Others feel their admin team has grown more than their business and the back-office function is costing more than an additional salesperson. Or their admin team constantly seems to be falling behind – with everyone always busy, but little obvious progress. Building a strong back-office ‘platform’ will help you and your team run the business more efficiently and cost-effectively.
Even worse than having inefficient processes is not having appropriate controls in place – but this is quite common. It could be something as innocuous as not seeing the unpaid customer invoices report every week. Perhaps salespeople are changing T&Cs for new customers without approval – or the ‘finance person’ is making payments without anyone checking them. Good controls ensure everyone knows there are checks and balances keeping the business safe – but they won’t be noticed in the running of your day-to-day activities.
Fundamentally, as your business grows, your finance function needs to adapt to become a better, more efficient and less labour-intensive engine at the heart of it all. It’s time to tighten up.
5 benefits of optimising your financial processes and controls
Remove any duplication of effort within your accounting processes – and your business.
Take advantage of easy automations that save time and effort for everyone – and reduce your overhead costs. Get a clear picture of business finances
Benefit from the implementation of tighter, more streamlined financial processes.risk of bad debt
Know that appropriate checks and balances are in place and keeping your business safe.
Build a back-office ‘platform’ that enables you to grow easily and pain-free.
“YRH Finance Team has given me complete clarity on our finances which means I can sleep a lot easier at night now. They exceed in catering to our individual needs, providing us with a package that's right for us. ”
Olly Richards, CEO, storylearning.com
Learn more about how optimising financial processes and controls can help your business:
Your guide to accounting automations
Automating aspects of your accounting function can be a fantastic time-saver and will also help you unlock a whole host of benefits. Download the guide to find out how automations can help you:
- Increase efficiency (cost savings)
- Improve profits and cashflow
- Reduce mistakes (and business risk)
- Save people’s time around the business