Large
Distributor
A large importer and distributor of stone,
glass, ceramics and pewter was growing very rapidly. It had
grown from a small to a mid-sized firm in just a few years. As
a result, its internal accounting infrastructure had not kept pace.
It had an old accounting system with poor reporting capabilities and
could not generate accurate or timely financial statements or
operational management information. Management was basically
flying blind, making assumptions about sales, margins and pricing.
Additionally, its staff had grown and it had a poor payroll solution
for hourly, high-turnover employees.
IQ
BackOffice worked with the client and external vendors to implement
a new accounting system and a new payroll solution. IQ
BackOffice also designed and implemented new business processes for
Accounts Payable, Billing, Accounts Receivable, Cash Application and
reporting. We developed comprehensive business rules for
processing accounting transactions as well as closing the books and
producing financial and operational reports. We also
implemented IQ BackOffice's technology to allow management, who
traveled frequently overseas, to be able to review and approve
financial transactions over our secure, web-based application.
Now our client has accurate, timely financial
and operational reports to manage their business, which continues to
grow by leaps and bounds. The client has reassigned their
accounting staff to other duties and saves substantial costs each
month versus performing these activities in-house. Large Retailer
One of the largest retailers in its industry,
with stores dispersed around the Southwest, was facing growth challenges
as it continued the consolidation of its industry. The client
had plans to add over 150 stores within 5 years, yet suffered from
a lack of accurate and timely financial and operational information
due to poor processes and systems. Management recognized that
better information was needed to understand where its strategies
were working or not working. Most importantly, the client
was spending valuable management time handling back office issues
and personnel instead of acquiring and managing new stores.
After an extensive process, the client selected IQ BackOffice to
provide complete accounting outsourcing and manage its back office.
IQ BackOffice brought in an established partner
to provide the client with a new state-of-the-art accounting system
and integrated it with the point-of-sale system. We also brought
in ADP to implement a new weekly paycard-based payroll and time
and attendance solution. Once the base systems were selected,
IQ BackOffice worked with the client to develop a new chart of accounts
to provide meaningful sales, cost and profit margins by store, customer
and SKU.
New processes were developed in all areas including
daily cash and accounts payable accounting. Comprehensive
business rules were developed to handle all exceptions and IQ BackOffice's
proprietary workflow and imaging solution was employed to rapidly
resolve issues with store managers and headquarters. IQ BackOffice
is also implementing a management dashboard and data warehouse to
allow client management to understand what is happening with their
business in real-time along every dimension of the business.
The client was able to eliminate their accounting
department and has saved significantly in its back office costs.
Most importantly, client management can now focus on its business,
armed with meaningful financial and operational information to ensure
they make the right decisions to grow quickly and profitably.
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