In today's changeable global economy, more and more UK organisations are centralising their operations to ensure tighter control, leaner financial structures and a more streamlined business. While central functions are UK-centric, at the same time, global outsourcing and offshoring is increasing as businesses look for more cost-effective resources, products, services and suppliers to maximise profit margins.
Global expansion comes with a wealth of opportunities – more cost-effective outsourcing, access to new markets, improved profit margins, and wider brand visibility. Yet, at the same time, there are risks. As businesses continue to grow their global reach, both in terms of utilising global workforces or suppliers and also in penetrating new markets, the payments process can become highly convoluted. Similarly, for businesses marketing their products and/or services to new global markets, the issue of global currency can generate a complicated revenue problem.