How can an organization solve Accounting Transaction Processing problems while assuring the highest level of efficiency and cost savings?
THE IQ BACKOFFICE APPROACH TO ACCOUNTING OUTSOURCING
IQ BackOffice has a three step approach to solve these issues:
The foundation of IQ’s approach starts with sound Accounting business processes that take advantage of best practices. This process is then driven by a detailed set of business rules that take into account every condition required to properly process an invoice. This is a detailed combination of IF…THEN…ELSE conditions that a person has to go through with each accounting transaction to ensure it is properly coded, approved and entered. IQ’s business rules typically run to over 1,000 pages of documentation, which is much more detailed than either a typical department documents or even Sarbanes-Oxley documentation.
This process and business rules are then enables by state-of-the-art Archimedes technology, a proprietary system built by IQ. It is a web-based system that allow invoices and any other accounting document to be routed electronically for approval throughout a client’s organization, easily document and resolve exceptions in processing and allow any appropriate client manager or IQ team member to see the status of any transaction in real-time. It also has sophisticated logic to check for duplicate documents above and beyond the functionality found in accounting systems to reduce client spend and improve quality.
Finally, IQ team members are college educated and most have an accounting degree. IQ team members are trained rigorously in the business rules for each client and in Accounting processing in general. They are therefore more highly educated and trained than personnel found in almost any Accounting department. This again improves quality and throughput.
The overall goal is to ensure quality and consistency in Accounting processing by ensuring that the results are driven by the process and the business rules, not by the individuals within it.