Advice is becoming increasingly important
One of the reasons for Grant Thornton Baltic’s success has been its ability to recognise new business opportunities and shape them into services that suit its clients. The tax, legal and financial advisory added to the selection of services in the early 21st century quickly gained momentum, with advisory services providing a tenth of total turnover in 2000, and twice as much the following year. The share of consultancy services remained the same, at around twenty percent, for most of the first decade of the 21st century.
Strong growth came in the 2018/2019 season when the volume of tax, legal and financial advisory and business risk services reached a third of total turnover for the first time, and has remained at more or less the same level in subsequent years. This is due to several reasons. Firstly, the interest of clients in traditional advisory services, such as tax, legal and business advice, is increasing. Secondly, new areas such as digital services, personal data protection, business analytics and risk management have emerged. This is no surprise, since the economic environment is becoming more complex, technology is advancing more rapidly, competition is intensifying and globalisation continues. “Advisory services are a growing field,” says Artur Suits. “The high level of interest among our clients shows that we’re moving in the right direction, and we’ll definitely add new services.”
Seize the opportunity
Since 2020, the Estonian Assembly of Accountants has issued a quality badge to accounting firms, but to apply for one, the company must have an internal audit carried out. Grant Thornton Baltic saw this as an opportunity and started to provide internal audit services to applicants for the quality badge. The first client in this new area was Armus Raamatupidamisbüroo, which was assisted in applying for the badge and assessed in terms of the compliance of its operations with quality requirements. Of course, Grant Thornton Baltic has a quality badge as well.
In March 2021, the accounting firm Armus Raamatupidamisbüroo, a client of Grant Thornton Baltic, was awarded a quality badge by the Estonian Assembly of Accountants. Compliance was assessed and a new certificate was awarded while the restrictions caused by the pandemic were in effect. Pictured: Rebecca Liis Armus, manager and owner of Armus Raamatupidamisbüroo, and Margus Tammeraja, chairman of the management board of the Estonian Assembly of Accountants.