Accounts Payable Automation and Outsourcing
Increase your savings and control with automated invoice processing.
Let IQ BackOffice take that stack of paper invoices off your desk and ready them for digital approval and electronic payment. With our cloud-based software, we’ll have them back in less than a day, for less than half the costs you’re used to.
IQ BackOffice – State-of-the-Art Accounts Payable Automation Technology
IQ BackOffice Accounts Payable Automation and Outsourcing services transform your AP processing from a slow, paper-based or email system of haphazardly applied rules to our rules-based automated digital workflow system that supports real-time online access to information:
- Invoices are digitized and payment approvals are automated
- Your account coding, routing and invoice matching rules are automatically applied
- Exceptions are identified and routed for timely resolution
- Duplicate billing is caught by reviewing each invoice across multiple data points
IQ supports every type of invoice receipt, including:
- Electronic invoice file submission, including EDI
- OCR of scanned uploaded or emailed invoices
Our proprietary IQR solution, which uses advanced technology to read a vendor’s computer generated PDF invoice
IQ will work with you to help you convert your vendors to the latest most efficient receipt methods.
Regardless of how your suppliers submit bills, they are all processed with our trademark 99.97% accuracy, at an average savings of 50%.
IQ also supports cost-efficient payment processing via checks, ACH, wire transfers and virtual credit cards that provide rebates back to you. Our disbursements solutions offer:
- Enhanced visibility into your accounts payable cash flow
- The flexibility to work with any bank, with no charge for changing banks
- Reduced vendor remittance costs through online presentment and self-service options
- Secure virtual credit card payments, with cash-back revenue options
IQ BackOffice – AP Outsourcing and Automation Best Practices
We’ll standardize your processes with SSAE 18 SOC Type II procedures. Our best-practices approach gives you better control over your processes with access to your accounts payable information at your fingertips. Instead of hunting through file folders or emails, a few clicks take you to any invoice and its status. Within seconds, you can see a comprehensive audit trail to find out everything about it, including : when it was received, who needs to review or approve it, how long they’ve had it, any issues or comments associated with it, if it is a duplicate of another invoice and which one, or if it has been paid and when. Exceptions are captured in detail, so you can perform analytics on exceptions for continuous improvement, including generation of vendor scorecards.
IQ BackOffice – Comprehensive yet Flexible Solutions
IQ BackOffice offers a full range of services for you to choose from ranging from a fully outsourced AP department to a la carte offerings such as: software licensing, reviewing and reengineering your AP processes, and vendor management services that include capturing W-2s, processing 1099s, as well as client and vendor support. IQ also supports same-day check request processing, exception processing, vendor scorecards, and multi-language and multi-currency invoices.
With IQ BackOffice, your AP processing becomes accessible, efficient, timely and accurate.
IQ BackOffice Delivers Results
- IQ BackOffice is SSAE 18 SOC Type II certified, reducing your Accounts Payable audit costs
Faster Cycle Time:
- IQ BackOffice will work with you to increase use of the state-of-the-art technologies so that you can benefit from electronic invoicing and automated AP processing
- IQ BackOffice processes most invoices within 24 hours.
- All backup documentation regarding an invoice is tracked and available instantly, allowing you to accrue outstanding liabilities to the penny
Improved Exception Management:
- IQ identifies and highlights every exception by type, automatically routing exceptions to the right buyer to streamline resolution, and provides analytics on exceptions for Vendor Score Cards and continuous improvement
- Dedicated telephone support team answers all vendor and client inquiries
- Since IQ tracks all invoices step by step, we can also show which of your employees have yet to approve or resolve an invoice.
- Archimedes has identified more than $6 billion in duplicate invoices for our clients
Ongoing Cost Reduction:
- Only 15% of Accounts Payable Department time is spent on data entry; IQ BackOffice Accounts Payable services address 100% of the effort with average savings of 50% compared to internal AP departments
The Companies We Keep
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.