A modern back office is instrumental in transforming finance from a cost center to a value center. With the data available in a modern, unified platform, finance can provide valuable insights on pricing models, product and service performance, and customer behavior that can increase deal size, margins, and renewal rates. With workflow automation, a modern back https://www.bookstime.com/articles/back-office-accounting office allows finance to dramatically improve efficiency, reducing O2C and DSO. Finance teams often rely on Excel because their ERP platforms are missing key features. For example, a growing number of businesses have introduced subscription-based and hybrid pricing models. But many popular ERPs do not support them, or they require clunky, bolt-on solutions.

• We serve the needs of affordable housing, construction, family-owned business, healthcare, manufacturing and distribution, and nonprofit industries.
• We have a trained team of accounts professionals, who are well conversant with the backoffice accounting services, trade regulation of the country and compliances.
• Because they integrate with CRM and other applications, you can automate complex workflows and compliance reporting—and accelerate O2C.
• Another financial function that a support team handles is the cash flow.
• A modern back office is instrumental in transforming finance from a cost center to a value center.

For example, of 378 CFOs surveyed by Grant Thornton LLC & CFO Research, less than half said that their organizations have fully automated their core financial management and planning processes. Establishing a smart back office helps create operational efficiency and build a strong financial foundation for your business.. With a streamlined, integrated system and accurate data, you can leverage a wealth of financial information to optimize every business decision you make.

BOOKKEEPING SERVICES

At some point, you need professional accounting support if you want to take your business to the next level. Please also refer to our Start-up Accounting Services Menu for more information on the back office accounting services we can offer you. Our back office accounting team consists of CPAs or professionals with similar experiences and backgrounds. Back Office Accounting Specialists are the reliable, secure, and best cost-effective solutions for all your accounting and bookkeeping needs. We offer support through all phases of grants – from application to close out – to ensure your success. By outsourcing these tasks, businesses can unlock a wide variety of benefits.

Access your bookkeeping team and your financials in seconds using Back office on your computer or your iPhone. Your financial data is protected with 256-bit encryption—that’s bank grade security. With Back Office, your clients’ bookkeeping is done by us so you can spend your time doing more important things. By empowering your front and back office employees with a more unified, continuous lens across the customer lifecycle, your business can be more transparent, data-driven, and easier to forecast.

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An accounting support team can also help increase efficiency within your organization. By taking care of financial tasks such as bookkeeping, invoicing, and payroll, your team can focus on core business activities. Additionally, a back-office accounting support team can innovate financial processes, such as implementing automated systems for accounts payable and accounts receivable.

Finance leaders at companies with limited ERPs often find themselves in the position of either saying no to a new and potentially lucrative pricing strategy or committing to managing it with Excel. With a modern back office, finance teams achieve return on investment (ROI) by accelerating time-to-market for new products and services, adopting more profitable and compelling pricing models, and streamlining O2C. In fact, according to an analysis by MGI research, modernizing the O2C process alone typically delivers an ROI of 15–28 percent. The primary goal of your back office software is to optimize and automate the processes across each of these functions to boost operational efficiency and company profitability.

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The back office should help strengthen the infrastructure of your business by establishing and maintaining efficient business operations. In this article, we focus mainly on the accounting and compliance functions of your back office. Our AI driven software classifies all of your financial transactions in real-time. Schedule an intro call with our team to find out how our Back Office Accounting services can support your business growth and goals. Our best suitable back-office services will provide you all the advanced accounting and bookkeeping services under one umbrella.

As a business owner focused on managing operations and creating shareholder value, you seldom have time to oversee your accounting department. QuickBooks is transforming the way accounting is being done across the world. It is the go-to accounting software for business firms be it small or big. Leveraging the affordability of QuickBooks is essential in delivering successful bookkeeping experience for firms. To gain an understanding of the financials while being in sync with the cash flows and the financial health status of the firm is all made possible with our customized QuickBooks services.

The OPERA Back Office Export system is designed to meet the needs of hotels and their management companies. The functions of the Accounts Payable, Daily Report, Fixed Assets, Payroll, General Ledger and Financial Statements are provided. All programs integrate directly to the General Ledger System, thus alleviating the necessity of redundant data entry. Most businesses are familiar with Salesforce CRM—and many of them use it. The Salesforce Platform provides a unified data model that acts as a “single source of truth” for your whole organization. Also, spreadsheets are not designed for collaboration, and they are difficult to share.

Outsourcing needs to be significantly cheaper than hiring and maintaining accounting staff in the local area. The back office plays a crucial role in supporting the front office (think sales/trading desk) by processing the trades made by customers of the bank or for the banks’ own proprietary trading operations. Some of the functions of the back office are confirming trades and settlement instructions, clearances, record maintenance, regulatory compliance, accounting, and IT services. It goes without saying, then, that the front office activities could not be processed without the back office, and the back office would not exist were it not for the front offices sales and trading activities, making teamwork essential. Outsourced accounting providers already have teams of accountants in place and can often be onboarded to your business within a week or two.

Additionally, these external partners have the resources to grow with your business as required. Outsourced accounting relationships often start with simple bookkeeping tasks and expand over time to include strategic advisory services. G-Squared Partners provides outsourced accounting, bookkeeping, and Chief Financial Officer services to businesses across a wide range of industries. To learn more about outsourcing your business’s back-office accounting functions, contact us today. With Certinia ERP, everyone using the back office solution – sales, finance, service delivery, support, and beyond – gains real-time access to all the customer information that matters most.

• When you started your business, you may have taken on all of the accounting tasks on your own.
• While marketing and sales can propose new pricing, product, and service models, they can’t do it alone.
• The key is rethinking the back office solution and demanding more from your staff and your technology.
• Intacct Project Accounting supports effective project management as a fully integrated ERP offering from Sage Intacct.
• She is an Excel expert; therefore, she generates P&L reports to track the company’s performance.
• We empower the firms to take the right decisions in relation to bookkeeping and accounting with our dedicated QuickBooks setup services.

We provide you a Controller dedicated to improving and supervising your financial operations. Our professional becomes a valuable member of your team and ensures that your finance and accounting functions are properly executed. CLA’s back office accounting services can help monitor your accounts and keep you compliant with payroll tax laws. Using the advanced tools and techniques for accounting and bookkeeping, we can serve you the optimal solution to take your business to the new heights. We strive hard to provide our customers with world-class service at an affordable rate.We continuously explore new ideas to bring something new to the table.

If you don’t have accurate accounting and financial information, your current processes are not working, or you have grown to a point that your needs are beyond your capabilities — outsourced Back Office Accounting is right for you. If you want your business to thrive, you need to level up your accounting processes. For the full year ended December 31, 2019, the new standards for revenue recognition will become audit guidance for non-public companies (public companies have reported under these standards since 2018).

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