Gross Reality Blog, week of August 23, 2010
by Steve Gross
Virtual Back Office Finally Viable
With the development of best of breed, coordinated, and integrated services, most businesses can now lower costs for personnel, as well as hardware and software investments in many aspects of business. In the Cloud (software-as-a-service) now allows businesses to:
- Pay bills automatically by scanning bills and approving for payment
- Bank online (including processing checks received online)
- Manage receivables and payables
- Real time cash balances, cash flow and reconciled accounts
- Automated posting to general ledger
- Call in hours for full payroll processing and integration with general ledger
- Production of financial statements (doing weekly, monthly, as needed)
- Benchmarking trends, analytics, comparisons to plan, and competitors automatically.
- Project costing, electronic fill submissions and other processes available depending on industry
- Store all document electronically in virtual file cabinets
With these capabilities, the effort, cost and complexity of administration of the normal business is vastly simplified. This allows management to focus on indentifying insights into the business, so that action can be taken for improvement.
Data~ Information~ Insight~ Action
In the past, much energy was spent trying to convert data to information every month, not leaving time for much else.
Presently, the process is easy, efficient and more automated. Insights are highlighted as a result of reporting, allowing management to focus on and improve areas needing attention.
To learn more about how to transition your business to the “New Normal,” call me at HLB Gross Collins, P.C. at 678-306-1551 or email me.