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.
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.
The consequences of rapid growth
Not only did your business survive the pandemic, but it grew – perhaps faster than ever before. It may seem like it has grown too fast, placing undue burdens on you and your team. Rapid growth can lead to a number of challenges for businesses as systems and resources that were adequate to meet a lower level of demand are stretched thin, and supply chains are at the top of the list of business growing pains.
To ensure that you’re managing recent growth and can maintain this pace of business going forward, it may be necessary to evaluate your supply chain and make changes that will reduce your burden today and ensure a smoother path to continued future growth.
Assessing my supply chain: Where should I focus?
The first step is to review your supply chain and how you manage it. Identify areas that are causing problems now, or that you feel are at risk of becoming a problem in the future.
Those problems and risks can include external factors such as critical supplies that are prone to delay, quality control failures or vendor relationship challenges. They could also involve storage, access, processing and shipping challenges once the supplies are within your system. You might also flag nodes of your supply chain that are at risk from , tariffs and taxes. While you are making your assessment, also take note of what is working well – areas where the supplies and your management of them are robust and efficient.
Armed with a clear view of your supply chain’s strengths and weaknesses, you can now consider what changes you should prioritize, including:
- Finding alternative sources,
- Adapting your supply chain management system,
- Looking for new ways to be efficient,
- Leveraging digital technology, and
- Promoting workforce training and adaptability.
Explore alternative sources
Demand growth can put a strain on your access to essential supplies while increasing the stakes if there are any delays, delivery shortfalls or problems with quality. Rapid increases in demand for certain products during the pandemic continue to highlight the fragility or lack of scalability in some business’ supply chains. Meanwhile, beyond the pressures of the pandemic, other risks have emerged as supply chains grow more complex, including barriers created by trade disputes, shipping bottlenecks and other factors outside of your control.
Seeking and identifying alternative suppliers can help you meet your increased demand while reducing the risk of not having access to your critical materials when you need them. The solution or solutions you identify will depend on your unique circumstances, but you may have options to:
- Improve scalability by finding multiple suppliers that can help you meet your rising demand – and that reduce the risk of a single point of failure for your critical supplies.
- Reduce the distance supplies need to travel and/or borders they need to cross through finding suppliers closer to you.
- Identify suppliers with better quality control and transparency into their own operations to reduce quality risks.
Adapt your supply chain management system to your new volume of business
You may have discovered that the internal processes that have served your business well enough in the past are stressed to the breaking point by your recent growth. If your supply chain management system is not designed to accommodate the greater demand your business is experiencing, it is probably time to adapt that system – or replace it with a new one that is better suited to your current needs.
Start by identifying any internal processes that are creating strain and look for ways to make them replace overly complex elements with more streamlined ones or redesign them completely to fit your new operating environment. For example, if your processes are still largely manual and paper-based, you might be able to take advantage of newer digital systems that can automate – or eliminate entirely – certain tasks.
Look for new ways to be efficient
While the higher demand for your products and services might be putting new pressures on your supply chain, it also means there may be opportunities to find new efficiencies and cost savings as the volume of supplies you are ordering increases.
As always, your business’ specific needs will determine where the greatest efficiencies can be found, but some good places to consider are:
- Look for discounts associated with the higher volumes.
- Look for ways to bundle your orders that might provide discounts on supply and/or shipping costs.
- Redesign your internal processes to manage higher volumes with less cost or effort per unit.
- Explore options for digitization and automation and how they might save you time and money.
Modernize your systems through digitization
If your business is using a more manual supply chain management system, you may be investing an increasing number of hours – and costs – into making it work. Leveraging digital tools or moving to an online supply management system may alleviate your growing pains, while also offering new opportunities to power future growth.
Many supply chain administration functions can be digitized, automated and moved online to increase speed, stability and security. Streamlining tasks you may do through separate channels now, such as ordering, shipment tracking, customs, payment and more, can make your supply chain management more efficient, cost effective and secure.
Digital supply chain management tools can also be used to make continuous improvements to your procurement operations as well as other aspects of your business. Data that these systems capture in real time can be analysed to help you look for new efficiencies, identify business trends and spot new growth opportunities sooner. Additionally, it can help customize and tailor products and services to better fit with customer needs and help generate innovation.
Ensure your workforce is adaptable and well trained
Additionally, while this may be a longer-term recommendation, consider adaptability when making workforce decisions in order to maximize your return on investment in any future operational shifts you may wish to make.
Support for efforts to train, up-skill or re-train your employees may be available. For example, you may be eligible for a number of provincial and federal incentives and grants that include workforce training.
Have questions? Let us help.
Contemplating changes to your supply chain can seem daunting—but you aren’t alone. We understand the issues that affect your business and will work with you to find the best way forward. Whether you're wrestling with supplier issues, adapting internal supply management or leveraging technology, our advisors are in your corner.
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