AP Automation by itself, can lead to negative ROIs. The solution is to outsource the process to a reputable service provider like IQ BackOffice.
Accounts Payable Outsourcing
Increase your efficiency and control with outsourced 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 Outsourcing Technology
IQ BackOffice Accounts Payable 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
- 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 Best PracticesWe’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 Accounts Payable Outsourcing SolutionsIQ 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 Accounts Payable Outsourcing Delivers ResultsHigher Quality:
- IQ BackOffice is SSAE 18 SOC Type II certified, reducing your Accounts Payable audit costs
- 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
- 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
- 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
Accounts Payable Outsourcing – Insights
AP Invoice Processing clerks have been benchmarked for decades. The common figure is that an AP clerk processes about 1,000 invoices per month.
IQ BackOffice partnered with Hair Cuttery in their acquisition of one of the largest chains of hair salons in the country with over 500 stores. IQ designed and implemented an entire state-of-the-art back office infrastructure in 30 days including a new accounting system, EDI systems, payroll platforms for over 7,000 employees as well as all of the associated business processes and reporting. IQ saved Hair Cuttery over 80%, while providing best practice financial business processes and technology and excellent quality and services.
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.
We would like to hear from you! If you have a question or comment about our Business Process Outsourcing services, or you’d like an IQ BackOffice representative to contact you, please use the form below. We’ll also send you a link to our Corporate Brochure.