The optimization of a business’s accounting system is the cornerstone of a Smart Back Office to improve financial management and operational efficiency, and serves as the foundation for driving growth. How do you drive growth and achieve operational efficiency with a smart back office?
Stephen King will present the sessions, Smart Back Office 2018 Updates and 5 Steps to Build a Profitable Client Accounting Service Practice, at Accountex 2018.
In my upcoming session at Accountex, we’ll discuss Building a QuickBooks-Centric Smart Back Office, and dig deeper into the software, integrations, and how system optimization can actually help businesses make more money.
Businesses that can integrate and take full advantage of technology quickly will reap rewards not just from streamlined operations but also from enhanced financial intelligence. It starts with system optimization that leads to unleashing the power of QuickBooks.
Have You Unleashed the Power of QuickBooks®?
Most people use QuickBooks the way they use Excel — by just using the basics to add, subtract, multiply, and divide, or as a simple way to print pretty reports.
But Excel has tremendous power if you dig deeper into its potential. Only a fraction of users use pivot tables. Even a smaller group use VLOOKUP, and sort and filter the data, or really use the Excel spreadsheet as a database for analysis.
The same thing is true with QuickBooks. You have all this incredible power, but very few businesses know how to really unleash that power to benefit their business.
Optimizing a business’s financial system will ensure that you get more relevant data into the 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.
A big part of setting up a smart back office has to do with optimizing your financial system.
Definition of Optimization: an act, process, or methodology of making something (such as a design, system, or decision) as fully perfect, functional, or effective as possible. Merriam-Webster Dictionary
GrowthForce continually researches and tests the apps and web-based tools that integrate with QuickBooks to provide small businesses and nonprofits with a seamless, integrated financial management function. Download your copy of The Smart Back Office [Updated!] guide for our latest recommendations.
Given today’s technology, which businesses of all sizes are racing to integrate, the smart back office levels the playing field for small and medium sized businesses and organizations.
For businesses looking to radically streamline and improve their accounting, the Smart Back Office is yet another gift from today’s technological advancements.
An optimized accounting system is where it all begins, but there are three important elements to take into account for building a smart back office.
The Three Important Elements of a Smart Back Office
- Accounting Systems Design and Optimization — A fully integrated accounting system to maintain and manage all of your company’s bookkeeping, payroll, and accounting functions, streamlining financial operations and reporting.
- Policies and Procedures — The design and implementation of your company’s policies and procedures, covering everything from daily financial operations, weekly and monthly reporting, due diligence and bookkeeping, and accounting best practices.
- Compliance — The necessary and legally required responsibilities with respect to financial reporting and record keeping. Efficient bookkeeping and accounting practices involve maintaining accurate financial records essential to tax compliance and for avoiding audits, and enable you to keep track of your company’s financial (and overall) wellbeing.
A smart back office unlocks management accounting to deliver financial intelligence that helps business owners make data-driven business decisions. Management accounting and cash flow forecasting can be tailored to accommodate successful strategic planning.
Another factor that sets a successful back office accounting solution apart from a struggling one is its ability to help business owners foresee cash flow issues and take proactive steps to avoid these sorts of challenges before they occur.
Establishing a smart back office improves operational efficiency and helps to build a strong financial foundation for a business. A streamlined, integrated system and accurate data enables businesses to leverage a wealth of financial information for making better business decisions that drive growth, increase profits, and improve cash flow.