Today’s entrepreneurs and small business owners are a new breed. Gone are the days of excessive spending, high-profile meetings, and first-class travel. Gone are the bells and whistles, the smoke and mirrors, and the AmEx Black Cards. Today, entrepreneurs are focused on delivering the best products, services, and customer service possible. They run smarter, eco-friendlier, and more efficient businesses with a greater focus placed on building client and customer relationships. Today, it’s all about streamlined simplicity, reducing waste and improving results. Because of this fundamental shift in perspective, we have the latest emerging trend in business – the modern back office service provider.
Modern back office providers, like accountants and CPAs, bookkeepers, commercial insurance brokers, HR consultants, and retirement plan brokers, who recognize this opportunity are expanding their core set of services to provide small businesses with easy, fully-automated back office services. They understand that time spent on activities outside of their core competency is time lost and for this reason, they have to make the most out of what they have. This means moving away from traditional, time consuming tasks to utilizing cloud-based software and automation of manual tasks in order to have more time to focus on serving clients and growing their businesses.
As a modern back office service provider, you can offer SMBs an affordable and reliable way to manage critical business functions such as:
- Payroll processing
- Human resources
- Health benefits management
- Managing other benefits like 401(k) plans
- Tax preparation
Offering SMBs modern back office services allows those business owners to concentrate on building their businesses, improving customer relationships, and developing their products or services. But even more importantly, when your firm utilizes software partners like Gusto (formerly ZenPayroll), Xero, Bill.com, BambooHR, Expensify, or Google Apps, it means your employees and clients will enjoy the freedom to work from anywhere, at any time and collaborate instantly, since it’s all paperless and available online.
The modern back office service providers we speak to and work with share a common thread – the desire to service more clients with a higher touch. To do this, they are moving their operations to the cloud and utilizing software partners to help them improve efficiency. Because of this, many are able to offer more transparent, flat pricing and bundle their recurring services as a package.
What do you think about the trend toward a more modern back office? Are you embracing the move to the cloud and going paperless? What challenges do you foresee or have you faced personally? Share your thoughts in the comments below.