Whether your company is based in Canada, the U.S., or anywhere else, one thing is clear: Opportunities for profit exist all around the globe. The means of reaching those opportunities are becoming available to smaller, more agile enterprises thanks to the expanding power of cloud computing.
As the barriers to entry in various international markets go down, you will most probably want to send operational leaders abroad to examine opportunities. That means giving both them and your financial leaders the power to handle travel expense report issues easily.
Global Travel Is The First Step Toward Opening Up New International Markets
While it might not be necessary to have stakeholders crisscrossing the globe on the long term, a new market always responds best to personal attention. That means having all the policies in place that you need:
— A clear, well-defined objective for the new territory that your stakeholders can advance.
— A specific timeline and milestones that you wish to achieve, with contingencies in place.
— The ability to manage, approve, capture, and retain any expense report related to travel.
Of course, simplicity and convenience are not the only advantages to a good plan. Every time you open up a new global market, you also expose yourself to a variety of compliance requirements that you will need to be familiar with.
To Fulfill Global Compliance Requirements, You Need Truly Scalable Software Solutions
With ExpensePoint software, you can drive automation across the full range of expense report generation, validation, capture, and auditing tasks. This makes it easier than ever for you to scale your business globally without ever-increasing technological investments.
When it comes to expanding worldwide, many different kinds of software can help you:
— Global collaboration and telephony software allowing distributed teams to communicate.
— Global project management software allowing leaders to set the overall strategic direction.
— Expense report automation software that allows you to drive the highest level of compliance.
There are many factors involved in an operational standup of a new market, but getting a handle on the compliance landscape should be one of your top priorities. After all, this is the issue that has the biggest likelihood of creating costs in the future.
Thanks to excellent software from ExpensePoint, even smaller businesses can operate efficiently and compete well outside of their home markets. Technology is the great equaliser when it comes to challenging your entrenched rivals.