Why Implement Shared Services?
Controlling back-office SG&A costs is a challenge for most companies, but cannot be effectively managed through headcount alone. Giving your organization the best-in-practice standard processes for back-office transactional accounting functions:
- Corrects problems with attrition
- Helps drive headcount to the most efficient level
- Minimizes processing errors that add embedded and difficult-to-measure costs to your organization.
Standardization of process and centralization of staff in combination with a disciplined process for transparent relevant KPIs takes the stress out of monitoring progress and detecting issues upstream before they affect your vendors, customers, or employees.
Did You Know...
On average, companies can reduce their back-office costs by 40% through a proper Shared Services implementation for those services they centralize upon startup.
$1 of revenue is worth 10 cents on the bottom line, while $1 of cost savings is worth $1 on the bottom line.
Our Implementation Approach
Our focus remains on developing and executing a comprehensive project plan that includes a rapid assessment period to identify potential savings. Our team of experienced Subject Matter Experts (SMEs) will benchmark your back office support functions against best practice service models and recommend a scope of services to move to the model that meets your ROI objective. We will design KPIs to measure savings in terms of efficiency, effectiveness, and cost.
Following assessment, this team will implement to the roadmap alongside the managers and decision-makers that influence your organization. We are proud to mentor organizations towards the service mentality for efficient and effective support of the operations and employees of your company.
Key Areas of Focus
- Accounts Payable
- Accounts Receivable
- Master Data Management
- P-Card Administration
- Payroll
- Timekeeping
- General Ledger Accounting
Let SolomonEdwards centralize your back-office transactions successfully. We have proven capabilities to help your Shared Services implementation achieve both efficiencies and tangible cost savings.