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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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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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Information security management
We provide you with an information security management service that will optimise resources, give you an overview of the security situation and ensure compliance with the legislation and standards.
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Information security roadmap
We analyse your organisation to understand which standards or regulations apply to your activities, identify any gaps and make proposals to fix them.
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Internal audit of information security
Our specialists help detect and correct information security deficiencies by verifying an organization's compliance with legislation and standards.
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Third party management
Our specialists help reduce the risks associated with using services provided by third parties.
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Information security training
We offer various training and awareness building programmes to ensure that all parties are well aware of the information security requirements, their responsibilities when choosing a service provider and their potential risks.
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ESG advisory
We help solve issues related to the environment, social capital, employees, business model and good management practices.
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ESG audit
Our auditors review and certify sustainability reports in line with international standards.
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Sustainable investments
We help investors conduct analysis of companies they’re interested in, examining environmental topics, corporate social responsibility and good governance practices.
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Sustainable tax behaviour
Our international taxation specialists define the concept of sustainable tax behaviour and offer services for sustainable tax practices.
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ESG manager service
Your company doesn’t necessarily need an in-house ESG manager. This role can also be outsourced as a service.
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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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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!
Author: Anastasia Borovaja
In the business world, success comes from focusing on your field and working your way to the top. But that takes time and dedication. So if you are just going into business or expanding, it is wise to think about what sorts of support services are worth outsourcing – what happens if your accountant or computer person is not sitting in the next room but works for an external service provider?
There is no universal formula for when it is worth outsourcing accounting, IT service, HR, financial management, marketing and the like and when to hire people yourself. So first one should ask why some services can be considered outsourcing candidates and what the intended result is: is the goal to rid oneself of an undesired chore or something one does not have the skills to do, or is the main goal to hedge risks? The size of the company does not play a particular role here; what is important is that companies need different services at different stages in their life cycle and the volumes needed vary as well.
Cost-effectiveness, but not only
For example, if you do not have full-time work to give your accountant or lawyer, it is more reasonable to outsource these positions, as it is more cost-effective. If the amount of work increases, then you can consider whether to continue with your service provider or hire your own staff member. And if you opt for hiring, will you hire a chief financial officer or outsource basic services, or the opposite – the service provider provides competent financial management service while the company’s own staff handles the more elementary work such as data entry.
When weighing the merits of ‘do it yourself’ versus outsourcing, it is certainly worth thinking about hedging risks – if the company employs a top specialist such a chief accountant or head of IT who leaves for some reason, it is hard to replace that person. Service providers on the other hand have the duty to ensure faultless operation of service even if there are personnel changes at a company. Hedging risks also means the sense of assurance that all jobs – tax returns and employment contracts, for instance – are handled correctly, and this is even more important than cost effectiveness.
Transferwise’s chief accountant Andrei Klevtsov says that mitigating risks is sometimes the main factor that leads a company to opt for outsourcing a service. This is understandable, because Transferwise, which operates on four continents, has to know the particularities of each of their markets. “It’s hard to find people with the right competencies, as we don’t know the conditions on the ground and don’t know what knowledge and skills are needed. If we buy service from a well-known consultancy, we’re buying quality and assurance that everything necessary has been done the right way,” says Klevtsov.
Transferwise outsources specific services
In its business strategy, Transferwise follows the policy of handling key areas itself and outsourcing services that are not very high risk but which require specific knowledge about local conditions in a county. “We have a centralised financial department that handles global issues: general financial management, group accounting, financial control. We outsource services that require specific knowledge about the local market: for instance, payroll and tax advisory services – and this goes for our biggest markets – the UK, US and Estonia. We have some other regions where we outsource all financial services,” Klevtsov adds.
He says that for a company operating in many countries, it is vital to outsource certain services, because it is not possible to hire one person who knows how to do payroll according to the rules in Australia, Singapore, UK and Estonia. “It’s a question of competency and effectiveness: can I hire a person who knows how to do this work and who I have enough work for, so they don’t have to sit idle,” Klevtsov sums up.
What to ask service providers?
When comparing different service providers, price is naturally an asking point. I recommend looking beyond the numbers and asking what you will get for that money? What exactly does the accounting or payroll service include? Today an accountant is not just a bookkeeper who arranges numbers but a consultant who can give a company valuable advice on the basis of those figures. It is also worth asking the service provider how continuity of service is guaranteed if the person who handles your company’s account takes ill or leaves their position? How is knowledge transferred from one person to another? It would also be good to know what the internal quality control procedures are.
In addition to the work process and quality, human relationships are important. One should set out one’s expectations as to the person who will start handling your company’s accounts. Yes, it is clear they have to be a good specialist, but personality traits also count. Grant Thornton Baltic has clients who want the service provider to be a very open communicator, cheerful with a good sense of humour. There are also clients who do not care about the softer values. But certainly there has to be good compatibility between people, because being on the same wavelength is important if things are going to succeed. If cooperation is not working at the interpersonal level, this should be discussed; then the service provider can find another specialist to take over working with you.
And thus it can be said that companies based their choice on arguments like efficiency, cost optimisation and minimising risks, achieving a good personal rapport is at least as important. Business – it comes down to relations. That is especially the case in the services sector.