If you can theoretically do everything on your own, it's great. But as we have already mentioned, at some point you will not be able to grow (generate more income) until you find people to do what you cannot do anymore.
Outsourcing is the use of external providers instead of hiring employees and seems to be aligned with our century. Companies are cautious about fixed expenses like staff, while outsourcing is often cheaper and more efficient. Hiring an external service provider means dealing with professionals who have specific expertise in a field crucial to the success of your organization; the latter not being at the center of your business. Outsourcing perfectly matches the tasks that we find in our diagram below, the important missions, but which are probably not peculiar to you. Anyone could possibly manage these tasks but a professional will certainly do it better.
Employee recruitment makes sense when you want to have ongoing control over how work is done and how customers are managed. However, hiring an external provider can also make sense for processes that are not essential to your business (such as computer maintenance), which require specific skills and experience.
If there is anything we advise you to outsource, it would be accounting and payroll processing. Entrepreneurs sometimes sometimes think they cannot afford this service. But it is essential to consider the importance of working with professionals as an investment and not an expense. Your fiduciary should not only be there for your tax preparation, but must be a trusted advisor to help you grow and navigate a sometimes uncertain economy.
A fiduciary will be a significant support to:
1. Help you focus on why you started your business.
Entrepreneurs are passionate and it is not uncommon that the transition from the idea to the creation of the business is done in less than a year. With a quick growth and development, business owners cannot afford to get bogged down in tasks that will not directly help them grow. A fiduciary can be a true supporter of many aspects of your organization. On the other hand, by freeing you from missions that may waste your time, finding the right work-life balance that is essential to your success may be easier.
2. Protect your image and reputation.
A great fiduciary will represent you and your company in the best possible way. Beyond management issues that could hurt your image, this is especially important when you are looking to build strong relationships with key players, such as banks.
3. Accompany your success.
Often, entrepreneurs engage on day-to-day management because they may struggle to see their company as a big picture. It can be pretty normal when you are very involved. This is why extrenal experts can provide a different and complementary perspective. Working with a fiduciary can help you take a step forward by allowing you to see things on a larger scale and with a new perspective.
4. Provide solid knowledge.
The experts in finance and controlling have a deep knowledge thanks to their trainings and experience gained through the management of hundreds of companies. Therefore, a fiduciary has a financial vision of companies in all industries, but also a visibility on the best practices that work for others, as well as on the mistakes that can lead to failure. Being able to share this knowledge is priceless.
5. Help you understand taxes.
While this may seem obvious, let’s not forget to consider that the rules change frequently and that it is difficult, if not impossible, for a business owner to follow everything. There are federal and cantonal rules that may not always be known. Do you know, for example, that in Geneva we pay an ecclesiastical tax that can be avoided? Professionals will clear your uncertainties and ensure your company is in good standing.
6. Analyze the sources of opportunities.
If you have a lot of data (when you have them) somewhere that you do not interpret nor analyze, even though they could help you move in the right direction by making the best decisions, then you will surely miss great opportunities. Working with a trusted advisor can benefit you because they understand the figures and can use them to develop growth and profitability. A great way to move in this direction is to use an online tool that gives you visibility of your financial data in real time, such as IODD.
Outsourcing accounting and HR management to a modern fiduciary that uses the latest technology will help you save time and avoid legal issues. From the electronic management of documents to the invoices indexing from a scanner or the implementation of an ERP, fiduciaries like Synergix have evolved to simplify the work life of business owners and improve the company’s performance. While some traditional accountants are still working on Excel and sending the financial data a month later (or more), our new generation experts in finance and controlling work in real time and offer relevant tools so that you can access your data 24/7. This evolution allows the fiduciary to focus on strategy consulting for its clients and the clients to save between 30% and 60% in comparison with an internal recruitment.