Back Office/Accounting SolutionsTo compete and succeed across the long term in an environment as complex as the SBA secondary market, some of our clients have chosen to follow the lead of many business leaders by outsourcing part or all of their in-house accounting and back-office functions to an outside provider. One of the most prominent reasons companies outsource is to access expertise and experience not available in-house. Using an third party provider for these functions allows the pool assembler to overcome many of the disadvantages of traditional platforms such as:
- Fighting talent shortage, attrition and high overhead costs
- Struggling with lengthy, repetitive and error-prone processes
- High operational and regulatory risk potential
- Poor financial reporting and transparency
- The functions being ‘painful’ and out of control
It takes some time and effort to choose the right accounting solution for your SBA business. In addition to being familiar with standard practices, you will also need an excellent understanding of your enterprise's line of business operations to successfully implement accounting processes you can rely on. By outsourcing accounting functions, you have put those responsibilities in the hands of professionals who have been directly involved in the SBA marketplace for over 40 years. We understand the intricacies of the SBA secondary market from a firsthand perspective and have incorporated our experience into our system. Traditional accounting systems weren't developed for the complexities of the SBA marketplace. Gaps in functionality arise when these features are simply layered on top of existing code. At GLS, we designed our system specifically with the SBA secondary market in mind. The key to the GLS accounting system is its total integration with all aspects of SBA business, from the purchase and sale of collateral, to defaults and prepayments, and perhaps most importantly, properly handling accruals in a changing rate environment. At GLS, we also know that the best reporting functions in the world can't help your business if your data is deficient. Most deficient data is the result of human input error. By utilizing a fully integrated system, data simply flows from module to module reducing the times human hands "touch" the data which results in much lower error rates and data output that can be relied upon when making decisions.
Profitable securitization is merely the end product of a successful SBA pool assembly business that relies heavily on it's ability to efficiently manage back-office processes. More and more SBA market participants are realizing that with growing competition and constantly developing products and services, it is essential to make sure that your operations evolve with the marketplace and are productive and cost effective. Unfortunately many companies are also maintaining most of their own support processes which are error prone and take resources and time away from critical business operations. Back office outsourcing provides a better way to manage this important aspect of your SBA business. Back office outsourcing manages our client's support functions by using automation to re-engineer and improve the processes providing clients with quality improvements, better business continuity, and shorter turnaround times. The result is cost savings, more productive employees, and a more competitive position in the marketplace.