Whether you’re legally obligated to undertake an audit or it is part of your best practice procedures or a milestone to pursue your strategic ambitions – no...
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Accounting Advisory
Our accounting advisory team help businesses meet their complex financial reporting requirements. The team can support in applying new financial reporting standards, IFRS/ US GAAP conversions, financial statement preparation, consolidation and more.
Our business process outsourcing team can provide accounting and payroll services to help you reduce costs, improve efficiencies and, in many cases, ensure...
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Payroll
Our team can handle your payroll processing needs to help you reduce cost and saves time so that you can focus on your core competencies
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Managed accounting and bookkeeping
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.
In today’s fast changing risk and regulatory landscape, it is imperative that organisations adapt to changes and make risk-informed strategic choices. At Grant...
Our corporate finance team helps companies with capital raising, mergers and acquisitions, private equity, strategic joint ventures, special situations and...
Our CFO services team helps CFOs in defining business strategy, mitigating risks and mentoring the leadership.
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Accounting Advisory
Our team helps companies keep up with changes to international and domestic financial reporting standards so that they have the right accounting policies and operating models to prevent unexpected surprises.
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Crypto Accounting Advisory Service
Our team can help you explore appropriate accounting treatment for accounting for holdings in cryptocurrencies, issuance of cryptocurrencies and other crypto/blockchain related accounting issues.
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Expected Credit Loss
Our team of ECL modelling specialists combine help clients implement provisioning methodology and processes which are right for them.
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Managed Accounting and Bookkeeping Services
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.
Investigations can range from complex, multi-jurisdictional assignments to the investigation of alleged employee fraud and due diligence of third parties. We...
We help companies identify and resolve issues affecting profitability, protect enterprise value and facilitate a full recovery where possible.
We use a combination of reason and instinct based on our experience and local insights as we work with you to develop strategies that help you to understand...
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Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
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Corporate Tax Compliance
Our corporate tax teams prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and realise tax benefits.
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Tax Governance
Our Tax Governance Services are designed to assist organisations in establishing effective tax governance practices, enabling them to navigate the intricate tax environment with confidence.
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Goods and Services Tax
Our GST team supports organisations throughout the entire business life-cycle. We can help with GST registration, compliance, risk management, scheme renewals, transaction advisory and more.
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Transfer Pricing
Our Transfer Pricing team advises clients on their transfer pricing matters on and end-to-end basis right from the designing of policies, to assistance with annual compliance and assistance with defense against the claims of competing tax authorities.
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Employer Solutions
Our Employer Solutions team helps businesses remain compliant in Singapore as well as globally as a result of their employees' movements. From running local payroll, to implementing a global equity reward scheme or even advising on the structure of employees’ cross-border travel.
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Private Client Services
Our private client services team provides a comprehensive cross section of advisory services to high net worth individuals and corporate executives, allowing such individuals to concentrate on their business interests.
Our team can help in conducting thorough due diligence on the fine detail and providing value-focused and pragmatic advice throughout the transaction.
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Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
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Corporate Finance
Our corporate finance team helps companies with capital raising, mergers and acquisitions, private equity, strategic joint ventures, special situations and more.
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Financial Due Diligence
From exploring the strategic options available to businesses and shareholders through to advising and project managing the chosen solution, our team provide a truly integrated offering
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Valuations
Our valuation specialists blend technical expertise with a pragmatic outlook to deliver support in financial reporting, transactions, restructuring, and disputes.
Related insights:
Mergers & Acquisitions
Reducing risk in cross-border transactions
Cross-border merger and acquisition opportunities are increasing as healthy company financials in many economies drive an appetite for deals.
Measuring value in financial reporting, legal disputes or looking at acquisitions or investments brings a high level of clarity and confidence to business...
Students and Graduates
Learn more about our culture and how we enable you to thrive
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Welfare and benefits
We believe that a thriving team is one where each individual feels valued, fulfilled, and empowered to achieve their best. Our welfare and benefits aim to care for your wellbeing both professionally and personally.
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Career development
We want to help our people learn and grow in the right direction. We seek to provide each individual with the right opportunities and support to enable them to achieve their best.
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Diversity and Inclusion
We want to help our people learn and grow in the right direction. We seek to provide each individual with the right opportunities and support to enable them to achieve their best.
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The economic ramifications of the COVID-19 pandemic are huge, diverse and far-reaching. When uncertainty is the new norm, standing still isn’t an option.
To help you respond to what is happening now and plan for what is next, we have summarised the five areas you will need to focus on during this unprecedented time:
Cash management
- Managing creditors’ payments – i.e. working capital management, consider what your business can achieve through internal disciplines
- Change your approach to cashflow forecasting – i.e. moving to a receipts and payments basis, consider daily cashflow forecasting
- Negotiate payment deferrals – particularly, for example, with landlords, banks and other key stakeholders who are critical to your business’ success
- Discounts on supplies (although we note that this is likely to have less cash flow benefit in the short-term)
- Sweep idle cash from other facilities into the working capital account, or draw down on available banking facilities, so they are accessible to fund critical business needs
- Negotiate with customers to pay early, offer a discount (this is the flipside of the above point regarding supplier payments, and can be a challenge in the current environment, but should be explored)
- Tax concessions – i.e. waivers, deferral of taxes
Contingency planning
- Supply chain – Consider stockpiling on essential supplies, ensure alternative sources are identified
- Establish staff support plans to allow them to continue working (ie childcare, flexible working, remote working)
- What reliance does your business have on external support for any business processes/interaction with other businesses (including the supply/delivery chain)?
- Review for alternate sources of support to allow for loss of business support functions
- Identify alternate delivery mechanisms, including storage, deferred delivery/production agreements
- Consider whether part (or all) of your business should be suspended, and the implications (e.g. non-compliance with legal obligations and covenants, activation of the force majeure clauses, etc.) in terms of deactivating equipment and dealing with live projects or work in progress.
- Prepare any necessary steps, announcements or resources necessary to implement the plan if called on at short notice
Stakeholder management
- See earlier points on cash management and the need for a sound contingency plan to present to key stakeholders. If your business is not proactive in engaging with tax authorities, lenders, landlords and key suppliers then your competitors will be. Businesses risk missing out on financial and other support if they don’t engage early with a plan
People
- Many businesses are facing a shut down or slow down. This is likely to last a minimum of three months and possibly six months before the business even starts to rebuild again. We need to understand the profile of the workforce:
- Full time or part time or shortened hours of contractors – there is less flexibility providing options for full time employees
- Are they unionised or subject to contractual arrangements which may limit options?
- Has your business implemented flexible working options? What will prevent this occurring?
- The current circumstances are unprecedented in our working lives and all parties will have a vested interest to keep the businesses alive and to preserve employment. Therefore, reduced hours, bringing forward leave, split shifts and other measures that can preserve the workforce for a period of time, but also reduce the short-term cash burden, could be the difference between survival or otherwise
- Set a clear policy for people absence, covering voluntarily absence and for situations where people are quarantined or unwell
Setting up a crisis management team
- Ensure representatives from key departments or groups meet frequently to discuss and prioritise the problems
- Wherever possible, try to anticipate the next problem
- If you have spare resources, allocate some of them to a ‘hot planning’ group who can react and find solutions to individual problems as they emerge without tying up the whole management team
- Communicate early, often and frankly with the team – establish a communication system which can reach staff at home or otherwise isolated. Lack of news breeds uncertainty and concern
We hope this information is helpful for your business continuity planning. Such planning is designed to bring a sense of purpose to your actions in the event of an unforeseen calamity and greatly increases the odds for your company’s continued survival and success.
Please do not hesitate to get in touch with us to discuss any of the above or if we can assist you or your organisation in any way.
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