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Grant Thornton offers solutions to the digital risk issues you are sure to face. Our skilled and experienced security team can helping by advising and consulting, giving you peace of mind, clear value for money and an enhanced ability to react to attacks.
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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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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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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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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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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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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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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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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.
The emergence of Crowdfunding as an alternative source of raising finance
12 Dec 2017Traditionally when management teams in charge of private companies required additional financing, they would have turned to banks, private equity or venture capital funders. More recently however, we have seen the landscape beginning to shift towards an alternative source of financing in the shape of crowdfunding.
In simple terms, crowdfunding allows ‘Creators’ to set out a proposal, concept or product brief together with a funding target and deadline. 'Backers' can then make a donation in return for ‘rewards’. Rewards can include the new product that is being developed, gifts or another form of financial reward. If the funding target is met, usually within a 30 day deadline, the funds are transferred to the company and the round of funding is complete.
There are a number of examples of successful crowdfunding raises in Northern Ireland. See.Sense, the Newtownards based cycling technology company, raised over £180,000 within one month via crowdfunding platform KickStarter. After only three years of business it has grown steadily and now supplies products to more than 50 countries around the world. Brewbot, a Belfast beer brewing technology firm, raised over £114,000 within one month via Kickstarter. However, following a period of difficult trading the company has since entered into an arrangement with its creditors.
For owners of SMEs it is important to weigh up both the advantages and disadvantages associated with crowdfunding. The major advantage that crowdfunding provides is the ability of companies to connect directly with ‘Backers’, allowing SMEs to finance themselves from diverse sources. It is also a fast and cost efficient way of raising finance and tends to attract the increased public exposure that accompanies a successful crowdfunding campaign.
The disadvantages must also be considered, however, and it must be remembered that unlike bank funding, crowdfunding is not protected by the Financial Services Compensation Scheme (FSCS). There is also a risk that funds promised by investors may never actually be paid over or the crowdfunding platform may be slow to process payments. Companies must also be wary that unprotected intellectual rights may be copied.
Crowdfunding is becoming recognised as an alternative source of raising finance for SMEs with an 8% rise in crowdfunded deals in Northern Ireland in 2016, taking the total level of investment to £27m over 14 deals. As the business environment continues to evolve, and as technology changes how we do business, owners and management teams should consider the new and alternative funding options that are available to them, and which option is best suited to the needs of their business.