Indepth: How to cut startup costs and improve business productivity

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UK business owners spend up to 15 hours a week on admin. Whether it’s the HR admin that inevitably comes with a growing team, the essential accounting to manage your money or various filings to HMRC, business administration is par for the entrepreneur’s course. But 15 hours?? That’s two short days - or one very long one. Couldn’t that time be put to better use? Product strategy? Client development? Marketing plans? Sleep?

All good business owners know that admin tasks, which range anywhere from excruciatingly menial to completely confusing, are non-negotiable and must be done. But isn’t there a less time-consuming way? Whether it’s HR related administration like contracts or payroll or accounting or legal or compliance, what is the best way to handle it? Can outsourcing be the solution? And is it possible to simultaneously retain control and cut costs while still receiving the help you need? In this article we look at the issues and suggest ways to tackle them.


Pitfalls of traditional outsourcing

1. Lack of control

Business owners are renowned for being control freaks and with good reason. Businesses don’t grow and succeed without constant overseeing, planning and revising. And after all, it’s your baby - you’re protective over it. When outsourcing work to external agencies a business owner can lose control (or at least visibility - which will feel much like the same thing). Worries about access to information and quality of work can creep in. Having to schedule external meetings just so you can be kept in the loop can become more of a hassle than doing the work yourself in the first place.

2. Expensive fees

So you don’t have enough time to complete all the HR or accounting tasks on your own and are considering paying someone else to do it for you. Like most important purchases in life, cost is proportionately related to value and quality.  Hiring a dedicated in house HR manager is usually something for more established companies with enough constant work for one person and more importantly, a bigger budget. A small team of five or ten or even twenty rarely needs a full-time resource. Similarly you don’t need an FD in a small business. But you do need to be able to manage your money and ensure your accounts are in order. Freelancers are an option but cost vs quality is a big variable. Experienced and reliable freelancers can often be quite expensive while using the cheap ones runs the risk of substandard work. This results in wasted time, money not to mention potential non-compliance fines.


3. Information leaks

Just as your employees count on you for accurate and timely pay they also trust you with their personal and confidential information. Salary details or employee sickness records for example are highly sensitive. You need to be sure that this information is being held safely and securely - for your peace of mind and for that of your staff. Is your HR freelancer keeping a file in a drawer somewhere? Or could someone access your employee salary spreadsheet? What about your customer data? Data breaches are becoming more and more prevalent in the UK - and so are the fines and cost associated with them.


Finding the right help

 The ultimate solution is to use a reliable platform that brings together the technology, skills, knowledge and support that you need in order to help you complete your admin tasks quickly and easily.

That’s where Geniac can help.

Geniac’s HR platform

Geniac is the single business platform that helps you run a better business. Tech on the outside (so you get a secure platform holding all your business information) and human on the inside (so there are real specialists on hand to help), when you use Geniac you maintain control over all aspects of your business while getting the help and support you need.

Geniac Other Business Services

Through the Geniac platform and business managers, you can quickly and easily complete your essential business administration:

Bookkeeping and Accounts

Our accounting platform will help with your day to day bookkeeping, VAT returns and Year End Accounts, as well as updating your accounts weekly to help you make better decisions. You can also upload your expenses on the go and we do the reconciliation so you can get back to what you love.

Payroll

We can help you pay your employees on time and ensure you are always RTI compliant. With our new employee portal you will be able to add new employees and easily make changes to payroll. Employees can download payslips and manage their own information. Plus we take care of auto-enrolment from start to finish .

Employee management

Geniac can help you manage your employees from their initial recruitment through to their last day at work. We cover employment policies, background checks, pay rises and even contract terminations. We look after all of the legal requirements and ensure you tick all of the necessary boxes when it comes to looking after your employees.

Legal solutions

From website terms and employment contracts to supplier agreements Geniac helps you to create essential business legal documents. For employee policies and staff handbooks we help you get the paperwork right.

Company administration

You don’t have time to update your company books, manage share transfers or keep statutory registers. From incorporation and share allotments to appointing directors, we will take care of all of this removing the hassle from your ‘To Do’ list.

Business Consultation

 We know that every business is different – you can select what admin tasks are relevant to your company and add and remove them as required. Contact us for a free business consultation.

Real human interaction

We believe in providing the highest possible service to our clients and guarantee that you can speak to us. No automated email responses or international call rooms, we are real people.

Dedicated business manager

You will be allocated a business manager who will work with you. They will get to understand how your business works and almost feel like another member of your staff.

Secure and reliable

All of your important and confidential data will be secured to industry standards and will never be given to any third parties without your prior consent.


The Geniac difference

By using Geniac for your  human resource management, you won’t have to bear the cost of employing your own HR manager in house. We will become part of your team and provide you with the essential HR requirements for your business.

We are not a faceless HR outsourcing solution – our unique combination of technology and people will help you with HR management solutions to suit your business - and you stay in control. This means you’ll have more time to get on with growing your business and focus on doing what you love.

The Geniac platform is easy to use and offers a cost effective solution to managing your HR needs. Time consuming processes will be dramatically reduced and you will have more time to focus on growing your business.

Want to know more about how Geniac can help your business? Contact us here for a free consultation or for more information about human resources management.

 

by Katherine Green on August 23, 2016

Topics: HR, startups, admin, deep dive

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