The global economy has made it possible to conduct business in nearly every corner of the globe, often without leaving your home country. It has led to the rise of companies known as multinationals. These organizations have staff and business offices in several different countries, allowing them to cater to clients in each region while maintaining streamlined operations back home.
Global Business Services (GBS) is a relatively new and effective service model that provides companies with valuable business support services, including accounting, international taxation Financial Planning & Analysis, HR, IT, and management consulting. GBS works on the principle that each company has unique needs and challenges and offers packages to suit every possible budget, whether a small start-up or an established corporation with multiple locations globally. For example, if your company is looking to cut costs by improving its supply chain management processes, you might invest in GBS offered by a renowned corporate consultant company to manage all your shipment tracking, delivery monitoring, and cost reporting.
This article will provide an overview of Global Business Services. How they work, and the benefits they can offer your business.
WHAT IS GBS?
Global business services (GBS) is a term used to describe the outsourcing of certain business processes and functions. GBS is typically used to refer to either offshoring or nearshoring, depending on the location. Offshoring refers to sending work overseas to take advantage of low-cost labor markets, while nearshoring refers to locating processes closer to one’s own country to avoid high transportation costs and time delays.
WHAT ARE SOME COMMON GBS PROCESSES?
Global business services is an umbrella term for several practices that aim to streamline processes and make them more efficient. There are many different types of GBS functions offered by leading tax law firms in Delhi, but some common examples include:
- Financial Planning & Analysis: Companies often have complex relationships between different departments, so it can be challenging to get a handle on how each department should spend money and on what. Hiring a financial planning and analysis system can consider this when mapping out the budget to ensure there’s enough allocated for each department’s needs.
- International Taxation: Every country has its tax code which provides specific guidelines on how businesses operating within their borders must pay taxes. Some countries require organizations to file taxes every month, while others require taxes only once per quarter or once per year. Still, others don’t impose any requirements at all. Reputed corporate consultant companies offer robust GBS Services, including compliance outsourcing financial services, and assist clients in completing overseas Business tax returns by providing personalized advice, guidance, and support tailored to their particular circumstances.
- HR & Payroll: These GBS services include processes relating to human resources management, payroll processing, benefits administration, and employee relations. GBS system can help reduce the risk of errors and provide better insight into your data. But you’ll need to find a reliable corporate consulting company with expertise in this niche domain, knows how to work with your type of industry, and has experience working in similar ones if you want to see success implementing GBS systems
- Enterprise Resource Planning (ERP) Systems: Companies often hire these systems because they help simplify business processes across multiple platforms. For example, an ERP system might allow employees to submit timesheets through their mobile devices and managers to approve them from their desktops without going back and forth via email.
- Document Management Systems: These systems can help collect, track, and archive electronic documents related to your company’s operations.
- Contract Management Systems: These systems can help companies manage their contracts and agreements with customers, vendors, and other stakeholders in the public sphere.
- Budgeting and Forecasting Systems: These systems can help companies map budgets over time to know how much money they need to allocate toward different projects or departments.
Above are some common GBS processes. The goal is to help customers grow their businesses by giving them access to a wide range of GBS solutions. CAC, one of the leading tax law firms in Delhi, assist businesses, especially small and medium businesses (SMBs), to increase efficiency through streamlined processes and bespoke Global services to compete better on the global stage.