How to Use Technology to Streamline Back-Office Operations

Posted: March 18, 2019 - Blog, Finance & Accounting

 

A recent survey showed that 70% of companies are either pursuing digital transformation or planning to soon. What’s digital transformation? It’s when companies rely on integrated technologies to automate or upgrade everything they do – including accounting.

Using one data-driven platform to handle every aspect of accounting allows companies to streamline their entire back-office operation. The sorts of processes that companies are obligated to focus on (even when they would rather focus elsewhere) largely run on autopilot. It’s hard to overstate what kind of positive impact that has on efficiency and productivity. Here are some examples;

  •     Use automation to collect and organize all your data.
  •     Go to one source to find any fact, figure, or document you’re looking for.
  •     Speed up time-consuming processes like financial reporting and budgeting.
  •     Have staff focus on big picture initiatives instead of routine tasks.
  •     Eliminate errors and omissions from data sets and processes.
  •     Study your data to learn about opportunities and obstacles in the future.

What back office wouldn’t be better with world-class technologies handling the hard work? The challenge is making that a reality, because even though technology offers a significant solution, it’s not automatic.

Consider, for instance, that in a different survey about digital transformation, 84% of the respondents felt like they were failing to make any progress or see any positive results. The simple fact is that new technologies are costly, complex, and confusing. Plus, they have a long implementation time and an even longer learning curve. In the worst-case scenario, companies implement the wrong technologies and become weaker as a result.

Technology is as much a source of anxiety as excitement. An Accounting Today survey showed that the top two concerns in the industry are the impact of new technologies and the consequences of adapting too slowly. Accountants understand that technology is essential, but they also understand it’s inaccessible.

What if there was an alternative, something that allowed companies to benefit from technology without having to leverage it themselves? Essentially, they would reap the rewards without the risks or responsibilities.

It’s possible when companies rely on a tech-driven outsourcing firm to handle accounting, finance, and other back-office functions. Outsourced accountants have experience and expertise with world-class technologies, helping you to streamline the back-office without having to actually undergo digital transformation. It’s the easy way to embrace technology and all it’s positive impacts while avoiding the pitfalls in the process.

Are you ready to effortlessly upgrade your technology? Would you like to streamline the back office by sending the worst workloads to someone else? Could your enterprise benefit from strategic accounting and finance? If the answer is yes, contact CDH.

 

Phillip Lampugnano

Phil is the Principal of Business Advisory Services at CDH. Phil joined CDH in 2007 as a Staff Auditor where he thrived for 10 years and reached the level of Senior Manager. He was promoted to oversee CDH's Business Advisory Services Group (BAS) in 2017 and was promoted to Principal the following year. Phil is a Certified Public Accountant (CPA) and is a "Double Demon" having recieved both his undergrad and MBA from DePaul University.