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Business valuations
We offer expert valuation advice in transactions, regulatory and administrative matters, and matters subject to dispute – valuing businesses, shares and intangible assets in a wide range of industries.
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Capital markets
You need corporate finance specialists experienced in international capital markets on your side if you’re buying or selling financial securities.
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Complex and international services
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Corporate insolvency
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Debt advisory
An optimal funding structure for your organisation presents unprecedented opportunities, but achieving this can be difficult without a trusted advisor.
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Expert witness
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Independent business review
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Raising finance
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Relationship property services
Grant Thornton offers high quality independent advice on the many financial issues associated with relationship property from considering an individual financial issue to all aspects of a complex settlement.
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Transaction advisory
Our depth of market knowledge will steer you through the transaction process. Grant Thornton’s dynamic teams offer range of financial, commercial and operational expertise.
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Virtual asset advisory
Helping you navigate the world of virtual currencies and decentralised financial systems.
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Corporate tax
Grant Thornton can identify tax issues, risks and opportunities in your organisation and implement strategies to improve your bottom line.
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Global mobility services
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International tax
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Research and Development
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Tax compliance
Our advisers help clients manage the critical issue of compliance across accountancy regulations, corporation law and tax. We also offer business and wealth advisory services, which means we can provide a seamless and tax-effective offering to our clients.
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Tax governance
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Transfer pricing
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Audit methodology
Our five step audit methodology offers a high quality service wherever you are in the world and includes planning, risk assessment, testing internal controls, substantive testing, and concluding and reporting
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Financial reporting advisory
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Business architecture
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Cloud services
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Internal audit
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IT advisory
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IT privacy and security
IT privacy and security should support your business strategy. Our pragmatic approach focuses on reducing cyber security risks specific to your organisation
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Payroll assurance
Our specialist payroll assurance team can conduct a review of your payroll system configuration and processes, and then help you and your team to implement any necessary recalculations.
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PCI DSS
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Process improvement
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Project assurance
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Risk management
We understand that growing companies need to establish robust internal controls, and use information technology to effectively mitigate risk.
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Robotic process automation (RPA)
RPA is emerging as the most sophisticated form of automation used to help businesses become more agile and remain competitive in the face of today’s ongoing digital disruption.
Budget 2015: is Kiwi ingenuity in danger of becoming a distant memory?
Is Kiwi ingenuity in danger of becoming a distant memory?
The criteria and processes of Callaghan Innovation grants have been recently called into question by opposition MPs. Irrespective of whether Callaghan is contributing to our economy’s productivity or generating a significant ROI for every dollar granted, it’s a positive step in the right direction. The bigger issue is the actual lack of R&D and innovation activity in New Zealand businesses and our lack of presence on the world’s business stage.
Is kiwi ingenuity becoming a thing of the past? Hopefully not.
The Government is ahead of the eight ball here. Minister of Finance, Bill English, has already stated that this year’s Budget will continue to support the Government’s Business Growth Agenda. This is crucial in making the most of the opportunities available to New Zealand businesses in international markets to grow the economy and increase investment in skills and innovation.
But is it enough? We are a nation of SMEs, but what is the level of business acumen amongst these businesses? Unfortunately not as high as we would like and we are not really looking to “upsmart” our business practices.
Latest data from Statistics New Zealand shows in the period between 2012 and 2014, investment in basic and applied research has dropped by $17m to $658m and $61m to $1019m respectively. Expenditure in experimental development has increased by $71m to $942m in the same period. However, the data also shows that R&D has grown at a slower rate than GDP. Expenditure as a percentage of GDP has fallen from 0.57% to 0.54% in these two years.
Recent research conducted by Grant Thornton shows at the end of Q4 2014, only 18% of businesses surveyed are expecting to increase their expenditure in R&D, and we are spending less than our major trading partners who predict more R&D spending; China (37%), United States (37%) and the United Kingdom (23%).
An area of focus for Budget 2015 could be driving innovation through the education system and stepping outside the realms of the core curriculum and conventional teaching practices. A good example here is Unitec’s partnership with Mindlab, a new facility that teaches educators and young people key digital and technological literacy capabilities. This is a great pre-emptive strike against lack of job security for future generations.
We should also be thinking about:
- the relevance of the traditional skills being taught at University and if they are fit for purpose in today’s business world
- building stronger relationships and better programmes between the business and education sectors
- what we can do to better educate business owners
- incentivising business owners to set aside time and space for employees to innovate and upskill.
But that’s not to say New Zealand businesses are not aware of the importance of being innovative.
Another survey conducted late last year by Grant Thornton showed only 8% of businesses surveyed place low importance on innovation, the remainder stated it was important (28%), very important (56%) or critically important (8%). So what’s the hold up? The same survey revealed that respondents felt certain aspects of their business model needed improvement; the top four areas of concern were business strategy (63%), digital strategy (53%), internal processes (55%) and their go to market plans (33%). That is why any boost from the Government will be well received
And when asked what they feared would derail their growth plans, a staggering 38% of businesses cited the capability of their people.
Many businesses owners are ambitious, hardworking and smart, and they are aware of their short comings, so any assistance the Budget can give them to help overcome these will be repaid many times over in boosting the New Zealand economy.
The time to reignite the fire we once had for ingenuity and innovation is now. Budget 2015 is a prime opportunity for Government to fan the flames.
Further enquiries, please contact:
Vanessa Black
Partner, Audit
Grant Thornton New Zealand
T +64 (0)9 308 2985
E vanessa.black@nz.gt.com