Smarter, Better, Faster: outsourcing solutions for more efficient operations

The pandemic fundamentally changed the ways we do business, as we quickly adapted to remote working and moved through the chaos and confusion with fewer team members but the same (or greater) amount of work, and as we pivoted operations to stay afloat and looked to a better future while navigating evolving government programs and guidelines.

A year a half later, many companies have stayed the course, through twists and turns and disruptions, and made it to what feels like the other side. But as the dust continues to settle and a business-not-as-usual landscape emerges, some companies may wonder how best to proceed – how to keep going and find ways to not just survive but thrive.

The power of outsourcing

One strategy worth considering: outsourcing for accounting, human resources, and IT, allowing your company to be more efficient. Companies that work with outside help can experience a reduction in capital requirements, access to world-class capabilities, improved quality and company focus, and revenue and margin growth.

What’s become clear during the pandemic is the value that clients place on real-time information they can use to manage their business – that’s truly critical – and outsourcing can play an integral role in this.

But how do you know when the time is right to go this route? Consider these scenarios:

• For myriad reasons, companies lost employees throughout the pandemic – both short-term and permanently, whether due to COVID (taking care of themselves or a loved one), ongoing family obligations that impacted available work hours, or a decision to step back entirely from the workforce for the time being. To fill these gaps, some organizations turned to trusted vendors, and in many cases find that they’re able to pay a third-party vendor a fraction of what they’d pay for a full-time employee.
• Some companies also have a newfound realization that what was working previously – a CEO also acting as a CFO or controller, for example – no longer is optimal. Decisions need to be made more quickly, and by working with a third-party partner, leadership now has the access to information and analytics to make even better decisions that ultimately boost the bottom line.

But is it right for my company?

It’s common for organizations to feel unsure about outsourcing. After all, the fear of losing control or flexibility is real and understandable. Companies also may worry about how it’ll work out exactly, and whether employees will resist this course of action.

The idea of outsourcing bookkeeping services, for example, may feel overwhelming because of security concerns – some companies may feel more confident with this in-house. An ‘a-ha’ moment for many businesses is realizing they’ll experience an even safer and more secure process than before by working with a financial services firm.

Talking with a trusted business advisor can help lead to a decision about outsourcing that you – and your team – can feel good about. You may discover the help you need is less than you anticipated – part-time assistance with payroll services or IT is all that is required – or you begin with a full-time CFO partner and dial back as needed.

Ultimately, by working with trusted partners, many companies experience better service and have access to better information, providing a path for growth and ongoing success.

Sandra Shecter is firmwide director of Rehmann Solutions: Managed Services and Outsourcing.