What are back office services?
Back office services is a set of services aimed at management as well as support professionals who remain hidden from the customers. Quality back office services include settlements, clearances, data entry and maintenance, invoice processing, accounting and bookkeeping and IT services. Setting up these back office processes ensures that a business run will be at its best.
What industries need to hire a virtual back office service company?
Surely there are many industries that benefit from back office support services. Outsourcing is one of the greatest ways to optimize your resources and your team. We at SupportYourApp understand the needs of every industry in the market. We work with more than 120 clients from around the world which means that we have a deep understanding of the needs of different industries. That is how we know that we are a great choice for any business. But when it comes to back office support, the following are the Industries that businesses operating within should look into outsourcing the most.
Global back office services outsourcing market in the financial services sector grew by around 7% in 2020. And it seems that it will just keep growing and growing. This might be the best thing to happen to financial services in the last decade. Why? Outsourcing allows financial institutions to provide the highest security standards for their customers without the need to invest into different certifications, rules and training for their teams.
Outsourced back office support services will also allow the financial segment to focus on improving the economic situation around the globe rather than focusing on setting up their inner needs and processes.
What services does the financial segment need: accounting, database maintenance, transaction and loan processing, payment processing and adjusting.
Insurance companies often deal with very sensitive information and need to be prepared for any kind of emergency possible. That is why outsourcing here is not as common in the segment as within the other segments. For them, it takes some time to take a decision to outsource. There is a choice of vendor, pricing, different offers and so much more. Insurance is not an industry that can afford a wrong choice of vendor. Their back office support services provider has to be certified scalable and precise. There is no room for mistake.
With SupportYourApp you can be sure that your insurance business will be covered to the fullest extent of your back office services needs.
What service do insurance providers need: document scanning, database maintenance, billing, customer record management.
When it comes to healthcare medical practices, a wrong choice of back office support vendor can be fatal. They deal with sensitive information that cannot withstand breeches and leaks. That is why they rarely outsource their back office services. But in reality outsourcing to SupportYourApp can be a great thing as it will allow healthcare businesses to focus on providing the best medical services to those who need them without having to maintain their back office services team.
Family offices, veterinarians, chiropractors, psychologists and other medical specialists will be outsourcing more and more in the upcoming years with pressure on their practices growing immensely since the COVID-19 pandemic broke out. With that, the back office services outsourcing market is only going to grow from here.
What services do medical offices need: patients’ account management, billing, document maintenance, any task that requires fast scaling and fast reaction.
Property management + real estate
Commercial real estate and property managers, home builders and those who otherwise connected to the property management and real estate segment. These are the clients of back office services outsourcing companies from the industry. Why? Because they have a lot of tasks that they need to deal with quickly as their customers require the best and quickest services. They cannot afford losing their time on any back office tasks. For then outsourcing is the only way to provide the best results in the shortest time.
What services do real estate companies need: document processing, document scanning, database maintenance, property lists updates.
Of course, there are many more Industries that require back office support services. And we are glad to provide them with anything they need for their customers to get the best result in the shortest time without feeling the business’ lack of a perfect back office services provider. That is the key to their success.
Types of back office services SupportYourApp provides
We know a lot about BPO, BPM and RPO. We know how to perfect them, how to adjust them to every business’ needs, and we know how to personalize them in accordance with every customer’s requirements. But we can do so much more. Here are just a few examples of back office services that we can provide for your business specifically.
Data entry is a clerical work that requires patience and expertise. It also requires appropriate hard- and software to not only enter the data into the base but also maintain it afterwards. Having been a provider of back office services for various businesses for a decade now, we at SupportYourApp know everything about data entry and what's most important we know how to satisfy our clients with the quality of services we provide.
We train our data entry teams to the fullest extent for them to be the best at their job. We are prepared for a task of any difficulty because we understand that data entry plays a pivotal role not only in back office services but in a smooth run of any business as a whole.
Data mining is not an easy process. It requires extensive expertise in the field and it cannot be done by a professional who has not been trained or doesn't have sufficient experience. Data mining is crucial for any business that seeks to perfect back office services. That is why modern businesses opt for outsourcing their data mining and optimizing their data mining processes. It is because they care about the quality of data it's status, it's maintenance and it's processing.
Seeing how difficult the process is and how hard it can be to hire an experienced team within the field, enterprises choose outsourced solutions for this back office service over an in-house team. It not only helps them optimize their resources, but also provides them with much-needed expertise in the field further improving their business performance.
Document scanning and imaging
Document scanning and imaging is just another back office support service that will help businesses not only optimize their processes but also go green — a matter of paramount importance in the modern world as 66% of customers say they want to see modern businesses go green and sustainable.
Scanned documents are also more efficient when it comes to data safety. They can be stored within a protected piece of software that will make it harder for the information in the documents to be leaked which is a great feature for both financial institutions and medical offices.
How much time is wasted on invoice processing by a modern business? It is estimated that an average business spends 5 days on processing a single invoice. Even 12 in some cases! That's a lot of time and a lot of manpower wasted on a back office service that can be easily outsourced and optimized by an experienced vendor. Of course, such service requires certain security standards to be set up and maintained. And believe us when we say that this is not an easy process. In this case, outsourcing might be the best business solution because it helps save a lot of working hours for the professionals on your in-house team.