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IQ BackOffice’s Complete
Accounting Outsourcing Services Provide Significant Benefits
25% to 50% annual cost savings without
capital investment
IQ BackOffice’s use of our shared service centers, proprietary best
practice business processes, advanced workflow and imaging technology,
and high levels of quality ensure that we manage every clients’
accounting function efficiently and accurately. And because
our service platform sits on top of our clients’ accounting systems,
we can leverage your existing infrastructure, without any capital
investment on your part.
Greater "control" over the business
and the finance and accounting function
Many Executives are under the impression that outsourcing reduces
"control" over the accounting function. In fact,
outsourcing greatly increases "control". Why?
Because management has better control when it can spend time analyzing
business information instead of simply trying to process transactions
and manage the daily aspects of an accounting department.
"Control" is not being able to go down the hall and ask
Susie the status of an invoice - Real Control is understanding revenue,
costs and profits generated by individual products/services, offices,
salespeople, departments, and customers. IQ BackOffice works
with our clients to enable the accounting function to deliver useful,
real-time management information so management can focus on managing
the business, not an accounting staff.
Accurate, timely and useful financial and
operational reporting
IQ can provide its clients with best practice management reports.
Instead of the typical financial statements, IQ believes that real
value comes from understanding revenue, costs and profits generated
by individual products/services, offices, salespeople, departments,
and customers. We work with clients to put best practice processes
and technologies in place to gather and reports on each pertinent
dimension of the business in real-time.
World-class quality and accuracy from IQ
BackOffice’s ISO 9001-certified service centers
At the start of any client engagement, we define detailed business
rules for every accounts payable, accounts receivable, general ledger
and other processes. Our workflow software utilizes these
rules to route transactions for approval, ensuring that transactions
are approved by each and every manager necessary, and checks for
potential errors. IQ BackOffice's best practice business processes
ensure tight control and quality. In addition, we generally
double-check each transaction to ensure the highest levels of quality.
Real-time tracking and reporting of all
financial transactions
IQ tracks and reports on the status of each and every financial
transaction. For Accounts Payable, for example, from the moment
we scan an invoice we start tracking its status and date and time
stamp it at each step of the process, providing immediate and complete
visibility of all payables using our web-based reporting system.
The system reports to client management any information on the invoice
(dollar amount, vendor, date, etc.), step in the process, who approved
it and when, any exceptions by line item and type (price discrepancy,
quantity discrepancy, etc.), inbox status (so you can see which
managers are “sitting” on their invoices), and sums all outstanding
liabilities for the company. This system is secure yet accessible
over the web by all client employees and vendors when approved by
our clients.
Automated routing of transactions for approval by business unit managers
irrespective of location, enhancing control and manager productivity
Any payable, bill, or other financial transaction processed can
be routed electronically to any employee’s “InBox”. Employees
can log into their InBox over the web securely, view the transaction
image (if there is a document associated with the transaction),
change the account coding as necessary, and approve or reject it.
If approved, it is automatically routed to the next manager for
approval based on the business rules identified at the start of
the engagement. This method provides for superior control
over the process by management while dramatically reducing effort
in approving and tracking transactions.
Elimination of the headache of recruiting, hiring and managing clerical
staff
Managing a clerical staff that typically has high turnover and requires
extensive training is generally a headache for most financial managers
and takes time away from other priorities more important to the
business.
The ability to focus on strategic, pertinent finance issues instead of
non-value added activities
One of the most significant benefits our clients report is the increased
focus on important issues affecting the business instead of spending
valuable time managing the accounting department and the clerical
staff.
No Risk
IQ BackOffice’s Accounting Outsourcing services can be piloted for
a single process, such as Accounts Payable, in one location or for
one vendor before being rolled out across the enterprise.
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