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Samantha George tells businesses to try outsourcing for themselves
Outsourcing remains widely utilized by businesses across both sides of the Atlantic. The UK is seeing increasing utilization of outsourcing services across a number of industries, including the IT, HR, tax, and finance and accounting (F&A) functions within companies. And a recent survey shows that this continues to be attractive to companies within the USA, UK and EU.
Grant Thornton’s recent International Business Report on outsourcing, the world’s leading mid-market business survey, shows 43% of North American respondents currently either do outsource or have plans to outsource business processes, and 36% of respondents in the EU say the same. So what are the drivers for companies seeking to outsource their finance or other functions, and what common misconceptions are held?
Outsourcing is often misunderstood. President Obama’s 2012 remarks focused on ‘offshoring’, where companies move key functions overseas to take advantage of lower labor costs. True outsourcing involves contracting specialist providers who can deliver services more efficiently and cost-effectively than new entrants could replicate. After the 2012 presidential debates, ‘re-shoring’ grew, and there has been a rise in multinational RFPs questioning whether providers offshore any part of their processes.
Outsourcing drivers vary between developed and emerging markets. In the U.S. and UK, cost reduction and efficiency gains remain top priorities. Outsourced providers should bring specialized skills, streamlined processes, and dedicated IT systems. Companies should discuss these aspects in detail with potential providers. Specialist teams bring expertise through consistent, professional training and focus on innovation. Providers should continuously refine processes to eliminate inefficiencies and offer technology-based solutions, such as enabling filing indirect tax returns across EU countries.
Some outsourced services start small. Many American companies investing in the UK often send an experienced employee to make a local hire. The first questions they ask advisors are how to pay that person and through which vehicle. Local advisors handle these immediate needs, but a good provider will proactively offer advice on full compliance requirements in the UK. If the UK is a gateway to Europe, they can also guide you on European requirements.
Outsourced F&A support often involves handling back-office functions such as invoicing, bookkeeping, accounts payable/receivable, and financial management. Providers also manage tasks like preparing sales tax returns, year-end payroll, and tax compliance, while liaising with auditors for the UK audit. For UK companies or branches within groups regulated by the U.S. Securities and Exchange Commission, it's important to consider independence requirements when engaging potential providers.
Companies using UK outsourced advisers often benefit from accessing a broad range of professional advice through a single provider. Larger firms offer services such as R&D tax reclaims, expatriate taxation, due diligence on acquisitions, and cross-border tax planning. Global multinationals also rely on providers for compliance with thin capitalization, transfer pricing, and withholding tax across regions worldwide.
To reduce costs, companies often outsource entire functions to global service providers in multiple countries. Streamlining providers across regions can lead to significant savings, as businesses with operations in many countries typically have multiple providers. Global tax and accounting compliance, along with corporate secretarial services, are common areas for such reorganizations, offering economies of scale and saving management time.
A common misconception about outsourcing is the fear of losing control over key processes. Companies new to outsourcing may find that providers work closely to understand and document processes, identify control points, and agree on authorization, reporting formats, and escalation procedures. Quality providers aim to integrate seamlessly with the team, offering greater transparency and control than in-house staff might provide.
In the UK, we have seen the flipside of this misconception – the driver of a desire for control – taken to a global level with escalating interest in a globally coordinated compliance function. Such teams use specialist people, streamlined processes and a global compliance project management portal, to ensure companies have increased visibility and transparency of their compliance status in all their world-wide jurisdictions. And one point of contact to enable them to interact with all their professional providers, with local service delivery taking place on the ground in each jurisdiction.
Whether large or small, outsourced solutions exist for a considerable number of service lines and providers have become expert at tailoring solutions to the individual needs of their clients. Fees can be structured in a way that is scalable, dependent on delivery and upon the number of deliverables encompassed within each contract. Most providers will be happy to discuss options with you and to support you in going through an outsourced process for the first time.
Why not try it and see for yourself?
Samantha George is head of outsourcing at Grant Thornton UK .
This article first appeared in British American Trade & Investment 2014/15 and has been republished with the permission of BritishAmerican Business.