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2021 January 29

29

Jan
2021

Back Office Accounting Services Becoming Extra-Efficient

On 29, Jan 2021 | No Comments | In Bookkeeping | By sakiko

back office accounting

Welcome to The Ledger where we sum up the latest finance and accounting news and trends for you. On this week’s entry, we’re diving into the topic of back-office accounting services and why this finance function should be outsourced. Read on to see what the future of the back-office is, why companies should consider India for back-office functions, how COVID has accelerated automation for back-office, and how to choose an outsourcing provider. Digital accounting eliminates these tasks so back-office accounting teams can focus on more important tasks such as growth opportunities and problem solving. Documents can be easily stored and accessed in a document management system, accessed by all members of the team via the cloud, and shared electronically with outside parties when necessary. 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.

The days of flipping through file cabinets or scrambling to find a misplaced document are over. In a fraction of the time that it takes to locate, file, fax, or email a physical copy, back-office accountants have the ability to find, share, and organize documents at their fingertips. Sending and receiving payments through an electronic invoicing and payment system is a fast and simple process.

Forensic Accounting And Fraud Detection

Any attempts at strategic planning and supply chain management are stunted by a lack of company-wide process visibility. Organizations are made up of several departments, but only two main operational systems. Back office business processes support the customer-facing back office accounting business processes or front-office processes. Back office operations are invisible to customers, but they’re an essential part of all businesses. They serve a supporting role, allowing front office departments to function at optimal productivity.

CLA’s back office accounting services can help monitor your accounts and keep you compliant with payroll tax laws. Customer onboarding is the process of welcoming new clients to your business, setting the tone for their relationship with your brand and products. From initial sign-up to first use, the customer onboarding process provides value to the client as early as possible, helping improve the likelihood of them doing business with you again.

Electronic Invoicing and Payment Systems

Other crucial back office activities include preventing non-compliances, and, if they occur, identifying and correcting them so the company incurs no penalties or fines. While frequently unseen, the back office performs critical duties stemming from front desk activities. To learn how your small or medium-sized business could benefit from shoring up your financial foundation with outsourced accounting and bookkeeping services, schedule a call with a GrowthForce representative today. Beyond immediate recovery efforts, accounting professionals help businesses build financial resilience against future cyber incidents. Their insights into the financial aspects of cybersecurity enable businesses to make informed investments in technologies and practices that reduce vulnerability to future attacks. In the aftermath of a cyberattack, businesses may face regulatory scrutiny and reporting obligations, particularly if sensitive customer data is compromised.