As teams across the UK return to work for 2020, the business world is looking at how their business can be improved or made more efficient over the coming 12 months. Whilst some will invest in their marketing efforts, others in sales, one of the most effective ways a business can improve their productivity in the new year is to focus on their back-office functions.
There are many ways that refining your back-office administration can impact your business, but it can often be a struggle for a company to find the resources to ensure the right processes are put in place. As a result, many outsource their back-office support to an experienced third party. Below we take a look at just some of the ways your business can benefit from this:
Improving your cash flow
Maintaining your cash flow year-round is, of course, one of the most important aspects of running any business. Invoicing and credit control play a huge role in this, but without the right team in place who have the capacity and confidence to undertake this task effectively, you could find your cash flow suffering. By outsourcing your back-office support, you gain access to a wealth of knowledge and experience with regards to these areas. Not only will they be able to invoice your clients promptly (avoiding delays in payment) but they will also be able to chase for payment in a customer focused way.
Free up your time
For business owners especially, finding the time to complete all your responsibilities alongside bringing in new business can be near impossible. In assigning these time-consuming yet critical tasks to a third party, you will ultimately save yourself an inordinate amount of time. Time which can be used to run and grow your business.
Build a happy workforce
As arguably the most important part of any business, it is critical that your team members are happy in their roles. This includes not burdening them with tasks that aren’t necessarily part of their job description, such as credit control and invoicing. In addition to this, a back-office support company will often be able to provide a CRM system to make your team’s job much simpler, not to mention ensuring that payroll and pension contributions are handled in a timely manner. All in all, each of these areas will encourage a much happier and motivated workforce.
Running your business compliantly is an essential yet challenging part of running a business. With so much regulatory and legislative demands impacting nearly every aspect, it can be a struggle to keep up. Outsourced back office support can make all the difference in these situations. Your chosen supplier will have a vast array of knowledge of HMRC and other regulatory bodies, and therefore be able to carry out administrative tasks in relation to these efficiently.
Want to start your 2020 off in the right way? Contact Zodeq today to find out more about our Zodeq 360 back office support service.