Finance and Accounting Outsourcing (FAO) presents a major opportunity for serviced office centers. By moving core finance functions off-site, serviced office centers can enjoy many more productive hours and insightful business analytics.
Workspace Strategies advises hiring a business center manager with accounting experience so that they can understand profit and loss statements and have an awareness of what it takes for the business to succeed financially. But, the business center manager’s responsibilities will span the gamut operations and sales functions. It’s important that that position not be overloaded routine transactional work and accounting tasks. When using a FAO partner, serviced office centers stand to optimize the productivity of their on-site staff that manage and grow the business.
Another benefit of FAO is access to business analytics that would be difficult to track and report by on-site staff that’s not fully dedicated to an accounting role. The core finance functions required by serviced office centers do not warrant a full-time accountant. FAO partners can provide that part-time accounting staff while also having the tools and systems in place to produce regular reports on the trends that arise within your business finances. They can also offer forecasting reports to help your sales team set attainable goals. The specifics of the business analytics offered varies among FAO organizations. As you are shopping for an FAO service provider, make sure the company you choose can provide the reporting and updates you expect.
I’ve prepared the graphic below to provide some insight on how to find an FAO partner that suits your center. We at Workspace Strategies can work with you to establish a Finance and Accounting solution that meets all of your organization’s needs as a part of our serviced office center consulting services. Contact us to learn more about how Workspace Strategies consulting can drive your serviced office center success.