Growing organisations must maintain process efficiency while also providing support for a growing global workforce.
As a business grows, the strain of system integration and resource shortages grows with it.
Organisations mustn’t overlook the importance of aligning teams and processes, building visibility into spend data, and catching risks and non-compliance, (or, the ABCs), in creating a smoother road to global growth journeys and success stories, according to SAP Concur, a global company providing travel and expense management services to businesses.
Matthew Goss, managing director, ANZ, SAP Concur, said: "Whether businesses are expanding to new markets or working with overseas suppliers, nearly every organisation is growing across global borders. No matter how each business defines growth, they all require the right tools to achieve their goals."
SAP Concur has shared three points for organisations to consider when they’re looking at expansion, otherwise known as the global expansion ABCs:
A: Align teams and processes
When a business goes global, employees are more likely to travel to meet overseas partners, colleagues or customers, and, consequently, payment data becomes more complex. With various travel-related spend occurring in different parts of the world at different times, it’s critical employees and managers are on the same page when it comes to purchasing protocol and tracking. SAP Concur recommends a shared, real-time, accessible app for all employees to lodge receipts and invoices, so spend data can be easily managed and viewed, and to avoid complicating important global business activities.
B: Broaden visibility into spend data
Running a business while supporting growth can make it difficult to get full visibility into all spend data, as new payments and locations muddle traditional invoice and receipt tracking. Expanding organisations need the right tools and processes in place to gain full visibility across all spend and purchase data, so outgoings can be followed, verified, and used to make fact-based decisions regarding future spend. This transparency into company spend is critical for growth, because important decisions around cutting costs and saving funds require clear and accurate data to help managers gain important insights on how to further fuel global growth.
C: Catch risks and non-compliance
Globally expanding companies will likely need to navigate new and foreign policies, overseas taxes and currencies, and intricate regulatory structures. Organisations need to ensure their growth is compliant and abides by the rules and expectations of new markets and regions. For example, companies operating out of Australia with partnerships or customers in Europe are required to comply with General Data Protection Regulation (GDPR) rules if certain data is stored or sourced from Europe. Organisations that violate foreign laws like this can receive costly fines and reputational damage, so it’s critical that businesses are aware of the economic and social policies that affect their day-to-day activities.
Organisations looking to grow globally should consider using technology that supports multiple languages and currencies, and auditing capabilities to identify tax reclaim opportunities and potential fraud.
"Organisations looking to expand have a host of opportunities at their doorstep,” said Mr Goss. “Growth is best achieved when there is full visibility into spend, when spend data is digitally stored in a shared system, and when managers embrace a commitment to new laws and responsibilities."