As a comprehensive partner, we help companies in all matters related to expanding abroad. At the core of going global is the growth model, defining the group structure, international tax planning, HR matters, and financial administration. Success in all these processes is supported by the right timed system implementation.
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Go Global, we got your back
Are you interested to develop your business for the international market? No one has everything covered up by themselves, we are at your help. Wherever you have decided to expand, it is crucial to take into account, for example, the laws and regulations of the target market and as well as the tax issues. An experienced partner allows you the freedom to focus on the core issues that are important to your business. A partner helps you in planning and implementing the operations. In this case, you will not waste time or opportunity in being able to work together quickly and efficiently. The task of our experts is to make the transition of your company abroad as smooth and effortless as possible.
Financial planning is the key to success
Initially, a company aiming abroad should choose the model that best fits its current and future business as well as its target markets and countries. It is therefore essential to plan, for example, what kind of group structure is suitable for both the company's business and expansion plans. Our CFO and tax consultants will be happy to help your company plan the big steps. If internationalization is approached through acquisitions, the acquisition process must always be planned from screening of properties to integration. Also, the valuations as well as the Due Diligence assignments, must be executed judiciously. Using an experienced partner in internationalization and the preparation of acquisitions often leads to better results.
From the point of view of financial administration and accounting, an important strategic choice is whether the accounting of foreign companies is handled locally or whether the accounting of the entire Group is handled centrally in Finland in the form of a “shared service center”. This decision should be made when considering the growth model. As our partner, you will have access to proactive financial experts who specialize in group accounting and are familiar with the special features of the international market. We will find you the best local financial management partners through the prestigious MSI network.
On the eve of internationalization, it is good to consider the introduction of IFRS standards - especially if there are plans to enlist. Reporting by IFRS standards is mandatory for listed companies. Voluntary reporting by IFRS standards should be considered, for example, when there are or are intended to be international investors. The financial statements prepared by IFRS standards are intended to promote the international comparability of the companies' figures. A good way to start adopting IFRS is to apply IFRS 15 Revenue from Contracts with Customers at an early stage. We are happy to help with the introduction of IFRS standards as well as enlisting planning.
Personnel and processes on the same page
Going global requires solid HR skills by the organization. Irrespective of whether a foreign company has been established or acquired, labor law issues need to be carefully examined at every national level. Especially in situations where workers are relocated abroad, it is a good idea to harmonize working conditions between new and old workers. In these cases, the employment contracts and the conditions attached must be carefully reviewed to take due account of local labor law. Uniform employment contract bases are often created for international groups.
Once the decision to internationalize has been made and the target market is clear, the company must find the best possible capabilities to run the business. Recruitment is hard work in the domestic market, so its success requires special attention when doing it abroad. Successful international recruitment requires a lot of work, leveraging networks, credit for your intuition, and a touch of luck. Read in our Notes article how Quuppa and Budbee have managed to tackle the problem of international recruitment as it expands.
Finding a common language for an organization requires a strong culture. With the help of an HR partner that understands the business, a common way of operating can be created within the company whether your office is located in Asia, Europe, or Kainuu. Internal training is a great way to help employees strongly internalize culture. At Greenstep, we have launched our own Greenstep Academy, in purpose is to serve our employees to develop their skills while embedding a common operating culture. Greenstep Academy also helps our clients with topics related to internal training, from building training paths to implementing the training.
Right software builds a ground to leap from
Whether it’s a system or an outsourced service, scalability is the keyword of internationalization. Even an effective ERP system will not help if it is unable to scale to the needs of an internationalizing company. In this case, the system becomes a retarder. The system needs to adapt to the business, not the other way around. Our NetSuite team has helped numerous successful Finnish companies (eg HappyOrNot, Oura) to scale their business to international markets. NetSuite is a cloud-based business management system built to be fully customized to support your business. Projects include the evaluation and adaptation of entire financial processes to suit scalable operations.
In order to stay on the map of expanding activities, reporting should be in order from the very beginning. A clear and adaptable reporting system helps the company to stay aware of its situation in real-time, thus enabling the development of operations with the help of data instead of but. BI Book is a clear and visual reporting system that supports group reporting. This way, you are constantly aware of the situation of your entire company in different markets.