Founded in 2003 by three former Arthur Andersen professionals, NDH is a skilled professional services firm providing accounting and tax solutions to a sophisticated clientele. It can be difficult to keep up with your finances while trying to focus on managing an organization. Our outsourced back office accounting services can help you by providing experienced staff accountants from a firm with more than 50 years of accounting experience. Although back-office staff members do not interact with customers, they tend to actively interact with front-office staff. For example, a manufacturing equipment salesperson may enlist the help of back-office staff to provide accurate information on inventory and pricing structures.
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.
Providing solutions to customers across the U.S. and Canada.
This adds up to more meaningful, accurate and timely information with a lower total cost of your accounting function. If you’re looking for a solution where you can hand-off all of your financial management needs, we’re going to be a great fit. We provide an all inclusive accounting solution in a scalable, cost-effective way by outsourcing your entire accounting function. Smart Hotel Software features a seamless integration to many popular back office accounting products. This seamless integration eliminates all messy and error prone re-keying. With this integration you will be able to instantly flow your accounting and revenue information into your Back Office Accounting software at the push of a button.
- Enjoy a stress free tax season with none of the hassle or scrambling.
- The primary goal of your back office software is to optimize and automate the processes across each of these functions to boost operational efficiency and company profitability.
- Earn a 15% revenue share from all Back Office services provided to your clients.
- Financial reports are worthless without good data input behind and fast turn around.
- Our US based in-house bookkeepers are ready to help with any questions.
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. Your back office solution may not support all your revenue models.
Accounts Payable and Bill Pay
While marketing and sales can propose new pricing, product, and service models, they can’t do it alone. The finance team must be able to analyze new pricing strategies and predict their success or failure. They must also be able to evaluate the performance of your existing offerings—and where you’re getting the highest margins—as well as the lifetime value of every customer. At many companies, the finance department lacks advanced automation that other parts of the organization may take for granted.
- But many popular ERPs do not support them, or they require clunky, bolt-on solutions.
- While an owner can make a decision about the accounting process, the change is often made for the purpose of the front office.
- Your Back Office team will do all of the categorizations and entries for you.
- The front office is responsible for attracting new clients and servicing existing clients; in short, they’re the client-facing team.
- 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.
If you are able to modernize your back office you can empower your finance team and improve overall business performance. An advantage of outsourcing is that it provides an immediate separation of accounting duties that provides peace of mind to a busy, business owner. Fraud happens in all businesses and no accounting system should ever run on employee trust alone. As a lot of businesses work with limited resources, and although the job of controller should remain separate and distinct from the bookkeeper role, they oftentimes get merged into one. The following controller functions should remain separate and distinct from the bookkeeper role. Accounting is the implementation of the accounting principles of the company, be it the matching principle, revenue recognition, or GAAP (generally accepted accounting principles) of accounting.
Payroll and Sales Tax
Back Office Accounting is ideal for business owners and CEOs who are trending water when it comes to their financial operations. At some point, you need professional accounting support if you want to take your business to the next level. You need solid, reliable financial reports if you want to increase profitability, grow your business, and remove the stress of never knowing how much money is in the bank. Our AI driven software classifies all of your financial transactions in real-time. 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. Manager’s report they need to accelerate performance evaluation, while maintaining controls for Inter— and Intracompany transactions.
What is the back-office process?
The back office is essentially the department that provides support to the front office, or client-facing, positions with their various responsibilities. Employees in the back office handle several administrative tasks, including maintaining records and data management.
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. For example, retail companies sell goods and services; they do not engage in accounting or administrative tasks for consumers.
Cap Table Management: Which Provider is Best for Your Startup?
With Back Office, your clients’ bookkeeping is done by us so you can spend your time doing more important things. We will do a month of your bookkeeping & give you a set of financial statements for free. We can connect you with a trust worthy tax professional who can file your taxes. We will provide them with all the necessary documents so your taxes are filed on time. Your financial data is secure, we use 256-bit encryption to connect your data to our software. It’s a stepping stone in your business growth, helping you get timely and accurate financial results to fuel your business growth and increase profitability.
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. We will categorize all of your transactions so that https://www.bookstime.com/articles/purchases-journal you know how much you earn and spend as well as how much you owe and own. We assign an accounting leader to your business who, with the help of additional bookkeepers, focuses on these tasks while also providing phone, email, and text support.