IQ Backoffice – A Full Service Provider of Accounting Services for the Restaurant Industry
IQ BackOﬃce is a leading accounting outsourcer, oﬀering complete back oﬃce accounting services to restaurant and hospitality companies worldwide. Through our process reviews, process reengineering and web‐enabled systems, our clients see systemic improvements that include fewer errors, lower costs, faster access to data, stronger controls and more informed decision making.
Save up to 68% while improving quality and internal controls
IQ BackOﬃce recognizes the unique challenges facing the restaurant and hospitality industries, including receiving invoices at many geographically diverse locations, payrolls with high turnover, large amounts of cash, credit card payments and numerous ﬁxed assets.
Our solutions start with detailed reviews of your processes and procedures. We leverage your existing accounting systems and other back oﬃce infrastructure instead of replacing them, reducing implementation timeframes, risk and expense, as well as allowing all of your existing interfaces, reports and tools to function as they do today. Our goal is to develop a Client-‐ Centric solution that meets your unique requirements.
Our proprietary Archimedes software helps you manage your accounting processes from any web-‐enabled device, and our experienced team of implementation and processing experts will ensure you have the right tools to succeed.
Through our partnerships with electronic payment solution providers, IQ BackOﬃce can help make even the most established processes more eﬃcient and turn your accounting costs into real savings.
IQ BackOﬃce is proud to oﬀer a full suite of outsourced accounting services, including:
- Financial Statement Preparation
- Accounts Payable
- Payroll Services
- Daily Deposit Verification
- Fixed Asset Reporting
- Cash and Credit Card Reconciliation
- Electronic Payment Solutions
- Virtual Credit Card Rebates
Financial Statement Preparation
IQ BackOﬃce provides timely, accurate monthly ﬁnancial statement reporting. This includes income statements, balance sheets and cash ﬂow statements.
We can deliver this reporting via our state of the art web-based accounting platform Intacct or utilize your existing accounting platform to provide complete visibility into all of your ﬁnancial metrics.
Intaact Financial Dashboard
Accounts Payable Services
Per dollar of revenue, the restaurant and hospitality industry has the highest accounts payable processing costs, due to both the number of invoices received and their level of detail. Other invoicing challenges your industry faces include:
- Data entry error rates that range from 5% to 10%.
- Duplicate Invoices that can range from 3% to 4%.
- 25% to 33% of food and beverage invoices have credits.
- Paper invoices that get lost on desks or in transit.
- Lack of audit trails makes transaction status hard to track.
IQ BackOﬃce’s service oﬀerings are based on a procure-to-payment approach that incorporates every element of your accounts payable process, from invoice receipt to payments.
IQ BackOﬃce starts by re‐engineering your accounts payable process into a best practices solution that we encode into our proprietary Archimedes software. Archimedes ensures proper coding and guides invoices through the approval process.
Then we work with your vendors to send electronic invoices to Archimedes and paper invoices to a client‐dedicated mailbox. IQ BackOﬃce scans the invoices into Archimedes and archives the paper copies.
At our Shared Service Centers, IQ staﬀ review, code and match your invoices, note exceptions, and route them for online approval. You will have full control of your invoices, along with 24/7 phone and email support in a SSAE 16/SAS 70 Type II certiﬁed environment.
High turnover and part-time or seasonal staﬀ make payroll processing diﬃcult for the restaurant and hospitality industry. IQ BackOﬃce is ready with the tools and technology to help:
- Reduce costs
- Keep up on payroll rules and regulations
- Handle new hires and terminations
- Send accurate, timely data to your payroll provider
- Coordinate paycheck deliveries
- Pay via direct deposit and electronic debit cards
- Answer employee’s questions
- Deal with any payroll errors or problems
- Image all payroll transactions
- Electronically route transactions for approval
Our experience with leading payroll processors and systems will ensure you get the most out of your investments. Together with your payroll provider, IQ BackOﬃce will provide a state‐of-the‐art solution that will address all your requirements.
Daily Deposit Verification
IQ BackOﬃce will match and verify cash, credit cards and gift card purchases with bank deposits on a daily basis. We will identify any issue and report them to your senior management before they escalate into a more serious issue.
Cash and Credit Card Reconciliation
IQ BackOﬃce will complete bank reconciliations on a real time basis. This will allow us to complete your monthly ﬁnancial statement on a more timely basis.
Fixed Asset Reporting
IQ BackOﬃce will manage your ﬁxed asset reporting on a real-time basis. You can be assured your ﬁxed asset depreciation reporting will be updated and current.
IQ BackOﬃce works with standard-setting electronic payment solution partners to provide a fully integrated, bank neutral platform. When an invoice is approved, IQ BackOﬃce forwards the data into your ERP system for payment processing. From there, the payment ﬁle is sent to a partner provider who issues a check or electronic (ACH or credit card) payment.
Credit Card Rebates
IQ BackOﬃce oﬀers an accounts payable credit card payment solution, a secure solution that streamlines your accounts payable payment process while turning your accounts payable department into a revenue generator.
Our partners electronically generate a unique virtual credit card account number for every vendor payable, creating a secure alternative to manual checks. These numbers are delivered to suppliers via an associated remittance advice.
Vendors process virtual accounts as they would any other credit card. The advantages of a virtual credit card include:
- No setup fee or minimum spend
- Convenience and worldwide acceptance
- Automatic reconciliation
- Payment expiration and amount limits reduce fraud
- Detailed remittance advice
- Streamlined payment processes
- Reduced manual disbursement costs
In addition to the beneﬁts listed above, our vendor partner oﬀers a monthly rebate of up to 1.5% on all settlement volume. The speed and convenience of paying electronically can also help your company take advantage of vendor rapid-pay discounts.
IQ BackOﬃce Value Proposition
- Client-centric approach
- Formalize your processes
- Eliminates up to 68% of costs
- SAS 70/SSAE 16 Type II certification
- 24/7 user and vendor support via phone and email
- 24-‐hour transaction processing
- All transactions routed electronically
- Real-time audit trails for each transaction
- Web-‐based technology accessible virtually anywhere
- 99.97% per-‐transaction accuracy rating
- Automatic error and duplicate invoice detection; IQ has caught over $3 Billion dollars in duplicate invoices.
- More than 150 years of management experience
- Annually processes more than 2.5 million transactions, worth a total of $15 billion
For more information, contact:
Share this Post