What is Accounts Payable Automation?
In this article, we take a look at Accounts Payable Automation, its components, how it is implemented, and the drawbacks as a stand-alone solution.
Accounts Payable Outsourcing
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
IQ supports every type of invoice receipt, including:
IQ will work with you to help you convert your vendors to the latest most efficient receipt methods.
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
Regardless of how your suppliers submit bills, they are all processed with our trademark 99.97% accuracy, at an average savings of 50%.
IQ BackOffice – AP Outsourcing 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 Accounts Payable Outsourcing 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 Accounts Payable Outsourcing Delivers Results
Higher 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
What is an Accounts Payable Workflow?
A streamlined Accounts Payable workflow is essential for managing the consistency, accuracy and efficiency of each step in the process from start to finish.
Accounts Payable – An Underutilized Business Advantage
An efficient accounts payable process is critical to optimize working capital and measure operational efficiency for sound business decisions and planning.
Contact IQ BackOffice today to discuss improving your business with our Accounts Payable services to improve your business
The Companies We Keep
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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.
We can't brag on the support we have received from IQ Backoffice enough. - I can't imagine having to go back to a paper-based workflow now that we've had this electronic approval process. Our IQ Backoffice Support Team is always responsive to our requests. We don't tell them enough how much we appreciate the support they give us. We find their value for the cost of the services is far above average and would recommend IQ BackOffice. What we value most about IQ BackOffice's services is the Archimedes workflow, accuracy and service quality, accessibility to staff, and scalability.
IQ BackOffice is an amazing partner to Opendoor Labs. We receive large quantities of paper invoices from Utilities and Home Owners Associations with critical short turnaround timelines and IQ’s accurate and rapid processing is critical to our ability to pay our bills on time. Valuable Bay Area resources no longer had to spend time dealing with paper and now can just leverage the useful spend metrics we have at our fingertips to perform the strategic high-value tasks they were hired to do.
IQ BackOffice helped give us better control and transparency to help us manage our business while significantly cutting our costs. They have exceeded our expectations and positioned us to scale for growth.
We sought to outsource in order to reduce costs and automate our processes. IQ's team provides us with a huge cost savings. We love the procedures and rigorous controls that go above standard accounting controls. We also love the additional accounting oversight of our dedicated IQ team.
IQ BackOffice is the most valuable vendor partner that I have onboarded at both my present and previous companies. The value of the soft cost benefits we achieved by working with IQ outweigh the significant hard cost savings achieved such as increased transparency and visibility, stronger compliance, easy accessibility to historical transactions and information, and reduced workforce frustration. We are regularly discovering additional back office processes that can be more efficiently and cost effectively handled by IQ.
IQ BackOffice's Archimedes solution provides us with centralized approval workflows and visibility across activity at Mina Group restaurants all over the US. And their Streamlinea solution for centralized web-based disbursements is amazing. We love that everything is paperless. Working with IQ allows me to remove myself from the day to day processing and focus on analytical work which allows me to add more value to the organization. On top of that, IQ is very professional and easy to work with. Starting during the sales process and as a client they take a very consultative approach really considering what your organization needs.
We needed automation and workflow and Archimedes provides audit trails, visibility and controls. We were also interested in upgrading our ERP. IQ assisted us with our software selection and, as a Sage Intacct Accounting Partner, has an in-house support team to assist us with the system including supporting integration with our other systems and writing custom reports.
Since 2011, IQ has been the best service we have ever discovered!!! Acting as a AP Department for us, we have never had an issue in getting all of our MILLION Invoices paid. With the approval process and checks and balances that IQ provides, on top of the quick turnaround response, it is like having an AP Department within your office! If you are a small company or a Billion Dollar Company as ours, IQ makes the AP process easy and seamless.
After our payroll manager left, we decided it would be best to hire a professional firm to handle our payroll instead of trying to find and keep a competent payroll staff. We have been very happy with the service provided by IQ BackOffice.
IQ provides an excellent balance between leveraging technology and people to efficiently and effectively achieve our goals. Many companies try to acquire technology to simply automate an already weak process. IQ BackOffice makes your rethink everything so that you automate new, best practice processes which then flow through to benefit all aspects of the business.
They are genuinely nice people and we have had incredible continuity in the team which is rare for service providers. They are not owned by a giant multinational and the attention paid to clients and the flexibility in of their solutions really shows that.
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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.
Let's talk!
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.