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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 and Deal Advisory
We offer a dedicated team of experienced individuals with a focus on successfully executing transactions for corporates and financial institutions. We offer an integrated approach, with our corporate finance specialists working seamlessly with tax and other specialists to ensure that every angle is covered.
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Economic Advisory
Our all-island Economics Advisory team combines expertise in economics and business with a wealth of experience across the public and private sectors.
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Forensic Accounting
We have a different way of doing business by delivering real insight through a combination of technical rigour, commercial experience and intuitive judgment. We take pride in delivering responsive and tailored solutions to all our clients, capitalising on the wealth of experience housed within our Belfast and wider Forensics team
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People and Change Consulting
The Grant Thornton People & Change Consulting practice works with clients on these issues as well as on all aspects of how they attract, retain, engage develop, deploy and lead their people.
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Restructuring
We work with a wide variety of clients and stakeholders such as high street banks, private equity funds, directors, government agencies and creditors to implement solutions which provide the best possible outcomes.
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Technology Consulting
Motivating and assisting our clients to pursue, maintain and secure the benefits of digital solutions is at the core of our Digital Transformation teams' agenda and goals. We work with business leaders to deliver efficient digital strategies and operating models that provide new or enhanced capabilities.
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Corporate and International Tax
Northern Ireland businesses face further challenges as they operate in the only part of the UK that has a land border with a country offering a lower tax rate.
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Employer Solutions
Our team specialises in remuneration and incentive planning and works closely with employers, shareholders and employees to ensure that business strategies are aligned and goals achieved in the most tax efficient, cost-effective manner.
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Entrepreneur and Private Client Taxes
Our team of experienced advisors are on hand to guide you through any decision or transaction ranging from the establishment of new business ventures, to realising value on exit, to succession planning and providing for loved ones.
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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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Outsourced Payroll
Our outsourced service provides valued service to over 150 separate PAYE schemes. These ranging from 1 to 1000 employees, working for micro, SME and global employers. The service is supported by the integrated network of tax and global mobility teams and the wider Grant Thornton network delivering a seamless service. Experienced staff deliver a personal service built around your business needs.
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Tax Disputes and Investigations
Our Tax Disputes and Investigation team is made up of tax experts and former HMRC investigators who have years of experience in dealing with a variety of tax investigations. Our expertise and insight can guide you through all interactions, keeping your cost at a minimum while allowing you to continue with the day to day running of your business.
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VAT and Indirect Taxes
At Grant Thornton (NI) LLP, our team helps Northern Ireland businesses manage their UK and global indirect tax risks which, as transactional taxes, can quickly become big liabilities.
Strong financial management for charities
30 Aug 2016Strong financial management is at the heart of every successful organisation. For some straight forward companies it is a simple process; for others, particularly those with long term business, project cycles or complex activities, it can be difficult and challenging.
For charities and not for profit organisations the financial management process is often just different.
Ultimately financial management is about making the sound financial decisions that enable an organisation to make the best use of its resources and to achieve its objectives. For trading businesses the key measure of success will often be long term profitability and value.
For charities and not for profit organisations, the financial management must facilitate the achievement of long term outcomes for its beneficiaries, which is inherently harder to predict and to measure.
Responsibility for good financial management is not limited to the charity’s finance team. The board and trustees are ultimately responsible for transparency, accountability and stewardship of all financial matters and they must understand and review the financial information prepared and presented. Not for profit boards ought to therefore consider applying an adapted approach to key financial management tools of planning, reporting and controls.
Planning and budgeting: Strong budgeting is key for developing financial management capacity. Preparing a budget for the forthcoming year(s) will assist management in understanding how they will achieve the outcomes, determining their priorities and estimating the cost of achieving them. It is vital that the charity’s progress is compared with the original budget as the year progresses and action taken as required for example, to decrease spending or increase fundraising efforts.
Accounting, record keeping and financial reporting:, The Charities (Accounts and Reports) Regulations, which came into effect on 1 January 2016, require registered charities in Northern Ireland to complete compulsory annual reporting. At this stage charity boards ought to be aware of the legal requirements now in place whilst preparing their financial statements and annual report, which may include having these documents audited or independently examined.
However, maintaining even the increased level of statutory information is unlikely to be adequate for managing an organisation and making informed decisions. As the charity grows, more qualitative and quantitative management information will be required to help it manage its activities more effectively. Charities will need to consider how to develop key performance indicators that connect the financial data with the achievement of outcomes, which will often not have a financial measure.
Financial controls: Financial management is not only about understanding the financial information and using this accordingly, it is also about ensuring that the right policies and procedures are in place. Without adequate financial controls, the information produced may not be accurate, and may pose a risk to the security of the assets within the organisation. The charity may also be exposed to the possibility of errors or theft. Professional accountants can advise on what systems are needed and suggest ways of implementing them.
Charity trustees would be well-served to remember a warning by Benjamin Franklin: “Beware of little expenses; a small leak will sink a great ship”.