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The power of local knowledge when operating in a foreign territory cannot be underestimated; that much is clear. How can your in-house counsel be expected to keep on top of constantly changing employment regulation in France and New Zealand when based in Toronto?
It’s not just about workload; timezones themselves can throw unexpected spanners in the works for last-minute filing deadline changes on the other side of the world.
The burden of the back office - that time spent on "non-core" tasks such as local HR admin, accounting and tax filings, and legal secretarial work - means your staff are not concentrating on growing your business.
It also means you are putting your global business at risk of non-compliance and the resulting fines, reputation damange and even being locked out of government contracts - or, worse still, jail time for your directors.
One of the key issues in expansion is the gathering, processing and reconciliation of operational, financial and legal data across multiple territories. Outsourcing these to local providers could make sense; it means they keep on top of things for you, and (hopefully!) keep you in compliance.
But what happens when you’re outsourcing to multiple parties in multiple countries, spread across multiple continents? Even if you’re not a large multinational, ensuring compliance everywhere you operate while also managing multiple supplier relationships is a full-time job in itself.
Using a single strategic supplier to handle these as outsourced functions could help provide consistency across processes and standards. Taking away the burden of the back office and working with one global provider can also bring benefits such as decreased cost and increased efficiencies.
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