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Other audit services
We help clients with the application and use of foreign financial aid of EU and other funds and help prepare financial reports.
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Audit calculator
The calculator will answer if the company's sales revenue, assets or number of employees exceed the limit of an inspection or audit.
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Payroll and related services
We perform payroll accounting for companies whether they employ a few or hundreds of employees.
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Tax accounting
Grant Thornton Baltic's experienced tax specialists support accountants and offer reasonable and practical solutions.
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Reporting
We prepare annual reports in a timely manner. We help to prepare management reports and various mandatory reports.
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Consolidation of financial statements
Our experienced accountants and advisors help you prepare consolidation tables and make the consolidation process more efficient.
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Consultancy and temporary staff
Our experienced specialists advise on more complex accounting transactions, rectify poor historic accounting, and offer the temporary replacement of an accountant.
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Outsourced CFO service
Our CFO service is suitable for companies of all sizes and in all industries. We offer services to our clients in the required amount and competences.
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Assessment of accounting processes
We help companies to implement accounting practices that are in compliance with local and international standards.
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Accounting services for small businesses
We offer affordable service for small businesses. We help organize processes as smartly and cost-effectively as possible.
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Cryptocurrency accounting
We keep up with blockchain technology to serve and advise crypto companies. We are supported by a network of colleagues in 130 countries.
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Trainings and seminars
Our accountants have experience in all matters related to accounting and reporting. We offer our clients professional training according to their needs.
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Business advisory
We offer legal support to both start-ups and expanding companies, making sure that all legal steps are well thought out in detail.
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Fintech advisory
Our specialists advise payment institutions, virtual currency service providers and financial institutions.
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Corporate advisory
We advise on legal, tax and financial matters necessary for better management of the company's legal or organizational structure.
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Transaction advisory
We provide advice in all aspects of the transaction process.
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Legal due diligence
We thoroughly analyze the internal documents, legal relations, and business compliance of the company to be merged or acquired.
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In-house lawyer service
The service is intended for entrepreneurs who are looking for a reliable partner to solve the company's day-to-day legal issues.
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The contact person service
We offer a contact person service to Estonian companies with a board located abroad.
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Training
We organize both public trainings and tailor made trainings ordered by clients on current legal and tax issues.
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Whistleblower channel
At Grant Thornton Baltic, we believe that a well-designed and effective reporting channel is an efficient way of achieving trustworthiness.
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Business model or strategy renewal
In order to be successful, every company, regardless of the size of the organization, must have a clear strategy, ie know where the whole team is heading.
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Marketing and brand strategy; creation and updating of the client management system
We support you in updating your marketing and brand strategy and customer management system, so that you can adapt in this time of rapid changes.
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Coaching and development support
A good organizational culture is like a trump card for a company. We guide you how to collect trump cards!
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Digital services
Today, the question is not whether to digitize, but how to do it. We help you develop and implement smart digital solutions.
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Sales organisation development
Our mission is to improve our customers' business results by choosing the right focuses and providing a clear and systematic path to a solution.
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Business plan development
A good business plan is a guide and management tool for an entrepreneur, a source of information for financial institutions and potential investors to make financial decisions.
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Due diligence
We perform due diligence so that investors can get a thorough overview of the company before the planned purchase transaction.
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Mergers and acquisitions
We provide advice in all aspects of the transaction process.
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Valuation services
We estimate the company's market value, asset value and other asset groups based on internationally accepted methodology.
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Forensic expert services
Our experienced, nationally recognized forensic experts provide assessments in the economic and financial field.
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Business plans and financial forecasts
The lack of planning and control of cash resources is the reason often given for the failure of many businesses. We help you prepare proper forecasts to reduce business risks.
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Outsourced CFO service
Our CFO service is suitable for companies of all sizes and in all industries. We offer services to our clients in the required amount and competences.
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Reorganization
Our experienced reorganizers offer ways to overcome the company's economic difficulties and restore liquidity in order to manage sustainably in the future.
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Restructuring and reorganisation
We offer individual complete solutions for reorganizing the structure of companies.
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Corporate taxation
We advise on all matters related to corporate taxation.
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Value added tax and other indirect taxes
We have extensive knowledge in the field of VAT, excise duties and customs, both on the national and international level.
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International taxation
We advise on foreign tax systems and international tax regulations, including the requirements of cross-border reporting.
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Transfer pricing
We help plan and document all aspects of a company's transfer pricing strategy.
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Taxation of transactions
We plan the tax consequences of a company's acquisition, transfer, refinancing, restructuring, and listing of bonds or shares.
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Taxation of employees in cross-border operations
An employee of an Estonian company abroad and an employee of a foreign company in Estonia - we advise on tax rules.
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Tax risk audit
We perform a risk audit that helps diagnose and limit tax risks and optimize tax obligations.
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Representing the client in Tax Board
We prevent tax problems and ensure smooth communication with the Tax and Customs Board.
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Taxation of private individuals
We advise individuals on personal income taxation issues and, represent the client in communication with the Tax and Customs Board.
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Pan-Baltic tax system comparison
Our tax specialists have prepared a comparison of the tax systems of the Baltic countries regarding the taxation of companies and individuals.
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Recruitment services – personnel search
We help fill positions in your company with competent and dedicated employees who help realize the company's strategic goals.
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Recruitment support services
Support services help to determine whether the candidates match the company's expectations. The most used support services are candidate testing and evaluation.
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Implementation of human resource management processes
We either assume a full control of the launch of processes related to HR management, or we are a supportive advisory partner for the HR manager.
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Audit of HR management processes
We map the HR management processes and provide an overview of how to assess the health of the organization from the HR management perspective.
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HR Documentation and Operating Model Advisory Services work
We support companies in setting up HR documentation and operational processes with a necessary quality.
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Employee Surveys
We help to carry out goal-oriented and high-quality employee surveys. We analyse the results, make reports, and draw conclusions.
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HR Management outsourcing
We offer both temporary and permanent/long-term HR manager services to companies.
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Internal audit
We assist you in performing the internal audit function, performing internal audits and advisory work, evaluating governance, and conducting training.
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Internal Audit in the Financial Services Sector
We provide internal audit services to financial sector companies. We can support the creation of an internal audit function already when applying for a sectoral activity license.
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Audit of projects
We conduct audits of projects that have received European Union funds, state aid, foreign aid, or other grants.
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Prevention of money laundering
We help to prepare a money laundering risk assessment and efficient anti-money laundering procedures, conduct internal audits and training.
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Risk assessment and risk management
We advise you on conducting a risk assessment and setting up a risk management system.
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Custom tasks
At the request of the client, we perform audits, inspections and analyzes with a specific purpose and scope.
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External Quality Assessment of the Internal Audit Activity
We conduct an external evaluation of the quality of the internal audit or provide independent assurance on the self-assessment.
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Whistleblowing and reporting misconduct
We can help build the whistleblowing system, from implementation, internal repairs and staff training to the creation of a reporting channel and case management.
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Sustainability advisory
We help solve issues related to the environment, social capital, employees, business model and good management practices.
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Sustainability audit
Our auditors review and certify sustainability reports in accordance with international standards.
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Sustainable finance
We help investors to analyze the environmental issues, social responsibility and good management practices of the company of interest.
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Sustainable tax
Our international tax specialists define the concept of sustainable tax behavior and provide services related to sustainable tax behavior.
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Digital strategy
We help assess the digital maturity of your organization, create a strategy that matches your needs and capabilities, and develop key metrics.
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Intelligent automation
We aid you in determining your business’ needs and opportunities, as well as model the business processes to provide the best user experience and efficiency.
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Business Intelligence
Our team of experienced business analysts will help you get a grip on your data by mapping and structuring all the data available.
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Cybersecurity
A proactive cyber strategy delivers you peace of mind, allowing you to focus on realising your company’s growth potential.
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Innovation as a Service
On average, one in four projects fails and one in two needs changes. We help manage the innovation of your company's digital solutions!
Running a business in the most profitable manner possible takes smart decisions. Data – and including data in the decision-making process – are an inseparable part of this, panellists on the Äripäev radio programme “Kasvukursil” said.
“To manage activities and expenses, budgets are usually quite detailed so that expenses could be divided among different activities and products. In addition, managerial accounting with data for specific business areas are brought to executives to allow them to make as informed a decision as possible,” said accounting expert Kaido Vetevoog regarding budgeting.
Vetevoog said the most important thing when it comes to preparing a budget is that forecasts should be realistic. That is also important for making promises to customers. “It is natural for customers to want to get everything quickly and cheaply and in a competitive situation it’s natural to want to make expansive promises. But of course, customers also care about promises being kept,” he said. Data-based decision-making helps to avoid making false promises.
Grant Thornton Baltic’s IT solutions expert Vladimir Rüntü said that the decision-making process often requires comprehensive data sets and a bigger picture. To assemble the bigger picture, data on the company should be gathered and stored in a common data warehouse separately from various apps and programs. “Once the data are in one place, they can be used to rapidly generate connections, at the necessary level of detail, since data in warehouses is generally also systematized.”
Helps stay competitive
Replacing intuition with data-based decision-making also helps companies stay competitive. For example, smart decisions have to be made in a situation where the input prices of production increase for a company. “Often a company will have to decide whether to optimize quantities or find cheaper input. The company has to respond to the change immediately because that is the only way to still make the result forecasted for the year,” said Vetevoog.
Another example: analytics also provides a tip-off when a customer is about to leave a company. “Then the customer can be called and asked about the reasons for leaving, what is wrong with the service and why they aren’t satisfied,” said Rüntü. “Data analysis also helps identify loss-making clients that should be allowed to leave.”
The data can also be used to determine the efficiency of the employees and machinery. “For example, how much work a given person or machine did,” said Vetevoog. “Then it can be decided whether any machines require additional maintenance,” he said.
Analytics should also be efficient
In parallel, data analysis should be kept from becoming too energy intensive. “If most of an analyst’s time is spent entering data with no time left over for analysis, it is time to change something for the better,” said Rüntü. Rüntü said that at some point, the volume of data makes number-crunching too complex for an ordinary productivity software like Excel; in such a case, alternative analytics software should be considered.
Rüntü mentioned Microsoft’s Power Bid as an alternative, also Qlikview, which allows data to be visualized better. It is also important to automate data analysis as much as possible. “That cancels out the human factor and risk of human error. Data flow becomes more stable and structured,” explained Rüntu.
Organized data make decision-making faster, Vetevoog points out. “Every morning, data can be emailed to management so that they see how the previous day went,” points out the expert. “Information can be managed and any discrepancies can be given immediate attention.”
The average expense of professional analytics for a company is about 100 euros per one user per month. “But needs can vary in different periods and based on that, service plans can be changed to make the expense more reasonable,” said Vetevoog.
A role model for government
With enough data, Vetevoog notes, activity-based budgeting can be used. “The principle is simple. You look at the costs and see what income can be derived from them,” explained Vetevoog. “Expenses are distributed among various initiatives and programmes and later you evaluate whether something is reasonable or not, i.e. whether the hoped-for result was achieved.”
The government has also been using activity-based budgeting since last year. “Ideally it should help the government decide what is reasonable for the state to do itself and what it should outsource to the private sector,” said Vetevoog. “Unfortunately, it is not quite there yet and the practical output leaves something to be desired.” Rüntü noted that given the sizeable volume of data used in the state budget, here, too, the emphasis should be on solutions that allow to communicate them to MPs in electronic form. “It isn’t complicated and it could be done on a sector-by-sector basis, separating education, national defence, and also fields related to state secrets,” concluded the expert.
If you have similar challenges and questions, please contact our specialists.