Back Office: What It Means in Business, With Examples

In some companies, the backoffice is also specialized to the offering of accounting and finance services as well as settlements, clearances and IT services. Although the backoffice is not facing the customers, it is the backbone of the company as it handles several functions Back office accounting that are important for the best representation of the organization to the customers by the front office. In general, the backoffice provides the required documentation and technical support to the front office to facilitate the course of work and the business transactions.

Whether it’s overflow work, special projects or everyday accounting tasks our team becomes an extension of your team. Our certified processes underpin the work the business undertakes to ensure our services meet or exceed the needs and expectations of our customers. You get a part-time accounting team who ensures that all of your financial transactions are recorded timely and accurately.

Let our team of professionals manage depreciation expense and accumulated depreciation of your business assets for both financial statement and tax purposes. At MoneyPenny, we can help streamline your business by providing back-office firm administration services. By doing so, you decrease costs by turning over administrative tasks to a specialized team capable of delivering excellent service. Financial reports are worthless without good data input behind and fast turn around. We can help you move from Financial accounting to managerial and proactive accounting with your clients.In running an effective business, it is vital to get clear financial insights through reports.

The controller reviews all of the activity in the bookkeeping department while keeping an eye out for business fraud. Having an extra set of eyes on the books helps to identify cash flow problems and reduces the risk of internal and external fraudulent activities or human error. Our outsourced bookkeeping, accounting, and CFO professionals are equipped to handle all of a business’s accounting and finance needs, from closing the books every month to assisting with  M&A transactions. 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.

Maintaining a back-office accounting team isn’t just expensive, it’s also time-consuming. Founders and executives are responsible for hiring, onboarding, training, and overseeing their back-office staff. Even worse, if your business is an early-stage startup, the founder, CTO, or COO might be managing accounting and finance functions by themselves. 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.

Reliable Cash-flow Management

We acknowledge that tax preparation must be done with quality consulting from experts, which is why our team with 35 years of combined experiences in US and Canadian tax is more than ready to step in and help you. Now, the term has since evolved to encompass most of an organization’s vital functions – most importantly, the organization’s finances. Traditionally, the term “back-office” was coined due to back-office functions not being in direct communication with customers such as logistics and production. Back Office Accounting is ideal for business owners and CEOs who are trending water when it comes to their financial operations. That’s where our outsourced Back Office Accounting solution comes in. When you started your business, you may have taken on all of the accounting tasks on your own.

In this ultra-competitive environment, the ability to launch new models alongside traditional ones is key to sustainable growth. Our experienced team of bookkeepers & accountants have extensive knowledge from working with 1,000’s of customers just like you. Leverage our teams knowledge to help you grow and run your business. Back Office’s bookkeeping team will provide you an income statement, balance sheet and statement of cashflows every month so you have a strong understanding of how your business is performing.

Company

Our staffs are to comply with the security policy of the company and act against unauthorized data access. We have Firewalls and antivirus installed on servers and workstations for better data security. The front office is responsible for attracting new clients and servicing existing clients; in short, they’re the client-facing team. The back office, on the other hand, exists to service the transactions conducted by the front office and has no interaction with the firm’s clients.

• 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.
• At many companies, the finance department lacks advanced automation that other parts of the organization may take for granted.
• A dependable team saves you the trouble of having to go through the tedious process of studying the processes and risking the compliance of the organizations.
• 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.
• At Back Office CFO, we help businesses find answers fast and make decisions even faster.

We offer support through all phases of grants – from application to close out – to ensure your success. We will help get everything set up and never fear, our friendly staff of accounting professionals is only one call, chat or email away to help you with any questions that may arise. We will do a month of your bookkeeping & give you a set of financial statements for free.

The Importance of a Reliable Back-Office Accounting Support

While many bookkeeping tasks may seem relatively simple, they are the financial foundation on which all successful businesses are built, and it’s vital businesses get them right. Below are some common back-office accounting functions that can be outsourced to an external vendor. We maintain a great level of business confidentiality and keep your customer secrets.

We perform the best to keep you at the top position among the list of your competitors. Hiring us you won’t miss performing any legal requirement and business regulation. Our customers can access the accomplished work from anywhere at any time through connecting their system to the internet. Our greatest marketing strength is our client’s trust and customer satisfaction. Your Back Office team will do all of the categorizations and entries for you. All of your bookkeeping is done in house, we never send your information over seas.

• We empower the firms to take the right decisions in relation to bookkeeping and accounting with our dedicated QuickBooks setup services.
• Regardless, overseeing or performing back-office tasks likely does not represent the best use of senior executives’ time.
• MoneyPenny and S&N Financial Services provide dedicated trained and certified CA’s and accountants, to assist your firm in all aspects of bookkeeping, tax and, accounting.
• Typically, the back office functions include IT and Networking, Bookkeeping, Payroll, and Human Resources.

Regardless, overseeing or performing back-office tasks likely does not represent the best use of senior executives’ time. By embracing outsourcing, leaders can gain that time back, freeing them to spend less time on the financial minutiae and more time on big-picture strategic initiatives that move the needle. By outsourcing these tasks, businesses can unlock a wide variety of benefits. Let’s explore some of the most attractive of these benefits in greater detail. My Accounting Course  is a world-class educational resource developed by experts to simplify accounting, finance, & investment analysis topics, so students and professionals can learn and propel their careers.

Traditional vs. Modern Back Office

When we think of a “back office”, it often takes on a literal meaning. 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.

Certinia ERP is a customer-centric, end-to-end enterprise resource planning solution built on the Salesforce platform. By keeping the focus on the customer, Certinia, helps companies accelerate high growth, deliver maximum value and increase efficiencies. 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.

Intuit QuickBooks

We will categorize all of your transactions so that you know how much you earn and spend as well as how much you owe and own. Monthly, weekly, or daily (depending upon the need of the business); our professionals will track, manage, and handle all accounts receivable needs. From processing payments, to cash deposits and cash collection, we will handle all your accounts receivable needs.