologies—such as robotic process automation. Today’s “software robots”—or “bots”—can not only perform simple data entry tasks, but they can also gather information, analyze it and produce reports that put that information into a business context.
While such investments will inevitably cost time and money, it’s important to remember that they don’t need to be implemented all at once. That said, you should have a technology strategy in place, and leverage whatever resources are available now to develop a solid foundation that will help you adapt to technological advancements more swiftly in the future.
Get to know your customer better
With an agile culture and the right technology in place, it will be easier to identify and efficiently address your customers’ needs. For example, once you understand what your customers do, how they make money, what they need to make money—and ultimately what they want to buy—you can tweak existing products and services, or establish new ones, to address those needs. Additionally, the right technology will make it easier toidentify changing customer behaviours, while an agile culture will allow you to rapidly respond.
This customer-centric approach is where the benefits of agility really come into play. In the future, the elements that define a “market leader” will be quite different from today. As technology and data become more accessible, the bar for the best customer experience will rise. Those companies that are most in-tune with their customers’ needs—and agile enough to respond to them quickly—will ultimately become leaders in their fields.
Given the pace at which the world is evolving, it’s clear that agility isn’t a luxury—it’s a business imperative. To thrive in the years to come, it’s essential to put plans in place now to create a more agile organizational culture, attract agile minds and invest in technology that will allow you to identify and respond to shifting customer needs. By doing so, you’ll not only be able to anticipate potential opportunities and risks ahead of your competitors, but you’ll be prepared to swiftly address them—and launch your business to new heights in the process.