Back Office Service Support
Why do you need a Back Office?
Back-office tasks include confirmation of transactions, settlements, generating new ways of accounting, preparation of documentation, control of profitability, customer relationship management, support for corporate actions, the introduction of information of complex systems, rendering the actual and expected returns, etc.
The main objective of back-office is the electronic and documentary support and execution of market transactions, which conclude dealers (traders) of the front office, as well as internal (analysis) of transactions among entities within the boundaries of a system of effective redistribution of financial resources.
Back office support services are:
- database administration;
- support staff;
- human resources department;
- statistical and analytical accounting of sales;
- inventory balances;
- archive management
The banking institutions to back-office tasks include clearing operations, current cash management services, etc.
There is no successful business that works without a properly adjusted back-office.
The territory of a back office often is simple. It is important to note that back-office in most cases makes the greatest contribution to the company. Today, back office has no need to be located in your own country. In common use it has use to move it where the lower costs (for example, in South-East Asia). Also, today often functions that perform back office outsourced (ie, to other companies).
Back office department communicates with front-office. Functions of corporate finance and investment management can be distributed among them. Back office should develop and implement internal accounting standards, which must be based on all the other departments of the company.
The role of the back office is very often underestimated and we offer proficiency by following simple rules:
- Keep an excellent reputation. Today highly competitive excellent reputation is very important to keep afloat. And our back office does work well and every word with a customer makes the prestige of the company. As a back office operator, you should leave a good impression, strive to fully meet customer requirements, in the end, smiling, and generally treat him very kindly.
- Skillful risk management. Typically, senior managers check financial or other reports disparagingly. Well, since all management decisions are made solely on the basis of data, facts, calculations, numbers, their precision and accuracy are crucial. So those who diligently making raw data and make calculations performed undervalued are ineffective for senior companies.
- Reward. Back office workers do not make money for the company directly, as it is done in the front office. In addition, suggestions for improvements and new methods of saving, proposed back office, can significantly increase back office sales of company’s profit (directly or indirectly).
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