IQ BackOffice's Client-Centric Business Process Outsourcing Services Provide Clients with the Competitive Edge

IQ BackOffice’s Accounts Payable Outsourcing Services Are Utilized Across a Broad Range of Industries

Each client has unique needs the IQ BackOffice addresses in its Client-Centric approach.  Broadly speaking, industries have their own Accounts Payable challenges that IQ BackOffice addresses.

Restaurant
Restaurant chains have five key challenges in the Accounts Payable process:

• Understanding company-wide liabilities, managing the Accounts Payable process and ensuring that payables are processed in a standard way across multiple, physically separate locations

• Processing payables quickly to meet vendors' rapid terms, especially utilities and produce

• Ensuring the quality of invoice data entry, especially accurate entry of quantities, units of measure and pricing for inventory control at each restaurant

• Ensuring that all credits due from vendors are taken

• Properly identifying duplicate and erroneous invoices up-front in the process so they are not paid

Restaurant chains receive invoices at each location and since they are geographically distributed, it is extremely difficult for finance and accounting management to retain management control, enforce internal controls and ensure that all invoices are paid accurately and on time.  This is especially true of utilities and produce invoices; for example, if utilities are not paid timely and input in such a way that the account number appears on the check (so the vendor can apply it properly), the utility company may cut off the restaurant.  IQ BackOffice allows regional directors, operations managers as well as financial management to gain control over the process and manage it from any location.  By brining all of the invoices for the company together in one centralized solution, IQ BackOffice allows CFO’s to manage cash and control the payables process while providing a higher level of control around the matching process and authorization over payables.

Many restaurant chains have bookkeepers in the restaurants that do not process payables in a standard way, so the quality of the process varies considerably from restaurant to restaurant.  Some of the key areas that usually fall short with this approach are accurate entry of the quantities, units of measure and price per item for inventory control as well as menu item costing purposes.  IQ BackOffice ensures standardized processing of invoices across all restaurants to ensure consistent quality and accuracy.

Credits are another issue for restaurant chains.  We find that many restaurants do not have adequate processes in place to ensure that all credits due are taken.  IQ BackOffice typically implements a new credit process, which can reduce overall spend plus accelerate cash flow.

Last, but not least, restaurant vendors often have antiquated billing systems that produce duplicate and erroneous invoices.  IQ BackOffice's processes, technology and controls helps ensure that invoices are paid once and only once, and paid properly with all necessary authorizations from restaurant managers.  For one of our restaurant clients, we caught over $8 million in duplicate invoices during the first year after implementation.

Click Here to Download Our Restaurant Accounts Payable Brochure

Manufacturing/Distribution
Manufacturers and distributors have three key challenges in the Accounts Payable process:

• Matching invoices to PO’s and receipts with high quality and efficiency

• Processing payables quickly to take advantage of vendor discounts

• Understanding liabilities and managing cash across multiple, physically separate locations

Dealing with all of the invoices that do not match the PO or receipt is an extreme management challenge, with all of the returns, credit memos, unit of measure differences and other things that can cause an invoice not to match.  IQ BackOffice’s solution identifies detailed matching rules up-front and enables us to document and track any matching exception, while processing those payables accurately and quickly.  Based on the business rules, we may for example, issue credit memos and resolve the exception rapidly.

Similarly, payables must be processed quickly to take advantage of vendor discount terms (especially valuable in a low interest rate environment), but the delays of exception processing mean many manufacturers miss out on these opportunities.  IQ BackOffice’s rapid, centralized processing means that invoices are processed promptly and exceptions get resolved quickly.

Many manufacturers and distributors process payables at each plant or warehouse, making it difficult for the CFO to get a true understanding of the outstanding liabilities the company faces or even control cash.  By brining all of the invoices for the company together in one centralized solution, IQ BackOffice allows CFO’s to manage cash and control the payables process while providing a higher level of control around the matching process and authorization over payables.

Click Here to Download Our Manufacturing/Distribution Accounts Payable Brochure

Retail
Retailers have three key challenges in the Accounts Payable process:

• Matching invoices to PO’s and receipts with high quality and efficiency

• Processing payables quickly to take advantage of vendor discounts

• Allowing store and regional managers (the people who know if an invoice is accurate and legitimate) to authorize invoices while trying to keep track of and control outstanding payables

Dealing with all of the invoices that do not match the PO or receipt is an extreme management challenge, with all of the returns, credit memos, unit of measure differences and other things that can cause an invoice not to match.  IQ BackOffice’s solution identifies detailed matching rules up-front and enables us to document and track any matching exception, while processing those payables accurately and quickly.  Based on the business rules, we may for example, issue credit memos and resolve the exception rapidly.

Similarly, payables must be processed quickly to take advantage of vendor discount terms (especially valuable in a low interest rate environment), but the delays of exception processing mean many manufacturers miss out on these opportunities.  IQ BackOffice’s rapid, centralized processing means that invoices are processed promptly and exceptions get resolved quickly.

With a large number of stores dispersed geographically, retailers often find that keeping control is difficult.  If invoices are allowed to go to a store for approval, they may get delayed or even lost, but store and regional managers are generally the only people that know if an invoice is accurate, so their authorization is essential (never mind the fact that they have P&L responsibility).  But delays often mean missed discounts and angry vendors.  If invoices come to a central location, however, it is difficult to get store manager authorization.  Some retailers actually send manual emails to store managers to ask for authorization!  IQ BackOffice allows for centralized receipt and processing of invoices while allowing those invoices to be routed electronically for approval by store and regional managers, ensuring timely and proper authorizations and rapid processing.

Click Here to Download Our Retail Accounts Payable Brochure

Property Management
Property Management firms have one key challenge in the Accounts Payable process:

• Allowing property managers (the people who know if an invoice is accurate and legitimate) to authorize invoices while trying to keep track of and control outstanding payables

With a large number of properties dispersed geographically, property management firms often find that keeping control is difficult.  If invoices are allowed to go to a property for approval, they may get delayed or even lost, but property managers are generally the only people that know if an invoice is accurate, so their authorization is essential.  But delays often mean missed discounts and angry vendors.  If invoices come to a central location, however, it is difficult to get property manager authorization.  IQ BackOffice allows for centralized receipt and processing of invoices while allowing those invoices to be routed electronically for approval by property managers, ensuring timely and proper authorizations and rapid processing.

Click Here to Download Our Property Management Accounts Payable Brochure

Other Industries

Click Here to Download Our General Accounts Payable Brochure