Chief financial officers (CFOs) who have their sights set on modernizing financial management practices and making their organizations more fiscally productive must leverage a multifaceted approach. Here’s our recommendation:
- Implement the best-in-class ERP software solution Oracle NetSuite ERP.
- Combine NetSuite with the back office process outsourcing services provided by an experienced firm like Finlyte.
Partnering with an outsourced services provider that manages all fundamental CFO-related processes in NetSuite is the ideal way to move your business forward. When combining our back office services with NetSuite’s robust software features, you will gain real-time visibility into your business.
You can then leverage these insights to save time and resources, improve efficiency, and ultimately capitalize on emerging business opportunities that will help your company grow.
Join us as we take a deep dive into the benefits of NetSuite + back office process outsourcing.
Why Leverage Outsourcing Services?
The decision to outsource back office tasks creates numerous benefits compared to handling things like payroll and accounting in-house. By outsourcing time-consuming processes, you can achieve these benefits.
1. Save Time and Money
Managing back office processes in-house may be financially viable when a business is in its infancy. But as the company grows and matures, overseeing critical business activity can become increasingly costly and time-consuming.
Business process outsourcing (BPO) presents a viable means of saving both time and money. An outsourcing services provider already has the resources and talent in place that are necessary to adequately oversee your back office. As a result, they will be able to manage your back office at a fraction of the cost you would incur doing it yourself.
2. Streamline Business Operations
Friction is the enemy of productivity. When in-house teams are stretched too thin, friction will become commonplace within your organization. Conversely, outsourcing will allow your company to focus on core business activities. You will be able to:
- Proactively eliminate any points of friction.
- Streamline business operations.
- Optimize the productivity of your staff.
3. Decrease Strain on Your In-House Resources
Overworking your in-house teams will create challenges that hinder long-term growth and negatively impact the client experience.
Pushing your teams past their limits will cause them to experience a drop in morale and productivity. Poor morale can lead to higher rates of absenteeism and rampant turnovers, diminishing the customer experience and hurting your brand’s image.
Outsourcing, on the other hand, will reduce the strain on your in-house resources. An outsourced services provider can manage your tedious back office processes so that your team can focus on customer-facing tasks that deliver real value for your business.
The decision to outsource can also help boost morale and productivity while simultaneously decreasing attrition. Investing in outside resources is truly a win-win for your business. It also sets the table to utilize the Oracle NetSuite ERP platform to its fullest.
Why Oracle NetSuite ERP?
On its own, outsourcing is an excellent way to help CFOs fulfill their responsibilities. However, implementing NetSuite’s advanced accounting and financial management solutions can accentuate the benefits associated with outsourcing.
NetSuite will make life easier for CFOs because of the following reasons.
1. Provides Unmatched Oversight
To increase organizational visibility and gain real-time insights into the state of your business, you need a fully integrated solution like NetSuite.
NetSuite will become your single source of truth, through which you can access a wealth of financial and accounting data. In turn, you can use this information to guide decision-making processes, streamline accounting functions, and more effectively manage the financial health of your organization.
2. Facilitates the Management of Core CFO Responsibilities
Implementing NetSuite will enable an outsourced services provider such as the Finlyte team to support several core CFO responsibilities, including the following:
- Financial reviews
- Investment strategy consulting
- Compliance with local, state, and federal requirements
- Oversight of capital structure
- Economic forecasting
- Contract renegotiations
- Identifying cost reduction opportunities
Our team will ensure that financial reports are provided in a timely manner, implement the proper procedures and policies, and facilitate the continued growth of your business.
3. Optimizes Organizational Efficiency
NetSuite can be tailored to the unique needs of your business. It includes several different modules, each of which provides your business with a specific set of tools and features. These tools will optimize your back office processes and enable you to work with lightning-fast efficiency.
To that end, NetSuite further promotes efficiency by eliminating information blind spots. NetSuite unifies your financial data so that accounting, HR, payroll, and CFO staff members can access the information they need to increase productivity.
What Finlyte Brings to the Table
Our award-winning team provides everything your business needs to fulfill core CFO, HR, payroll, and accounting functions.
1. Back Office Process Outsourcing
Finlyte’s comprehensive BPO solution includes customizable bundles that enable you to access the exact services you need and exclude the ones that you don’t. Some of the services available via our back office–process outsourcing include:
- Collection of W9s
- AP processing
- Business insurance management
- Accounts receivable management
- Credit memo generation
- Monthly bank reconciliations
- Cash flow reporting
- Payroll processing
- Employee benefits management
- Investment strategy consulting
Our BPO solution is designed to meet all of your company’s back office needs. We can augment the capabilities of your existing staff or take over the entire function. You’ll be able to:
- Reduce costs.
- Improve profitability.
- Better serve your customers.
- Spend valuable time on critical decision-making.
Managing the back office does not have to be a pain point that undermines business growth. With Finlyte, you’ll be able to support growth initiatives and not be hindered by routine tasks.
2. NetSuite Implementation
NetSuite is a robust, sophisticated ERP platform and accounting solution. While NetSuite is intuitive and user-friendly, the implementation process has the propensity to be complex. That’s why we recommend working with a team of implementation experts, such as Finlyte.
Finlyte is a premier NetSuite implementation partner. Our skilled team can plan your entire NetSuite implementation and oversee the deployment of such powerful software. We also provide post-deployment support to maximize your company’s return on investment.
Once your NetSuite solution is live, our BPO solutions experts can manage your back office using the platform’s suite of tools and software. We use NetSuite to help you cut costs, keep your team in the loop, and deliver true value for your business.
Ready to Save Time and Resources? Finlyte Can Help
Combining NetSuite with back office process outsourcing services from Finlyte can help your business save time, money, and resources on CFO-related tasks. Our complete solution alleviates the burden on CFOs and frees you up for mission-critical tasks.
The best part is we tailor our solution to fit the unique needs of your business. Whether you need us to augment the capabilities of your internal team or want us to oversee all accounting, CFO, payroll, and HR tasks, we have the resources needed to get the job done.
The key to our success is expert knowledge and experience with NetSuite’s robust tools and modules. We can handle everything from planning your NetSuite implementation to managing back office processes within the NetSuite ecosystem.
We invite you to contact our company if you are ready to learn more about this exciting opportunity to modernize your business, realize time and cost savings, and fuel future company growth. Let’s discuss a solution that fits your business.