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Case study: How can you optimise accounting and payroll overnight?

Reinforce and outsource accounting and payroll tasks

Challenge

Capvis Equity Partners is a leading Swiss investment company that mainly invests in attractive medium-sized companies in German-speaking Europe. In order to do this successfully, employees must focus entirely on core activities.

Preparations and transition phase

Since spinning off from its original parent company, Capvis has entrusted its payroll accounting to PwC, and has had no reason to regret it. Following a change in staff, the company also decided to outsource its accounting to PwC. For the transitional phase, a contractor/professional had to be hired temporarily with the corresponding qualifications and practical experience, and the ability to quickly comprehend Capvis’ business model. This temporary employee was also expected to make the necessary preparations before and during the transitional phase so that all processes could subsequently be outsourced to PwC.

Outsourcing accounting and payroll to PwC has enabled these key areas to function optimally and relieved the burden on our internal processes.

Felix Rohner, CFO, Partner

Solution

In the case of Capvis, a PwC specialist carried out accounting on-site and prepared the processes for subsequent outsourcing.

Professional transition

PwC provided one of its employees on a short-term basis who was to take over and continue the processes within Capvis. In phase one, which lasted about six months, the “temporary employee” familiarised himself with Capvis’ processes, team and specific needs. During this phase, initial process and system optimisations were carried out. The entire accounting process was subsequently transferred to PwC, which helped to further increase efficiency and improve quality.

Complex processes clearly organised

In the area of payroll and salary administration, PwC calculates the monthly salaries and ensures that salary statements and declarations for the various types of social insurance are drawn up correctly at the close of the year. PwC also assists Capvis with audits regarding Swiss old-age and surviving dependants’ insurance (OASI [AHV]) and other audits. In terms of accounting, PwC processes accounts payable, prepares payments and generates monthly management reports and VAT statements.

The fact that the PwC employee worked on-site as a member of the Capvis team ensured that the transition phase to the subsequent outsourcing went seamlessly.

The current system

At present, Capvis sends all information and documentation to PwC on a weekly basis. External processes performed at PwC include: recording vouchers, creating payment proposals, and generating monthly reports and VAT statements. In addition to monthly payroll accounting for all employees, PwC also manages most salary administration tasks and all social insurance declarations. It also assists with equity, social insurance and VAT-related audits.

Result

Its collaboration with PwC enables Capvis to outsource a key part of its administration to a professional, high-quality provider. This cost-efficient solution not only pays off from a quality point of view, but also ensures continuity of knowledge.

Instant expertise

Thanks to his professional skills and ability to grasp new concepts quickly, PwC’s temporary employee ensured that even the most challenging tasks were completed and routine business could continue uninterrupted. With the help of clearly structured plans, well-positioned deadlines and in-depth specialist knowledge, he saw to it that the CFO always received the information he needed in a timely manner.

Long-term benefits

Capvis’ outsourcing solution will pay off in the long run. Not only is it cost-efficient, it also frees up resources for other tasks and simplifies the organisation and key administrative processes. For example, arranging deputies for a specific function is now a thing of the past and Capvis does not have to use any accounting software. In addition, social insurance, legal and tax know-how is always up to date.

Open lines of communication

Open communication has created good relationships between the parties involved, and has meant that any issues arising could always be resolved quickly and easily.

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