Ken Johnson, SVP at IQ BackOffice, discusses mistakes he sees accounting departments make when outsourcing AP, and how doing it correctly leaves you with a leaner organization that can focus less on administrative work and more on growing the business.
Financial Process Automation for Large and Mid-Sized Enterprises
Our solutions enable companies around the globe to automate, reengineer and streamline the complex financial processes they manage. Whether it is Accounts Payable, Accounts Receivable, Payroll or other processes, 99.97% quality and up to 70% cost savings is standard. See how IQ BackOffice can improve your business.
IQ BackOffice works with leading global companies which include the world’s largest steel manufacturer, the largest technology and entertainment conglomerate, large retailers and restaurant chains across thousands of stores and e-commerce sites. Other major clients include distribution, energy, healthcare, real estate, and financial services companies.
Our proprietary platform leverages our clients’ existing infrastructure to deliver significant process improvements and faster access to better quality information. IQ BackOffice delivers lower costs, better decision-making and stronger financial controls for our clients.
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Financial Process Automation
It All Starts With a Leading- Edge Platform
IQ’s proprietary Archimedes platform automates your financial processes, and we help you reengineer those processes to fully take advantage of our technology. The result is a fully optimized process with better performance in all key areas – timeliness, quality, cost and service levels. In contrast, most automation solutions in the marketplace rarely reduce effort and therefore have a negative ROI.
For example, with our innovative IQR technologies, we can process most transactions without human intervention with almost 100% quality. Transactions get processed almost immediately upon receipt at high quality and low cost.
Bullet-Proof Your Company from External Events
IQ’s solution is in the cloud and highly automated, with built-in redundancy of technology, processes and people. During the Covid pandemic, IQ not only continued to serve our clients without a hiccup, but also continued to grow as clients realized the value of our virtual solutions in uncertain times.
Accounts Payable Automation and Outsourcing
Increase Visibility and Control
Whether you need to upgrade from a platform that worked for your company when it was smaller or you are just starting to digitize the AP process, IQ can help you quickly attain a best practice AP process using the latest technology.
When one of our clients was purchased by a global clothing wholesaler and retailer, we implemented our AP solution alongside their SAP environment, digitizing all of their paper, automating coding and workflows, controlling their inventory, processing every transaction within 24 hours of receipt and cutting costs by 54%.
Accounts Receivable Automation and Outsourcing
Comprehensive Billing, Cash Application and Collections Management
Working capital is the lifeblood of a company, but it’s still largely tracked via hand- processed billing, cash application and collections management. IQ BackOffice is ready to move you forward with web-based workflows and automated processing that can cut your costs by up to 70% while providing real-time insight into your accounts receivable and cash flow.
Our client, one of the largest restaurant chains in the USA with over 220 locations, was struggling with the Accounts Receivable of third party delivery services such as Doordash and UberEats. IQ developed a process to effectively reconcile and collect all of the monies due to our client, ensuring that they were being charged correctly, received all of their credits and properly recorded income and expenses.
Increase your savings and control
Companies outsource payroll more than any other function, but many never see the results they expect. At IQ BackOffice, we know that payroll is more than calculating withholdings and cutting checks. We will keep your company current on regulations, efficiently process hires and terminations, generate more accurate data and quickly resolve employee issues.
When a private equity firm purchase a retailer with over 500 locations, we were able to get payroll up and running for over 7,000 employees within a few weeks and ensure accuracy and timeliness from then on.
Full Service Accounting Automation and Outsourcing
Reduced Costs, Better Control and More Informed Decisions
IQ BackOffice offers complete accounting services that combine top-to-bottom process reengineering and best practices with web- based workflow systems. We leverage your existing infrastructure to reduce errors and lower costs while improving your controls and deliver real-time insight into your financials at all levels.
When a private equity firm purchased one of the largest chains of hair salons in the USA, we implemented a brand new cloud-based accounting platform, integrated it with a new POS system, developed and implemented all financial processes including Accounts Payable, Payroll, General Accounting, Fixed Assets, and Taxes and Licensing processes within a few weeks, delivering close to real-time financials and saving our client 70% of their back office costs.
What's new at IQ BackOffice
Restaurant owners need to carefully look at the third-party services and pick the one that best suits their restaurant and can deliver the most significant volume of daily orders. And they should consider innovative and collaborative accounting providers, such as IQ BackOffice, to partner with them.
Ken Johnson, IQ BackOffice, discusses mistakes he sees accounting departments make when outsourcing accounting functions to execute their strategic plan.