The Back Office is Broken: Daniel Paik on the $10M Fix Hiding in Plain Sight

FP&A Unboxed

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In this episode of the FP&A Unboxed Podcast, host Tejas Parikh speaks with Daniel Paik, a former CFO and the founder of CuroWork. They discuss how back-office teams, including finance, can transform from cost centers into value creators, and how leveraging data and strategic initiatives can help drive business growth. Daniel shares insights from his career, highlighting the importance of understanding time management, automation, and the need for back-office teams to be aligned with business objectives.

Daniel provides a fresh perspective on optimizing back-office operations and how he successfully implemented these strategies at his own company, resulting in impressive revenue growth and operational efficiency. He also touches on how finance professionals can contribute to business growth and how the shift in mindset is essential for success.

If you work in finance, FP&A, or lead a back-office team, this episode offers valuable advice on how to shift the focus from routine tasks to strategic work that directly impacts the bottom line.

Key Takeaways

Transforming Back Office to Value Creator – How back-office teams can go from being seen as cost centers to contributing directly to business growth.

The Role of Data in Back Office Efficiency – How tracking and managing time spent on tasks helps identify inefficiencies and prioritize growth.

Leadership’s Role in Shaping Strategy – The impact of leadership on back-office teams’ understanding of business strategy and alignment.

Automating and Standardizing Back Office Work – How automation and standardization can free up time for more strategic work.

The Importance of Shifting Mindsets – Changing the way back-office teams view their roles and focusing on adding value to the company’s growth.

Practical Steps to Optimize Back Office Operations – Daniel shares his approach to transforming back-office functions and achieving impressive results.

Noteworthy Quotes

"The back office is not just a cost center. It’s a value creator that can drive business growth." – Daniel Paik

"Data is the foundation that helps back office teams transform from being reactive to being proactive in driving business outcomes." – Daniel Paik

"We need to shift the mindset of back office teams to think about how they can help the business grow, not just keep it running." – Tejas Parikh

"When you understand where your team is spending their time, you can start making decisions that drive efficiency and growth." – Daniel Paik

"Leadership's job is to inspire and create a culture where back-office teams can help drive the company forward." – Daniel Paik

Key Timestamps

[00:00:00] Coming up next and Call to Action

[00:01:15] Guest Introduction & Overview of CuroWork

[00:01:45] Daniel’s Journey from CFO to Founder of CuroWork

[00:05:07] The Challenges Back Office Teams Face

[00:09:30] Aligning Back Office with Business Strategy

[00:12:20] Shifting the Mindset of Back Office Teams

[00:15:20] Standardization and Automation in Back Office Operations

[00:17:30] Real-Life Examples of Optimizing Back Office Work & What is Strategy?

[00:22:33] Measuring Success and Impact in Back Office Teams

[00:31:55] System of Records & The Future of Back Office Operations

[00:34:27] How CuroWork Helps Optimize Back Office Functions

[00:39:52] Practical Steps to Implement Data-Driven Decision Making in Back Offices

[00:51:02] Future of FP&A in 3 to 5 years

FOLLOW OUR GUEST DANIEL PAIK ON:

Linkedin: https://www.linkedin.com/in/danielpaik/

Website: https://www.curowork.com/

FOLLOW OUR HOST TEJAS PARIKH ON:

LinkedIn: https://www.linkedin.com/in/tejasparikh/

Website: https://aksharconsulting.co.uk/

FOLLOW FB&A UNBOXED PODCAST ON:

Website: https://aksharconsulting.com/

LinkedIn: https://www.linkedin.com/company/aksharconsultingltd/

Instagram: https://www.instagram.com/aksharbusinessconsulting

X: https://x.com/AksharBusiness

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Spotify: https://open.spotify.com/show/22UeMzvc1G7rTk56EVVfKW?si=fa8c7bbb6448462c

Apple Podcast: https://podcasts.apple.com/us/podcast/fp-a-unboxed/id1802152900