From saving time to getting paid faster, your business can benefit in many ways from automating your back office.
There are many factors that can determine the success of a business, but the three most important considerations are: how well you serve your customers, the quality of the goods or services you produce, and how you differentiate your business from your competitors.
The best way to excel in all three of these areas is to focus on them. Back office automation improves the efficiency of your operations by eliminating redundant tasks and generally making it easier for your employees to do their jobs.
In this article you’ll learn about back office automation, its benefits and five reasons why you should automate your back office as soon as possible.
What is Back Office Automation?
Automating your back office is a simple way to eliminate antiquated, inefficient, paper-driven or man-in-the-middle processes. This is done with financial software that can store and organize customer data for use in tasks like invoicing, accounting and managing cash flow.
Automating your back office not only eliminates paper-driven processes, it minimizes human error and enables company employees to complete their work with greater ease. It can also greatly improve the efficiency of your back-office operations, and the speed at which your employees respond to customer demands.
Put simply, back office automation frees up your employees to do what you hired them to do — grow your business.
1. Save Time
A back office with zero automation is a back office that is inundated with paper documents and handicapped by tedious physical processes that slow down your internal operations. Automated work processes like electronic record keeping reduces the time your administrative employees spend on unnecessary tasks or steps.
2. Save Money and Reduce Cost
In the world of business, time is one of your most valuable resources. It’s best to work as quickly and efficiently as possible without sacrificing quality. We just learned how much time back office automation can save your business, but how does that factor into cost savings?
The answer is simple. Back office software does more than automate repetitive tasks — it provides your employees with tools that increase the speed and ease at which they can do their jobs, and minimizes the number of employees that you need to hire to run your business.
For example, if you pay an employee $35/hour to create invoices and it takes them three hours to complete that task, you owe that employee $105. However, if that same employee has access to invoicing software that enables them to create twice as many invoices in half the time, they can get twice as much done for half the cost.
3. Get Paid Faster
Manual invoicing is more than a tedious task, it’s a barrier to profitability. A business that manually creates invoices is driving up its labor costs, slowing down the invoicing process and increasing the amount of time it takes to get paid.
By automating your invoicing or accounts receivable process you make it easier for your customers to do business with you. When you make it easier for your customers to pay you, you can focus on how to deliver better service, speed up the payment process, increase your bottom line and add value to your customer relationship.
4. Manage Cash Flow Better
Good decision making is critical to whether your company succeeds or fails, which is why cash-flow management is so important. To make sound decisions, your employees need accurate and reliable financial information.
Automating your back office helps you understand your cash flow with powerful tools like heat maps of daily cash balances and forecasting models that show cash flow shortfalls. Your employees can use this information to understand your current and future cash flow situation in order to make sound decisions that benefit your business.
5. Simplify and Consolidate Your Back Office
When a business implements financial software with automation capabilities, it immediately simplifies and consolidates many tedious yet important processes like storing and accessing data. In fact, most back office automation software includes cloud storage and backup, which makes it easier for employees to search and find what they need from a central repository.
By making it easier for employees to find and access the data they need, back office automation software makes it easier for your team to answer queries and respond to customers quickly and efficiently.
Intuitive software can also connect your team members with chat tools and comment sections, which can help them quickly communicate and make decisions. This eliminates bottlenecks and generally makes it easier for your team to work together to further your business goals.
The Best Back Office Automation Software
Besides saving time and money, automating your back office improves the efficiency of your business and enables your employees to effectively do their jobs with maximum speed and ease.
FINSYNC’s suite of financial software streamlines your back-office operations to help you manage your business better and with less effort. It’s a convenient solution for the antiquated, inefficient processes that are dragging down your business. If you’re ready to automate your back office and grow your business, get in touch with us today.