The Post Pandemic Back Office

Rose Report: Issue 42

How COVID-19 has changed the finance and accounting industry  

Since the onset of COVID-19, many CEOs have been wondering what will getting back to business as usual look like? The truth is it may not look all that different. The pandemic has certainly redefined the back office as companies were forced to implement telework solutions to keep employees safe. With the economic downturn, many companies are likely to make a remote workplace the new norm while implementing transformative solutions to reduce costs and increase productivity.  

Rethinking business operations

While many businesses are struggling in 2020, developing a post-pandemic plan allows you to set your sight towards business growth in 2021. A successful strategy begins with a clear understanding of your business and financial goals. Once you determine your goals, they need to be tied together to create Key Performance Indicators (KPIs) that will help guide you to achieve your targeted objectives for 2021 and beyond.  

When rethinking your business operations for next year, it’s important to evaluate your financial and accounting systems. Obsolete systems lack the capacity to provide a “big picture” view and can hamper business growth. When utilizing outdated systems, CEOs are forced to rely on piecemealed reports that do not provide the information they need to make smart business decisions. The right accounting processes and software help you work smarter and faster—allowing you to spend your time growing your business.  

Accounting is no longer just about compliance and record keeping, it’s about converting financial data proactively into meaningful and reliable financial information. Your accounting system should be able to produce financial information and reports that are timely, reliable, and easily available. As you track your KPIs against your plan, your financial statement will begin to tell you where operational issues exist and the magnitude of the problem. Falling behind on your financial data can create losses. CEOs need to quickly identify when they are drifting off course so they can make small adjustments to get back on track.

Reduce costs and increase productivity  

In these challenging economic times, many CEOs are wondering how they can reduce costs, increase productivity, and obtain financial clarity without having to invest in an expensive accounting system or hiring additional finance and accounting professionals. Fortunately, there is a paradigm shift in the finance and accounting outsourcing industry towards Finance as a Service (FaaS), a scalable solution that provides a combination of technology and high-value support, including financial management and strategic guidance.  

FaaS provides you with the capabilities of an entire in-house finance department at a fraction of the cost. Going beyond traditional accounting outsourcing, Rose Financial Solutions’ (RFS) FaaS solution combines our cutting-edge technology platform, Easbypowered by RFSWorkflow, and our team of experienced finance, accounting, tax, and HR professionals—at 30% to 50% of the cost of an in-house staff.  

The path to greater business success is paved with financial clarity, and it is required for your company to reach its full potential. At RFS, we are focused on providing our clients with the financial clarity they need to make better business decisions, increase profitability, grow revenue, and improve their enterprise value. We have a track record of helping our clients achieve more with financial confidence. Contact us for more information on how we can help you reach your 2021 goals.