Do you think about your organization’s financing & administration department – your back office? Are they just keeping records and making reports? Or are they an integral part of your company’s success? Are they leaders in creating new efficiencies? Key to adding value, cost savings or streamlining processes? Reviewing and updating back office is about making this unit crucial to operations, game changing with the right tools.
Transforming Finance with Technology
Leading organizations use technology to handle basic process, such as standard report generation. More companies are using cloud-based technology to collect and track data. Now most companies are only using up-to-date data that’s less than 70 days old. Improving and automating internal processes is mission critical for entrepreneurs who want to use their back office more effectively and cut costs.
Your back office is made up of highly educated professionals. Make the best use of their time by having them focus on key operational processes. One study found that an underutilization problem can extend to the highest levels of organizations: A vast majority of owners & managers say they want more of a say in strategic planning and agenda setting. Subsequently, many organizations are recognizing and responding to this problem. Entrepreneurs are having to go beyond their traditional roles, taking on new responsibilities in IT and HR.
Finance’s Key Purpose
Your back office should focus their time on solving complex problems. For example, they can look for unnecessary costs to cut and ways to improve processes. They can analyze data to find areas of workflow improvement for each department. Beyond this, giving them the freedom to work with other departments encourages creative teamwork and innovation.
And there is more than money to save here. Your back office should be part of identifying new revenue streams. Have them play a core role in expanding business, predicting cash-flow problems, and finding ways to add value for customers. Embrace them as change agents and it will pay off in unexpected benefits.
The Future of the Back Office
The key is to create a role for your back office as collaborators in decision-making. For small and mid-market businesses, this is an untapped resource that could be making important contributions. Expect that in the coming years, revolutionizing finance departments will be what sets businesses apart from their competition.
The team at Accounting 360 Solutions is dedicated to helping entrepreneurs achieve their financial goals. Let’s have a meeting to learn more about your business and to discuss how we can handle your company’s accounting and bookkeeping needs as a strategic process to help you achieve your financial and operational goals.
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