A high-powered back office is the driving force behind a strong business. With the right systems, processes, and people in place you’ll gain visibility and efficiency–giving you more time and better data to successfully grow your business.

However, your back-office team must master the fundamentals of accounting to maximize efficiency. This includes building a strong accounting foundation using technology, customized processes, and collaboration.

The Fundamentals of Accounting 

1. Systems

A strong accounting foundation starts with systems. Your systems have to be built and aligned to deliver good insights. Start with reviewing your tech stack.

• Does it allow you to streamline and automate essential tasks? 
• Is it in the cloud for easy and safe access? 
• Are the various applications connected/talking to each other? 
• Are they giving you the valuable insights you need?

2. Processes 

Once your systems are in place, establishing processes will become an essential piece of the puzzle. Your processes must be: 

• Documented 
• Consistent 

Let’s use accounts payable as an example. 

• What is your accounts payable schedule? 
• Do your vendors know and trust in your schedule? 

And your accounts receivable. 

• What does your customer invoicing look like?
  • When does it happen? 
  • What are the steps?
  • Who needs to review and approve? 

Refine and document your processes so your team can consistently and accurately follow through. 

3. People

You now have your systems and processes mapped out, now focus on who will do what. How will you segregate your duties? 

Is one team member handling everything? It’s an option, but it exposes you to potential fraud/theft.

Do you plan to outsource accounting services to maximize your time and operational costs? 

Once your business reaches a certain point, how will you scale the team? Are you prepared for when a team member leaves? 

The solutions to these questions are an integral part of your accounting foundation. 

What’s at the Core of Peer’s Outsourced Accounting Services?

At PEER, we use a team approach to help you build a solid accounting foundation.

Our financial experts build your business a strong back office by focusing on the fundamentals first. This approach lets us create customized accounting systems that provide accurate records and help you identify opportunities for long-term growth.

We start with three key areas to bring the best value to our clients:

• Providing scalable services that can grow with your business.
• Creating customized processes that fit the current needs of your business.
• Using a team-based approach to give you access to a range of financial and accounting professionals.

Scalable Services

At its core, an outsourced accounting service provides accurate financial record-keeping. As your business grows, your accounting service should be able to grow with it. You shouldn’t have to redo your financial systems or overhaul your accounting team to keep up with business growth.

PEER’s accounting services are designed to be scalable. We know that the systems you’re using now may need to evolve as your business grows. This is why one of the foundations of our services is flexibility and adaptability to meet your changing business needs.

Customized Processes

A good back office team recognizes the need for customized processes to fit your unique business needs.

PEER’s proven process is designed for efficiency, transparency, and collaboration. Your PEER accounting team gives you full visibility into your business’ numbers, so you always know where you stand. We work as a team with you to provide clarity and focus toward your business goals and aim to help you understand financial insights that let you identify and take advantage of opportunities.

Team-Based Approach

Perhaps the most important aspect of PEER’s outsourced accounting services is our team-based approach. 

This approach leverages multiple experts to maximize the efficiency and accuracy of an accounting team. Rather than having access to only one financial expert, each PEER client has access to a Controller, Senior Accountant, and Staff Accountant.

The team works as a comprehensive unit, fostering accountability at all levels. The Senior Accountant reviews the work of the Staff Accountant and reports to the Controller. And you, the client, have access to all three.

Outsourced Accounting Services Working Toward Your Goals

Mastering accounting fundamentals is the key to a high-powered back office. It starts with good systems, well-designed processes, and a plan that places the right people in the right seats. 

At PEER, we’ve built our outsourced accounting services around the fundamentals so that your back office is efficient and goal-focused.

Ready to see how Peer’s focus on the fundamentals can help your business run a strong back office? Get in touch with our team of financial experts today.