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The average CFO spends 60% of their time on strategic planning and execution. This leaves little time for other essential tasks, such as managing risk and compliance. [Source: CFO Magazine]
That is why CFOs increasingly turn to advisory services to help them with these tasks.
Grant Thornton Bharat anticipates a 45% growth in its CFO Advisory business in FY24, Devesh Uniyal, Head of CFO Managed Services and Tax Advisory, told ET CFO.
The firm’s CFO practice is expected to generate over INR 100 crore in FY23, representing a growth of 40% compared to FY22.
Business process outsourcing solutions comprise half of the CFO services, with financial reporting solutions accounting for 40% of the services. The remaining portion includes global mobility and other services.
Grant Thornton Bharat
Grant Thornton Bharat is a leading professional services firm providing audit, tax, and advisory services in India.
It was established in 1979 as a partnership firm and became a limited liability partnership (LLP) in 2008.
The firm is a member of Grant Thornton International Ltd., a network of independent accounting and consulting firms with over 70,000 professionals in over 140 countries.
Grant Thornton Bharat has over 6500+ employees across 14 offices in the country, including Mumbai, Bengaluru, and Kolkata.
Grant Thornton Bharat offers a specialized division called the CFO Advisory Business within its comprehensive range of services.
This division focuses on providing strategic financial advice and support to organizations, helping them optimize their financial performance and achieve their business goals.
The CFO Advisory Business leverages its deep industry knowledge, technical expertise, and innovative solutions to assist clients in areas such as,
- Financial Reporting Advisory Services
- Fund accounting and financial reporting
- Compliance and Secretarial Services
- Global People Solutions
- Finance and accounting outsourcing
- Grant Thornton Compliance Management System
- Learning and Development
Devesh Uniyal shares his perspective on the business’s growth potential and the factors driving it.
Hiring plans
Grant Thornton Bharat CFO Advisory currently has a dedicated workforce of over 650 employees. The firm aims to hire 400-500 more professionals under its CFO advisory practice in FY24.
Additionally, the firm plans to establish new capability centers to enhance service offerings and expertise. Global Capability Centers (GCCs) are offshore entities of multinational corporations that operate worldwide.
These centers provide support services like finance, human resources, IT, and analytics to their parent organizations.
Global business expansion
Grant Thornton Bharat’s Global People Solutions has garnered positive responses worldwide.
The firm delivers practical solutions that empower organizations to manage their human capital efficiently.
By assuming responsibility for routine tasks, Grant Thornton Bharat enables its clients to concentrate on their core business activities, ensuring optimal productivity and effectiveness.
Grant Thornton expects its current 15% share of the global delivery business to double this year, driven by expanding markets such as the US, UK, Ireland, Australia, and Singapore.
While the growth prospects are promising, Devesh Uniyal acknowledges the challenge of hiring the right talent to support the firm’s expanding CFO services advisory.
Grant Thornton Bharat aims to hire over 300 professionals within three months, leveraging resources from its international member firms.
Closing…
The global CFO Advisory market is expected to grow at a CAGR of 9% from 2022 to 2027.
This growth is driven by the increasing complexity of financial regulations and reporting requirements and the growing demand for outsourced CFO services.
Grant Thornton Bharat is well-positioned to capitalize on these trends.
While the growth prospects are promising, Devesh Uniyal acknowledges the challenge of hiring the right talent to support the firm’s expanding CFO services advisory.
However, Grant Thornton Bharat is confident it can overcome these challenges and continue growing its CFO Advisory business in FY24 and beyond.
