Final Paper

Intern’s Experiences: Grant Thornton 2

Intern’s Experiences: Grant Thorntant 2

Intern’s Experiences: Grant Thornton

Professor Katherine Guerrero

Accounting 495

May 12, 2023

Summaries

Grant Thornton has 14 consecutive years on Working Mother’s 100 Best Companies list and is one of the ten biggest accounting firms in the world. It provides client audit, tax, and advisory services in 147 countries worldwide (Grant Thornton, 2023.)

I chose to intern at Grant Thornton in their tax department because I believe it will provide me with valuable experience and help me develop the necessary skills for a career in tax. As an intern, I will be able to work alongside experienced professionals and gain exposure to a wide range of tax services. This internship aligns with my career objectives of pursuing a career in tax and gaining practical experience in a professional setting.

Grant Thornton Overview

Mission and Market

Grant Thornton's mission is to be the leading business advisor to dynamic organizations by helping them unlock their growth potential. The firm challenges norms and find solutions with a more-personal business approach that builds trust in every result (Grant Thornton, 2023.)

It has many clients, including privately held businesses, publicly traded companies, government entities, and nonprofit organizations of all industries and sizes. The clients are from diverse markets such as higher education institutions, healthcare, insurance, manufacturing, media, entertainment, etc. Additionally, Grant Thornton provides specialized services in environmental, social, and governance (ESG), special purpose acquisition companies (SPAC), and mergers and acquisitions (Grant Thornton, 2023.)

Target Population

Grant Thornton has cultural and linguistic diversity, with over 68,000 employees from different countries (Grant Thornton, 2023.) The firm also strongly emphasizes corporate responsibility, including sustainability, diversity and inclusion, and community engagement. A goal of the firm is to hire more LGBTQ-identifying people, veterans, women, and people of color in order to achieve certain proportions of representation within its workforce. Grant Thornton has established a number of programs and initiatives to support these values, including its "Making a Difference" program, which encourages employees to give back to their communities through volunteerism and charitable giving, and Free Mom Hugs, which aims to create allies for those in the LGBTQ+ community (Management Consulted, 2022.). Grant Thornton has 14 consecutive years on working Mother's 100 Best Companies list (Grant Thornton, 2023.)

Business theories

To achieve the mission, find solutions with a more-personal business approach that builds trust into every result, Grant Thornton employs a variety of business theories and constructs, including their CLEARR values and a focus on building strong relationships with their clients.

Building strong relationships with clients

One of the key business theories that Grant Thornton employs is the idea that making business more personal starts with their people (Grant Thornton, 2023.) The firm understands that in order to truly help their clients achieve their objectives, they must take the time to get to know their clients' businesses and build strong relationships with them. This approach allows the firm to gain a deep understanding of their clients' needs and goals, and to develop customized solutions that address those needs and help their clients achieve success.

CLEARR values

At the heart of Grant Thornton's approach to doing business are their CLEARR values: Collaboration, Leadership, Excellence, Agility, Responsibility, and Respect (Grant Thornton, 2023.)  These values are the foundation for how the firm conducts business, serves its clients, and behaves within and externally. 

Collaboration is a key component of Grant Thornton's approach to doing business. The firm believes that working together with its clients can achieve better results than either party could achieve on their own. This collaboration extends to all aspects of the firm's work, from client service to internal operations.

Leadership is another important value at Grant Thornton. The firm believes in empowering its employees to take ownership of their work and to be proactive in finding solutions to problems. Grant Thornton can foster a culture of continuous improvement and innovation by encouraging leadership at all levels of the organization.

Excellence is a core value at Grant Thornton, and the firm is committed to delivering high-quality services that meet or exceed their client's expectations. This commitment to excellence is reflected in the firm's focus on employee training and professional development. 

Agility is another important value at Grant Thornton. By staying ahead of the curve and being adaptable, Grant Thornton can provide their clients with solutions that are tailored to their specific needs and that can evolve with their businesses over time.

Responsibility is a core value at Grant Thornton, and the firm takes its responsibility to its clients, employees, and the communities it serves very seriously. Grant Thornton can build trust and confidence with their clients by being responsible and accountable in everything they do.

Respect is the final value in Grant Thornton's CLEARR framework and underpins everything the firm does. The firm believes in treating all people with dignity and respect, regardless of their background.

Business principles

During my tax internship at Grant Thornton, I understood the importance of showing respect for other people's opinions and never saying: "You're wrong," which I learned from "How to Win Friends and Influence People" by Dale Carnegie (1998, p. 118). My supervisor, Matt, was always open to hearing my thoughts and ideas, even when they differed from his. He never dismissed my ideas or told me I was wrong but took the time to listen and understand where I came from. One example was when we were working on a complex tax issue for a client. Matt asked me to research which deduction could apply to the client. I found some results that I believed could work. When I presented my idea to him, he didn't immediately shut it down or say I was wrong. Instead, he asked me to explain my reasoning. We had a respectful discussion about it. He also explained why we should apply another deduction for the client without any words to complain about my results

Another business principle I was impressed by at Grant Thornton is how the team manages our energy levels by proactively planning breaks throughout the day, which I read in "Recalculating: Nagative your career through the changing world of work" by Lindsey Pollak (2021), specifically in chapter 2 on page 65. We usually schedule meetings in the morning when we have high energy. Then, during the time after lunch, we break up work into 2 hours intervals with 30-minute breaks in between. During those breaks, we were encouraged to step away from our desks and do something to recharge, like taking a walk or buying Starbucks.

Analysis Business’s Methods

The Strengths

Grant Thornton's personalized approach to building client relationships is its key strength. By taking the time to understand their client's businesses, the firm can develop customized solutions tailored to their client's specific needs. This approach has helped the firm to win the Exabeam's Services Partner of the Year award for the third consecutive year, which speaks to their ability to provide exceptional services to their clients (Grant Thornton, 2023.)

Collaboration is also a significant strength of Grant Thornton's business approach. By working closely with clients and fostering a collaborative culture within the organization, the firm can leverage the collective expertise of all parties involved to achieve better results. This approach allows the firm to gain a deep understanding of the client's needs and goals, enabling the development of customized solutions that address those needs and help clients succeed. In 2022, the firm recorded 7.2 billion USD in revenues (CPA Practice Advisor, 2022.)

The Weaknesses

One weakness of Grant Thornton's personalized approach is that building strong client relationships can take a long time. This may result in slower growth than firms that take a more transactional approach. However, the benefits of building long-term relationships with clients often outweigh the costs of time and effort.

Another weakness is that the firm's emphasis on agility and excellence may pressure employees, especially during busier seasons. Work may feel stressful, which can result in burnout and reduced productivity. This may result in serious failings. According to a report by The Guardian, Grant Thornton has been fined £1.3m due to negligence in the basic auditing of Sports Direct.

Conclusion

During my time at Grant Thornton, I have experienced significant personal and professional growth. I used to be easily embarrassed and shy, making it challenging to connect with new people. However, with the supportive environment at the internship site, I have become more open and confident when talking to new friends. I have also learned the importance of asking questions when I'm unclear and seeking help when needed. Additionally, I have learned to manage my emotions effectively, which has helped me to stay focused and productive during challenging situations. The team's management of our energy levels and interactions, including regular lunch gatherings on Tuesdays and Thursdays, has also contributed to this growth.

My confidence in technology has improved significantly during my time at Grant Thornton. I now feel more comfortable with forms, concepts, and professional tax applications such as CCH ProSystem and Gosystem, which are professional-level tax software programs. This newfound confidence will undoubtedly help me take on new challenges.

In conclusion, my experience at Grant Thornton has been an incredible learning opportunity that has prepared me for my future career. The company's supportive and collaborative culture values its employees, making it an excellent student internship site. I highly recommend that this internship program continues to be available to future students.

References

Carnegie, D. (1998). How to Win Friends and Influence People (p. 118). Simon & Schuster.

CPA Practice Advisor. (2022, December 20). Grant Thornton and BDO USA announce merger agreement. https://www.cpapracticeadvisor.com/2022/12/20/75018/75018/

Grant Thornton. (n.d.). About us. Retrieved May 9, 2023, from https://www.grantthornton.com/about-us

Grant Thornton (2023, April) announces that it has won the Exabeam Services Partner of the Year Award for the third consecutive year. [Press release]. Retrieved from https://www.grantthornton.com/insights/press-releases/2023/april/grant-thornton-wins-exabeam-services-partner-of-the-year-award-for-third-consecutive-year.html

Grant Thornton. (n.d.). Code of conduct. Retrieved May 10, 2023, from https://www.grantthornton.com/about-us/code-of-conduct

Management Consulted. (n.d.). Grant Thornton. Retrieved May 9, 2023, from https://managementconsulted.com/grant-thornton/

Pollak, L. (2021). Recalculating: Navigating your career through the changing world of work (p. 65). HarperCollins.

The Guardian. (2022, July 18). Grant Thornton fined £1.3m over 'negligent' Sports Direct audits. https://www.theguardian.com/business/2022/jul/18/grant-thornton-fined-sports-direct-audits