- Corporate accounting and outsourcing
- Why businesses should consider outsourcing
We take over all or some of accounting routines enabling the clients to concentrate on their core business.
Our internal processes are highly efficient: we guarantee that the service will always be rendered with no disruption at the high-quality level, and that the client’s data will be backed-up regularly.
We can cover all the activities, which a financial department is usually dealing with: bookkeeping, accounting, statutory and management reporting, tax compliance, payroll, HR administration and other consultations related to accounting. We also provide value-added servicesregarding the optimisation of accounting systems and processes and implementation of accounting software programs. We aim at providing our clients with the highest possible flexibility regarding the allocation of accounting tasks between their in-house staff and outsourced Grant Thornton Baltic specialists.
Believing that the quality of advice is best assured by fully understanding the principal business drivers of the companies we provide our services to, we seek to establish long-term relationships with our clients – to be a reliable partner in client’s day-to-day management and strategic decision-making delivering accounting and reporting solutions, drafting necessary documents, uncovering potential opportunities or risks and driving the business to innovation and optimization. When trusted with delicate business ideas or commercial projects, we make available our key insights and experience to tailor best solutions to client’s efforts. Our mission is to effectively contribute to the growth of the companies we are trusted to advise.
On different stages of the company development, various services can be required as specified below.
After a company is established, it is essential to build an appropriate accounting and reporting system, which corresponds with the company’s field of operations, size and future development ambitions. Accounting and reporting shall not be considered in isolation from the company as a whole, but rather should be regarded as a vital component of the overall company’s organization. Our accountants will be glad to assist the client in designing and implementing the suitable accounting and reporting methodology and to take responsibility forall the accounting, payroll and tax compliance matters throughout the year. Also, we have the necessary experience and skills to support the companies in establishing their management accounting, budgeting, cost allocation, cash flow and investment planning, etc. With the help of Grant Thornton Baltic’ tax and legal departments, we handle the following tasks required during start-ups: e.g., company registration, tax payer’s registration, business address registration, administration of personnel-related documentation and other.
On the early stages of the company’s development outsourcing of the accounting function not only provides useful insights into optimising the financial/accounting systems and allows having smooth processes with no interruptions, but also helps to lower expenses. As a rule, outsourced accounting is cheaper compared to an in-house solution because under outsourcing conditions a better correlation between the time spent on accounting tasks and their cost is achieved.
If a client has some in-house accounting personnel and no full-cycle outsourced accounting service is required, our accountants are ready to offer temporary staffing of the clients’ CFO, chief accountant, payroll administrator or any other financial/accounting specialists. Our staff can also manage the clients’ administrative routines: scanning of documents, preparation of administrative documents, assistance in arranging accounting documentation, document archiving, etc.
During expansion, financial management and accounting methodologies should correspond to and support the companies’ development and growth strategy. We analyse, which accounting methods you use, and upon necessity give advice regarding accounting processes re-engineering and optimisation as well as application of various financial KPIs. Also, we render full or partial accounting, reporting, payroll and/or tax compliance services, alike with the services offered during the start-up phase.
Financial and accounting compliance is a must on all the stages of a company’s development. It is usually thought that in bigger mature companies it is more efficient to have an in-house financial department. Our consultants offer various flexible ways of cooperation, incl.business process outsourcing solutions, which are meant for larger companies at a more advanced stage of their development and help them to have the optimal balance between in-house and outsourced functions. Client can outsource the full spectrum of accounting/financial management services, or only some partial tasks, like payroll, VAT compliance, CIT compliance, etc.
Exit/sale of business
The company may experience a crisis or multiple crises, which lead it to the bankruptcy and subsequent liquidation. The owner may also liquidate or sell the company under non-crisis circumstances: e.g., in order to switch to another business or to retire. We have long-term expertise in preparing liquidation financial reports and financial statements for the sales deal – via this, we help client to get assurance that the company is well-prepared for the exit from the market or change of owners.
When a new business is established after liquidating the old business or when the old business is refurbished and the processes and routines should be reviewed and upon necessity adjusted, then we are ready to assist the client in all the questions related to the financial and accounting system efficiency and compliance with the regulations. The set of services relevant for this stage of business development is similar to the start-up phase.