Accounts Receivable Automation and Outsourcing
Comprehensive billing, cash application and collections management.
Working capital is the lifeblood of a company, but it is still largely tracked via hand-processed billing, cash application and collections management functions. IQ BackOffice is ready to move you forward with web-based workflows and accounts receivable processing that can cut your costs in half while providing real-time insight into your accounts receivable and cash flow.
“For one of the largest automobile repossession companies in the USA, we designed an automated cash application process that managed and applied checks with often over 20 remittance advices. Cash was posted within one day more than 90% of the time and exceptions were managed within our Archimedes software for paid resolution.”
Improve Your Business by Outsourcing your Accounts Receivable Processes with IQ BackOffice
We start with a top-to-bottom review of your processes, reengineering them to SSAE 18 SOC Type II standards. Then we deploy your updated procedures into our proprietary Archimedes workflow software. Archimedes ensures that we apply your business rules rigorously and lets you drill down into any bill or payment to review its status. As needed, we can reach out to overdue accounts with reminder calls and emails, based on your business rules.
By integrating your existing accounts receivable functions, reducing processing costs and providing detailed reporting at every step, IQ BackOffice will ensure you have the tools and data you need for real-time decision support.
Billing processes are often highly customized by client, yet IQ BackOffice is able to reengineer and automate billing, even if it is largely manual. For a major supplier to the entertainment industry, we were able to devise a process that took the work orders from the operations team and seamlessly generate invoices accurately to their customers daily, even though the invoices had thousands of possible permutations. All invoices and backup are securely stored within our Archimedes platform.
Cash Application can be quite complex and customers often forget to provide important remittance information. IQ BackOffice applies the cash and can either contact the customer for the missing information or route it within our Archimedes platform to someone at our client to provide the info. All payments and backup are securely stored within our Archimedes platform.
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.