- May 25, 2019
- Posted by: admin
- Category: Business Process, Finance and Accounting
Today, we are operating in an increasingly competitive global market. In this dynamic work landscape, critical questions arise when finalizing optimal way of delivering services. This is how a global business service delivery model comes into picture. These global business services break down functional boundaries, serve as an integrated strategic part of the business, and are driven by true service orientation in terms of culture and performance. Shared services organizations have helped the world’s largest companies to save millions of dollars by enabling efficiency and effectiveness improvements and also driving enhanced productivity, quality and customer service, But today, many companies are taking the next step, evolving from standalone shared service centers for individual functions to integrated global business services operations that take a multi-function approach. As companies evolve towards a global shared services model, they can extend this concept further, moving away from silos by function and creating a single organization with shared reporting. This facilitates a more strategic perspective, enabling companies to transform from a must-have cost center to a new enterprise core competency that can significantly differentiate and move companies to world-class performance levels. These operate as Centre of Excellence with an internal customer service focus. Typically, they charge business units for services provided and use service level agreements specifying cost, time and quality measuring methodology. This enables the business units to completely concentrate on external clients and also strategic initiatives as they are confident about the daily functions being in trusted hands. While deciding on a global business services model, the question of paramount importance is the location where the service centre should be based. There are several factors which determine this decision. Availability of right talent, stable economic and political environment, good infrastructure and scalability to support organizational growth being some of the critical ones. The location should also take into cognizance, which functions are being looked to be migrated to the service centres and then explore the availability of right talent and resources.
Global business centers can be active contributors to the profit generation of the company because they contribute to reduce the bottom line thereby improving the cost income ratio. The main motive of moving functions is to operate the company at optimum cost levels with no compromise on high quality functioning. This is what these centres ensure – Follow the Sun, consistently high-quality output with cost optimization.
Over the years, every Fortune 500 company that adopted Shared Services have realized the business benefit with respect to cost effectiveness and business transformation. Global shared services industry today is in its most exciting phase. The primary motive for setting up these is well ingrained, and the industry is now moving into its next phase of value addition. The proposition is now helping companies in data analytics. Since these centres churn huge databases for the company day-in and day-out, they are in the best position to provide trends and analytics which in turn facilitates the growth strategy and functioning capability.
ATG has been a strategic partner with its clients and with its fundamental service focus has created culture of single team regardless of geographic boundaries. This has benefitted clients in –
- Saving significant costs.
- Improving efficiencies in processes.
- Greater compliance.
- Ownership and accountability.
- Enhancing organization agility and momentum to adapt changes.
Finance, Accounting and tax shared service centre comprises of plethora of services in ATG. Some of these are:
- General finance and accounting
- Payroll processes
- Treasury/cash/financial risk management
- Purchasing to pay processes
- Financial/regulatory reporting
- Sales to cash processes
- Non-current asset register
- Indirect tax compliance
- Management report preparation and analysis
- Direct tax compliance
- Project analysis
- Tax planning
- Information systems support – ERP implementation