Outsource Your Business, Not Your Peace of Mind

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An outsourcing partner comes with much more than just a vendor-buyer contract, choose carefully.

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Outsource Your Business, Not Your Peace of Mind

  1. 1. Outsource Your Business,Not Your Peace of MindAn outsourcing partner comes with much more than justa vendor-buyer contract, choose carefully. — Vyoma NairOutsourcing can cut costs, transfer responsibility and allow a holding tax returns”, “fringe benefits tax returns” and “stockcompany to concentrate on its core business. But getting into option tax returns”.bed with the wrong partner, especially internationally, car- – Ensure flexibility in the terms of engagement to allow youries risks. Often too many companies find themselves with to amend services as required.mismatched expectations and deliverables fallen short. What if the supplier fails to deliver to theTake a forward-thinking approach and question a supplier’s required standards?service capabilities, its references, and plan for contingen- – Include a regular review agreement.cies. Here’s what to watch out for. – Make sure service levels, as defined, are measurable, e.g. VAT returns to be ready one month before a deadline.Is the supplier an industry expert? – Ensure supplier is liable to correct errors at his own cost,– Always check references. many do not!– Find out if the suppliers actually do the work or if they sim- – Include the right to terminate at your will with reasonableply farm it out to someone else while taking a premium on notice.another service provider’s work —you’ll be surprised to findout how often the latter happens. Does the supplier keep up to date with changes in regulations or technology?Is the supplier legally able to provide the services? – Check how the supplier keeps up with changes in tech-– Make local inquiries to the extent possible. nology or regulations. For example, if you were outsourcing– Obtain a valid confirmation from the supplier of their ability your accounting and tax in Australia, how would your sup-to provide the service. For example, in Sweden, if maintain- plier have made itself aware of the changes in taxation ofing accounts is outsourced to a supplier outside Sweden the stock options, which occurred during 2008?tax office must provide prior consent. A supplier should have – Include terminology in the contract, which commits thethe expertise to inform you of this. supplier to keeping up to date in their area of expertiseHave you identified all your service needs to What happens if your company undergoesmake sure you are covered? a corporate reorganization or restructuring?– Ask the supplier to help you to identify everything required – Include clauses in the contract to deal with such changes,in each country. Your supplier is meant to be the industry including the right to assign the contract to the new entityexpert.– Define services carefully - as an example “employer pay- For a discussion on how outsourcing your internationalroll returns” may seem an adequate definition of the service accounting, tax, HR and legal needs can benefit you, pleaserequired but it is much better to break it up as “payroll with- visit www.youroutsourcenews.com.Protecting You Overseas with an IntegratedSolution for HR, Finance, Tax and Legal.Experience the Nair & Co. Difference.Visit www.nair-co.com or Call (239) 948 9820 (EST-South) | (781) 239 8135 (EST-North) | (919) 996 9859 (EST-East) | (408) 515 6887 (PST)Nair & Co. provides businesses an integrated solution geared to making your company’s thrust to expanding business overseas less risky, stress free and more strategic in the finance,tax, HR, compliance and legal arenas. Specialized in working with the unique challenges of U.S.-based technology companies, Nair & Co. has headquarters in the U.K. and offices in India,China, U.S.A. and Japan and acts for nearly 700 foreign operations in over 40 countries. Nair & Co. employs highly qualified international specialists as your one-point-of-contact clientservice director to support your international registration, tax, accounting, compliance, HR and payroll needs. Our unrivalled knowledge base, attention to detail and superior work ethicsprotect your company’s operations more effectively and save you time and money. For more information, including awards won, visit our web site at www.nair-co.com.

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