Back Office: What It Means in Business, With Examples

All companies need some form of financial management to support their normal business operations. How they complete the financial management process, however, is often up to owners and managers. Hiring accountants or bookkeepers for basic back office accounting tasks can be costly for a small business. Therefore, owners often complete basic accounting and hire a professional accountant for tax filing.

Real estate marketing professionals frequently interact with sales agents to create attractive and relevant marketing materials. And IT professionals regularly interact with all divisions within the company to ensure proper functioning systems. Our team of professionals will provide a complete monthly financial package generated from your accounting system. This financial package will include balance sheet(s), income statement(s), and other performance related management ratios and analysis. Working with an outsourced accounting team tends to be much more affordable than building out a full internal team. Many outsourced accounting relationships begin on a relatively small scale and then expand over time as the business’s financial needs evolve.

Accounting and Bookkeeping

She supervises the tasks of the back-office to ensure a good workflow with the front office, including reconciling trades between the front office and the back-office as well as with the brokers. 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. It can power CRM as well as fully integrated back office functionality. Our experienced team of bookkeepers & accountants have extensive knowledge from working with 1,000’s of customers just like you.

It allows finance teams to create forecasts and business analyses based on complete, company-wide data and to easily model what-if scenarios and new revenue and pricing strategies. As a business owner focused on managing operations and creating shareholder value, you seldom have time to oversee your accounting department. Using web-based accounting systems, we staff these positions offsite. The back office of a business represents any administrative or financial services that support a company.

Free to Run Your Business

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. You get a part-time accounting team who ensures that all of your financial transactions are recorded timely and accurately. You get your books in order and up-to-date so you have the financial information you need to take your business to the next level. The list of systems that we are able to convert from has been developed over many years, and is currently 150+ systems long. Conversions are fraught with unique challenges that make them difficult to automate, costing you valuable development time. Our team helps you get back to what you do best by handling your data conversion needs.

• Hiring accountants or bookkeepers for basic back office accounting tasks can be costly for a small business.
• The back office solution ultimately facilitates information flow between all business functions so that its users gain meaningful insight to perform their jobs smarter and faster.
• The intellectual mind and hard work of our accounting team can help you to get your work done remotely.
• Let’s explore some of the most attractive of these benefits in greater detail.
• We offer support through all phases of grants – from application to close out – to ensure your success.

We will prepare detailed visual reports to help guide you and put you in control of your business & money. Monthly financial statements & expense reports will help you make the best decisions to grow your business. 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. Formed to help you be more productive, competitive & profitable, we focus on developing solutions that meet the needs of today’s fast-paced businesses.

How Long Should Your Business Keep Financial Records?

At many companies, they represent an “office of no,” the cautious money controllers, who don’t take the time to explore or need extra time to implement new innovations because of limited back office processes and systems. 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. An emerging trend among many growing businesses today is to outsource back office functions to focus greater attention on developing the core business.

By nature, spreadsheets are not designed to synchronize with source data in real time, so the data they contain is most often out-of-date. Moreover, refreshing that data typically requires manually extracting and normalizing many different sets of data from multiple subsystems—an extremely time-consuming process. For example, creating a simple revenue forecast might require pipeline data, contract data, sales orders, billing terms, and more. At many companies, the finance department lacks advanced automation that other parts of the organization may take for granted.

However, businesses can only realize these benefits if they partner with an outsourced accounting firm that’s a good match for their business. Outsourcing back-office accounting tasks can help businesses build a new layer of competitive advantage. Leaders can invest the cost and time savings they realize into exciting new initiatives that drive future growth while benefiting from seamless access to higher-quality financial information. Solving these challenges is one of the primary reasons business owners outsource accounting and bookkeeping tasks to a specialized provider, but there are others too.

Our best suitable back-office services will provide you all the advanced accounting and bookkeeping services under one umbrella. When you let the accounting professionals at CFO Integrity do what they do best – you have time to do what you do best. To learn more about outsourcing your back-office accounting functions to G-Squared Partners, schedule a call today. Understanding the financial performance of your business is vital for leaders. Without this understanding, it’s extremely difficult to make decisions, allocate resources, and plan for the future.

Full Back-Office Accounting Services

For example, retail companies sell goods and services; they do not engage in accounting or administrative tasks for consumers. Back office accounting, therefore, is the financial management of a company that essentially works behind the scenes. The accounting tasks are the same as other companies, normally including accounts payable, accounts receivable, payroll, and inventory management. Companies may be able to outsource back office accounting to a third party in order to focus on their main business goals.

Optimizing your financial system will ensure you get more relevant data into your QuickBooks accounting system, more quickly and with fewer errors than manual processes. This adds up to more meaningful, accurate and timely information with a lower total cost of your accounting function. In some companies, the backoffice is also specialized to the offering of accounting and finance services as well as settlements, clearances and IT services. ” revenue to recognize changed, but broader changes in the economy including subscriptions, pricing models, and disclosures driving changes in how CFO’s maintain their financial systems to support operations and reporting. 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.

Back Office Software

Accounting | Tax | Audit | Advisors | Consultants | CPAs – McKonly & Asbury is a Certified Public Accounting Firm serving companies across Pennsylvania including Camp Hill, Lancaster, and Bloomsburg. We serve the needs of affordable housing, construction, family-owned back office accounting business, healthcare, manufacturing and distribution, and nonprofit industries. We also assist service organizations with the full suite of SOC services (including SOC 2 reports), and businesses with valuations, and employee benefit plan audits.

We import bank statements, categorize all transactions and prepare detailed financial statements every month. Our US based in-house bookkeepers are ready to help with any questions. Earn a 15% revenue share from all Back Office services provided to your clients. We also provide your customers with discounts and unique customer benefits. If you want your business to thrive, you need to level up your accounting processes. Our work with the financial managers of multi-entity organizations –those with multiple legal, geographic, and/or business units— led us to consider their most pressing operating needs.