The back office is the part of the company that is made up of non-customer-oriented administration and support personnel. Back office functions include payroll, clearances, settlements, record keeping, regulatory compliance, accounting, and IT services. The back office service maintains the reputation of the organization in a highly competitive environment, initiates cost savings and manages risk. It is important to maintain a streamlined workflow in the back office, because this will allow the owner to concentrate on the strategic development of their business, instead of routine functions.
Frequently Asked Questions
Back office services are settlements, management of the company’s expenses, clearances, as well as regulation of the work of other departments that are an integral part of business processes. An example of such regulation can be signing and delivery of legal documents, regulatory compliance, providing bank account documentation, keeping documents (including KYC) up to date, maintaining and verifying agreements, purchasing and maintaining a domain, and so on.
Examples of our back office services are:
Booking of daily financial transactions;
Keeping compliance documents up to date;
Maintenance and review of agreements;
Company registrations;
Maintaining and submitting bank account documentation;
Correspondence with regulators;
Signing and delivery of documents.
And more. Allow our back office team to assess your business needs and we will recommend the best solutions for your organization.
Working with clients is the main task of the front office. All those who build long-term relationships with partners and customers work here. The profit of the company depends on this category of employees. They should provide customers with a pleasant atmosphere for interaction.
The back office service is focused on ensuring the work of departments responsible for the company’s activities in the market and managing selective routine processes.
At the moment, most positions in the back office are located away from the organization’s headquarters, as it is advantageous. Outsourcing has become a profitable alternative to a remote back office. Outsourced back office support on average is about $25 per hour.