Any business covers a range of processes or functions that can be considered as non-core or as enabling. They may be a consequence of business or be required to meet the duties and obligations of business activities. However they are rarely seen as directly relating to the products or services that are the central feature of business. They can be a distraction. Outsourcing can be an attractive alternative.
However for our international clients we also highlight the advantages of access to skills and local knowledge in using outsourcing. Indeed such non-core functions operating from the UK can effectively provide the UK face that might be sought for their interests.
Internal Business Functions include:
- Accounting / Compliance
- Accounting / Internal reporting
- Currency / Foreign Exchange
- Human Resources
- Management Accounting
- Tax Administration
- Transaction Management
Accounting is a key function that is based on maintaining records of the business transactions and events connected to an active UK company. Within an international business structure those records are typically used for:
- internal reporting – through the provision of regular statements to the international owner or principal within an agency arrangement
- compliance (external reporting ) – principally aimed at the legal requirements for accounting information to be prepared and filed.
Whilst we can prepare such financial statements as are required to meet the above, to avoid professional conflict we do not act as auditors. This is not a shortfall for many clients as their young UK companies may be exempt from an audit requirement. However our associates can act in this capacity if required.
Where clients operate their interests through off-shore locations we can prepare those statements that might be required to be available for inspection locally.
The above mentioned information can also form the basis for management accounting advice on operations, for example budgets, cost and prices structures, and profitability.
We can also assist in cases which require the special presentation of financial information – for example when seeking investment capital or bank support. This can often require a capability to reconcile international accounting practices or specialist knowledge of a particular industry
In addition to advisory services for taxation matters we can offer to undertake those routine functions regarding tax that can often be underestimated as a distraction. This principally involves the submission of monthly or quarterly returns in respect of VAT and payroll taxes, and returns in connection with directors. It extends to Pan European VAT arrangements and duties for exports and imports. We are also able to assist international clients with arrangements required to evidence tax residency in respect of tax treaties.
One or two employees can often demand greater attention to payroll services than a payroll for many. Taxation and employee insurance issues and the needs for periodic and year-end returns add to problems. All are more sensitive when non-UK nationals are involved. Our services remove this distraction.
In addition to corporate banking we can operate arrangements for personal banking for those clients that require a multi-currency and international solution.
On behalf of clients, and within all appropriate regulation, we operate banking that provides for efficient transaction management. Our clients can monitor their funds and instruct transfer through access from our systems.
At a time of scrutiny for money laundering it is transactions made through the international banking system that receive much attention.
Currency / Foreign Exchange
International Business is effected by foreign currency in different ways. Simple on the day conversions are very different to the risk of a forward exchange in many months time. An insight into the future market could be essential in setting selling prices or contracting for purchases. We operate not only with banks but also with leading FX service providers.
Our services are limited to those required to support non-UK nationals working in the UK or for employees of an UK company working in other countries. This includes compliance with immigration and work controls, business language training and residential support.