Boring Back-Office Management Without a Hassle

No company performs well without accurate financial management that is the vitally important part of all back-office performance. Financial management is an in-depth process consisting of a great number of operations such as accounting, tax reporting, management accounting, and more.

So, you can imagine how much labor and financial resources each company spends on it. A company is required to create a lot of different documents starting from a bunch of invoices ending with tax deduction papers. Moreover, many of these docs are created by accountants manually without any sign of automation. Here you may think that financial management is another bureaucratic procedure that is just hampering a company's development and needed only by the authorities. But you can always benefit from it!

Despite the mentioned complexities, you should make financial management your company's best friend. All financial metrics and statistics that you're collecting during the accounting process help your business perform well. It is a great opportunity to constantly track the conditions of your company's economy and change business processes if needed.

Management accounting
For instance, management accounting helps you determine the company's savings for now and for tomorrow, plan your business revenue and expenses more accurately for months to come. It also gives you a real picture of the financial state of your company from the bird's-eye view that helps you avoid a probable cash gap situation.

Accounting and Tax Reporting
In addition, bookkeeping is a report reflecting all facts of the company's financial performance required by the authorities to track the country's economic achievements and monitor corporate compliance with relevant law. Accounting is a highly regulated and formalized process, and all you need to know about it is to keep reporting correctly and in time. Tax reporting is the same operation with the same tools but only on the matter of taxation.

Importance of the invoices
Note that invoices are among the most important financial documents for your business, and for correct accounting and bookkeeping in particular. They help you keep all details of your sales and transactions, data about your customers. Based on this information, you can track your actions and the company's performance better right after the sales are completed.

No company operates without people — that's why founders pay close attention to the department of recruitment. Many people consider the HR team to have dolce vita: all their work is just about finding new staff and keep employees' well-being at place.

However, HR is a much more complex part of the company's performance — the HR team covers a ton of issues linked not only with staff but with regulation as well. Firstly, HR is about recruitment and onboarding that are connected processes of the initial organizational phase in each company.

Also, HR is in charge of correct salary payments and document workflow on this matter. This in-depth process is named payroll and includes tracking employees' working hours, calculating social taxes, net salary, and ultimately distributing payments. Another legal issue is a proper transfer of rights on employees' intellectual property, and many others.

Mainly, HR teams waste long hours per week on manual correction of multiple mistakes in payrolls and other documents. Without automation and cloud-based payroll systems, recruitment teams waste precious resources in vain. Nowadays, repetitive tasks of the HR teams may be automated with modern technologies, and that can lead to significant savings.

Legal issues are extremely diverse and in some way affect every employee. Each business has to create dozens of documents day by day — contracts, agreements, reports, certificates. All of it!

First, let's observe complex corporate management that consists of a great number of issues arising right from the start. Company incorporation, the addition of new shareholders, changes in corporate docs — is just a tip of a huge legal iceberg. And these corporate management processes never stop.

Every week you can spend hours seeking, customizing, and completing needed contracts or agreements that are tied to all business processes. Everything is done manually, mostly without any automation and cloud-based solutions. And all of this paper mess happens whilst the role of corporate legal operations is growing in prevalence.

Fortunately, modern companies try to focus on technologies that improve the transparency of data management, quality, and consistency of document workflow. In order to prevent spending millions on the swollen legal team, founders are eager to make contract management more customizable and automated.