Get The Most Out Of Your Back Office Data For Operations

Joelle Andrews is a Product Marketing Manager focused on Progress Customer Care. Joelle’s past experience includes two years with the DataDirect team and a decade of experience in other product marketing, marketing automation, and sales roles. Outside of work, Joelle loves hiking, getting lost in a book, rescuing cats, and traveling the world. Ruled an industry-standard language by the American National Standards Institute in 1986, SQL, or Structured Query Language, has empowered back end developers to access and manipulate relational databases as needed. SQL allows programmers to insert and delete records easily, file queries against a database, create new tables and store procedures in a database, and even establish permissions on those tables and procedures.

In fact, according to an analysis by MGI research, modernizing the O2C process alone typically delivers an ROI of 15–28 percent. A modern back office is instrumental in transforming finance from a cost center to a value center. With the data available in a modern, unified platform, finance can provide valuable insights on pricing models, product and service performance, and customer behavior that can increase deal size, margins, and renewal rates. With workflow automation, a modern back office allows finance to dramatically improve efficiency, reducing O2C and DSO. A modern back office solution can also play a critical role in decreasing days sales outstanding and improving the health of the balance sheet.

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The single revenue model—one product, one price, one time—is a dying strategy. Instead, businesses must offer flexible and personalized pricing, billing, and even monetization options. In this ultra-competitive environment, the ability to launch new models alongside traditional ones is key to sustainable growth. FinancialForce accelerates business growth with customer-centric ERP, Professional Services Automation , and Customer Success solutions. Run on the leading cloud platform, Salesforce, FinancialForce enables organizations to unlock customer insights, deliver innovative experiences, run a connected services business, and achieve agility and resilience.

Services Revenue Management

It allows finance teams to create forecasts and business analyses based on complete, company-wide data and to easily model what-if scenarios and new revenue and pricing strategies. Implementing application connections can improve productivity, streamline data management, and automate internal processes. By linking your query tools to additional applications, and linking applications to each other, operations managers can improve automation, expand standard capabilities and derive more value from existing tools. The primary goal of your back office software is to optimize and automate the processes across each of these functions to boost operational efficiency and company profitability. With a modern back office, finance teams achieve return on investment by accelerating time-to-market for new products and services, adopting more profitable and compelling pricing models, and streamlining O2C.

Timothy has helped provide CEOs and CFOs with deep-dive analytics, providing beautiful stories behind the numbers, graphs, and financial models. While there are many technical skills a back end developer needs, there are some useful non-technical ones as well, and communication ranks high on that list. Establishing well-honed communication skills means you’ll find it easier to collaborate, whether with other back end developers or with the front end developers who are working on the same projects. Being able to communicate clearly also helps when working with business leaders and other professionals who do not have the same background in development and programming. A more robust system, Java is typically written in an Integrated Development Environment before being compiled in bytecode, or low-level code that can be read by a software interpreter, rather than human developers. JavaScript, in contrast, can typically be executed in its original syntax via a JavaScript engine.

Why Financialforce

FinancialForce customers come in all sizes, from mid-size services firms to global titans. But they all share a clear focus on their customer’s success and a commitment to business agility. Identify and align the right people across multiple departments to collaborate on customer success activities end-to-end. No more wasted admin time, project delays, cash flow problems, or lost revenue. With a single database, automated processes, and powerful forecasting tools, ensure that nothing falls through the cracks. Timothy Li is a consultant, accountant, and finance manager with an MBA from USC and over 15 years of corporate finance experience.

  • Timothy has helped provide CEOs and CFOs with deep-dive analytics, providing beautiful stories behind the numbers, graphs, and financial models.
  • Technology paired with outsourced services can create real scale and efficiency for your business.
  • Operations teams handle a range of tasks including audits and compliance, tracking and meeting customer needs, managing vendor relationships, and streamlining employee productivity.
  • A modern back office is instrumental in transforming finance from a cost center to a value center.
  • Many are located in cities where commercial leases are inexpensive, labor costs are low, and an adequate labor pool is available.

The Salesforce Platform provides a unified data model that acts as a “single source of truth” for your whole organization. At many companies, the finance department lacks advanced automation that other parts of the organization may take for granted. For example, of 378 CFOs surveyed by Grant Thornton LLC & CFO Research, less than half said that their organizations have fully automated their core financial management and planning processes. Customer-centric organizations have found that connecting all back-office functions and data to the front office to produce one master customer record is the proven path to success. A modern back office solution should accelerate, not hinder, your journey toward becoming a more customer-centric organization. Telecom companies must contend with new technologies, demand to deliver services faster at a lower cost, and the drive for growth.

Transform Your Back Office With The Salesforce Platform

We’re looking at the news, chatting with friends, checking our email, and visiting our favorite social media and brand websites. With all of this interest in online shopping and brand exploration, companies need to have functional, well-optimized websites and applications — and the developers to craft them. The POS-to-Back Office System topology focuses on the interface between the two systems. In general, the interface consists of defining various kinds of sales data (both real-time and summary), as well as necessary configuration data that can keep the systems coordinated. First, let's take a look at a service agreement — a contract signed between a contractor and the client/end-user, which outlines the level of services that the client expects from the service provider.

In the end, it's quite hard to measure the performance of the back-office and have a clear picture of its state. With comprehensive financial reporting, automated billing, built-in audit trails, and personalized workspaces, you can unify your business on the Salesforce platform. Some firms offer incentives to employees and applicants who accept remote positions. For example, a financial services firm that requires high-level accounting could offer a $500-per-month housing subsidy to experienced CPAs to work from home. If it costs $1,000 per month to secure office space per individual, a housing subsidy of $500 per month would result in an overall savings of $6,000 per year.

Business Services

The finance teams’ responsibilities are primarily administrative and typically include accounting, billing, and compliance. At many companies, they represent an “office of no,” the cautious money controllers, who don’t take the time to explore or need extra time to implement new innovations because of limited back office processes and systems. But to get the most from your company-wide dashboards and reporting tools, it’s necessary to connect your SharePoint data with external applications. A robust set of data connectors is necessary to link your operational data to the rest of your corporate business systems.

Keep projects on time, customers happy, and reports updated–all on the leading business cloud platform from Salesforce. Moreover, the final phase of O2C—revenue recognition—is itself a complex process that’s gotten even more challenging among new accounting standards and regulations. Maintaining these spreadsheets, scrubbing data, and running reports can fully occupy your finance team and take them away from strategic planning. Finance teams often rely on Excel because their ERP platforms are missing key features.

MySQL. Named for creator Mondy Widenius’s daughter My and offered by Oracle, MySQL provides free access to SQL database source code. It’s also reasonably easy to use, as it can be installed on desktops and servers. It also runs on platforms including but not limited to Linux, Windows, and UNIX. Java is a general-purpose programming language for application development, while JavaScript is applied primarily to incorporate animation and interactivity into websites. The two do have similarities; both can run on a browser or server, for example.

Most major companies have an HR department which is presided over by a director or manager. The director has the ultimate responsibility for ensuring that the firm complies with employment laws. An HR manager must generally have a college degree in business or a related field.

Get compliant with the new ASC 606 and IFRS 15 standards, automate calculations, and reduce period-end close for a complete picture of your revenue. Administration of your performance composites, including management of composite membership. Oversight of regular performance calculation and production of performance data at the composite, account and sleeve levels, in a GIPS compliant methodology. Back office operations don’t always get their deserved attention because they function out of view of the customer. In this four-part blog series, we’ll discover how data connectivity and back office functions go hand in hand.

FinancialForce is built to scale with and support high-growth tech businesses like yours. Most firms rely heavily on computers, so the IT department of a company has a crucial role to play in the day-to-date operations of a firm. Back office positions in the IT department typically include help-desk clerks who assist employees with resolving minor technical issues related to their computers or communications equipment.

Without accurate connectors, lack of access to applications and data in place results in the need to move data manually or rely on stale data transferred by periodic warehousing processes. At worst, lack of connectivity to real-time data risks omitting business-critical data from operational visibility. While marketing and sales can propose new pricing, product, and service models, they can’t do it alone. The finance team must be able to analyze new pricing strategies and predict their success or failure. They must also be able to evaluate the performance of your existing offerings—and where you’re getting the highest margins—as well as the lifetime value of every customer.

Make that vision reality with best-in-class services automation and ERP from FinancialForce. But today’s businesses also need a way to unify sellers with other key business functions, including professional services teams and traditionally back-office roles, such as accounting and finance. With FinancialForce ERP, everyone using the back office solution – sales, finance, service delivery, support, and beyond – gains real-time access to all the customer information that matters most.

The back office is the portion of a company made up of administration and support personnel, who are not client-facing. We are committed to providing superior support to our users so that they can focus on the important work of helping investors reach their financial goals. Daily reconciliation https://globalcloudteam.com/ to custodian – at the tax lot level – to enable your firm to be trade ready by market open the next day. To hire developers who have multidisciplinary skills; that versatility is the major reason that cross-functional “full stack” developers can be so attractive in the hiring pool.

The cost savings can be significant when employing many remote professionals. Technology paired with outsourced services can create real scale and efficiency for your business. Our experienced team can perform a set of services – level back office tailored to your firm’s needs and challenges – including those outlined below. We assume responsibility and oversight of workflows, approvals and execution of these tasks, in a way that fits your firm’s desired operating model.

Ideally, the applications that make up the back office software systems will unify and share data across the various departments (accounting, sales, services, manufacturing, etc.) that generate the data. The back office solution ultimately facilitates information flow between all business functions so that its users gain meaningful insight to perform their jobs smarter and faster. Gain unprecedented visibility into your business across sales, services, and finance with the #1 professional services automation solution.

Client facing refers to the point of direct contact and interaction between a business and its customers. Today, most back-office positions are located away from the company headquarters. Many are located in cities where commercial leases are inexpensive, labor costs are low, and an adequate labor pool is available.

These agreements actually establish the expectations of the customer based on the performance of the service provider and the quality that is expected of them in different ways. By empowering your front and back office employees with a more unified, continuous lens across the customer lifecycle, your business can be more transparent, data-driven, and easier to forecast. Capture your customer success best practices with built-in success playbooks. Services teams that can best collaborate and communicate with partners and customers perform better.

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