Back-Office Management & Accounting

However, businesses should not wait for the dust to settle before focusing on the daunting task of financial recovery. We help engage your management team to set goals and create measurements for the future by providing analysis on current results against industry comparisons. Increase efficiencies with our restaurant accounting experts who provide actionable insights into understanding and impacting operational results. Transaction processing ensures that customer transactions are completed seamlessly and without error. This process may include ensuring that the data and information entered into the system is accurate and complete and processing billing and collections. Fraud prevention keeps businesses safe from fraud of all types, such as asset misappropriation and corruption.

Continued slow turnaround times raise the risk of alienating customers and frustrating and discouraging a workforce. The growing popularity of remote work, along with the proliferation of apps and ERPs, requires a modern approach to data collection, including dashboards, instant reports, and automated data analysis. These solutions allow users to manage their data more effectively and constantly monitor processes for errors or discrepancies. Business process outsourcing (BPO) occurs when a business contracts out services to another business. Depending on the needs, both front- and back-office services can be outsourced when organizations are looking for ways to streamline processes. Record-keeping, regulatory compliance, financial reporting, and even basic accounting are carried out manually.

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Firstly, considering us is a cost-effective approach rather than keeping an in-house accounting department. Internal accounting team involves paying extra cost on recruitment; retainment, training and paying on employee benefits including the salary due. Secondly, you can get hands-on getting an expert level of service that you never expect from an in-house accounting department.

The processor will then approve or deny the transaction based on the validity of the credit card information and the sufficiency of funds. To address these needs their ERP system must have specific capabilities for managing access, processing, and reporting. Please find attached a review of Sage Intacct for meeting these requirements, and Gartner’s assessment for the same. Intacct Project Accounting supports effective project management as a fully integrated ERP offering from Sage Intacct. Thus, supporting the integration of activities, and the alignment of overall corporate purposes. Based on your needs, our staff accountants work under the direction of your controller/CFO or in combination with one of our outsource service offerings.

One thing that concerns me is my data and I am skeptical about how secure it is working that way?

Because these processes mostly deal with internal needs and employees, they can be tweaked and improved with little customer impact. Chatbots give employees fast solutions to common issues 24/7 and remove those requests from IT’s plate entirely. IT team members hired to develop new apps and technologies now have time to do just that, advancing the business to surpass the competition. From employee onboarding to benefits management and database upkeep, a traditional back office system requires its HR professionals to manage their operations manually. This guide explores back office functions, business process outsourcing (BPO), and back-office processes that can be streamlined for efficiency. In the current age of digital transformation, back office solutions can be the key to reducing operating costs and adding value.

The majority of US-based employees follow the firm’s hybrid model, which allows them to spend up to half their time working remotely. Collaborate with our team to review your business’s assets, liabilities, and equity to ensure your books are balanced. Utilize results to make educated decisions that facilitate growth and profitability within your restaurant. Keep your finger on the financial pulse of your operation through our expert bookkeeping with a weekly financial package. Our accurate financial statements enable your team to make the timely adjustments necessary to drive profitability. Credit card processing happens when a customer uses their credit card information for payment.

Staff Accountant Outsource

We have summarized the core principal, and information relevant to the upcoming changes to both the FASB and IASB treatment of revenue recognition for your review. We look forward to discussing these changes with you, and helping you to consider your preparedness for ASC 606. To meet the new contract-based rev rec standards you look for ways to modify your existing ERP. This may involve repurposing your system, leaving you with a “Frankenstein” solution.

Businesses, regardless of size or industry, often rely on enterprise resource planning (ERP) software for their back office needs. Modern back office processes should leverage cloud technology, offering instant access to advanced features for growth. 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. Here are the services you can expect from us when we provide back-office accounting for your organization.

Record keeping is a vital function in back office departments, especially as digital transformations are setting news standards for transparency and accountability. The act of entering data into these systems and performing manual back-ups is repetitive and, according to many workers, boring. Its repetitive nature and back office accounting high risk for human errors make it a natural process for leadership to consider revamping when making a digital conversion. Many business school students from non-target colleges and universities see Back Office work as a way to gain experience within a firm and potentially network up into the Front Office roles.