Back-office is the section of any company which constitutes the administrative, accounting, human resource, and other support departments of a company. Employees of these departments do not generate sales, communicate with the customer, or resolve any of their issues. They are responsible for maintaining relevant records, handling the information technology services, settlements, and complying with statutory requirements. They even hire new recruits with requisite skills and talents for managing different departments of the company. Some of them prepare various project reports for top managerial personnel. The documents can relate to the development of new products, market forecasts, or budgets. These functions are equally important for the smooth running of the company in the market, like those of the front-office departments.
Scott Tominaga – What are the advantages of efficient back-office operations for a company?
Scott Tominaga is a financial specialist from Carlsbad, California, with over 25 years of business finance experience. He is an Arizona State University graduate in business finance. His area of expertise is in accounting, back-office operations, compliance, marketing, investor relations, marketing, and administration functions. He has been a regulator for FINRA for the last 20 years. Currently, he holds the position of Chief Operating Officer in PartnersAdmin LLC. This is a popular finance service company with its headquarters in California. The company has a reputation for providing viable solutions when it comes to hedge fund investments and profits.Read more: Find Autograph Dealers Online – What Are The 3 Warning Signs of a Fake Site
He says the back-office section of a company generally consists of human resources, accounting, operations, information technology, and compliance departments. Employees working in them should be aware of the ever-changing statutory regulations which the government may impose on companies. They are responsible for complying with these laws to the letter. They could relate to workmen’s insurance, workplace safety, maintenance, accurate financial reports, and information systems. Following the relevant regulations ensure that companies conduct their activities in the market lawfully. As a result, they are unlikely to be liable to pay penalties. Back-office employees also collect, classify, and process data based on which the top management makes important decisions.Read more: Are You an NRI Planning to Open a Current Account in the UK? Select a Bank That Offers These 5 Features
He goes on to point out the following six advantages companies can enjoy when they have an efficient back-office:
- An efficient back-office enables companies to streamline the workflow processed from their operations,
- The top managerial personnel can focus their attention on the core activities of their companies better,
- Back-office employees ensure proper record keeping relating to accounts, payroll, customer invoices and credit control,
- Monitor the various information technology infrastructure like computers and servers to prevent any misuse,
- The top management of any company takes important decisions on the basis of the data which back-office employees process,
- Back-office employees safeguard reports containing confidential information relating to customers’ credit card details and refunds.
Scott Tominaga sums up by saying an efficient back-office administration can ensure the smooth functioning of a company. It enables the top management to focus on core business activities better. The employees working in this department maintain proper accounting and other records. They safeguard reports containing confidential information such as customers’ credit card details and refunds. Even those responsible for IT support ensure no misuse of computers and servers in the company.