Carmen
Nowadays making business abroad is really common. Companies do it because of the lower cost, distribution process, expansion and so on. But when it comes to verify the financial reports on the foreign office is when you face a challenge. Head office obviously has their own system, in their own language with all the regulations required in the country. And the foreign office has another system with their own lay out and of course with their own language. what should the head company do? How to verify the financial data? Well a mapping of both system is the first step, taking into account only the financial information you need to see. After that the better approach is to use the same system from the head office to the foreign one. And here is when it comes the small challenges in the project. The language, tax regulations, different currency, etc. For all that is important to make testing starting with the basic process in the company such as treasury for example. How to record in the new system an incoming wire? Starting with those type of process is the beginning to understand how things are done in the foreign office and how they could be implemented in the system from the head office. After mapping and testings are done then you can GO LIVE. But always keep in mind that news rules will come and the system will need an update.
