Back Office - Definition

The back office is generally considered to be the technology, services and human Resources required to manage a company itself. Back office includes such systems as the IT, human resources and Accounting departments.

Examples of back-office Tasks include IT departments that keep the phones and computers running, accounting and human resources. These tasks are often supported by back-office systems: such as databases. A back-office system will keep a record of the company's sales and purchase transactions, and update the inventory as needed. Invoices, receipts, and reports can also be produced by the back-office system.

In banking, the back office includes a heavyweight IT processing system that handles Position keeping, clearance, and Settlement.

In Investment firms, the back office includes the administrative functions that Support the trading of securities, including record keeping, trade Confirmation, trade settlement, and regulatory compliance.



Terms near "Back Office"

Back pay
Back taxes
Back to Back
Back-end load
Back-to-back loan
Backdate
Backdoor listing
Backup withholding
Backward integration
Backwardation
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